Nearly 300 homes sold for $1 million or more last month, but it is the middle to lower end of the market where activity is the most frenetic according to the Real Estate Institute of New Zealand.
REINZ figures for February show that 295 homes sold for $1 million or more in February, with 92 of those selling for $1.5m or above.
That’s a 47 per cent increase on February last year when 201 homes sold for $1m or more.
That meant there were six suburbs, all of them in Auckland, where the median selling price was above $1m in February: Herne Bay, $1.685m; Remuera, $1.244m; Freemans Bay, $1.1m; Ponsonby, $1.08m; Castor Bay, $1.075m; and Mellons Bay $1.058m.
The median price is the price that would be the middle price if all prices were listed from highest to lowest. The REINZ’s median prices are for sales contracts that become unconditional each month, providing a good indication of the latest market activity.
REINZ chief executive Helen O’Sullivan said a $1m median price was a significant threshold for any suburb because it would mean that half the sales made during the month would have been at prices above the median.