Botany and Ormiston Times - Tuesday, February 18, 2020

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Botany and Ormiston Times, Tuesday, February 18, 2020 — 11

OUR HOMES TODAY

$1m-plus homes are on the increase T

he number of properties sold around the country for $1 million or more during 2019 increased by 1% with 10,869 milliondollar plus properties sold (up from 10,761 in 2018). But it still hasn’t surpassed the 2016 record when 11,661 million-dollar plus properties were sold, according to the Real Estate Institute of New Zealand’s (REINZ) Million Dollar Price Report. Looking at New Zealand excluding Auckland, the number of milliondollar plus properties sold increased significantly by 17.4 per cent (3211 up from 2736 – an additional 475 properties). In Auckland the number of milliondollar properties sold during 2019 fell by -4.6 per cent when compared to the previous year (7658 down from 8025) - the lowest number of milliondollar-plus properties sold in Auckland since 2014. Bindi Norwell, chief executive at REINZ says: “2019 is the third consecutive year that Auckland has seen a year-on-year decrease in $1m-plus properties sold, dropping each year from its peak in 2016 with 9,634 properties sold for $1m-plus. “However, outside of Auckland it’s a different story, as we’ve seen a 17.4 per cent increase in $1m-plus property sales. This is a result of demand exceeding supply in many parts of the country and shows the effect that the shortage of housing stock is having on house prices,” says Norwell. “There has been a significant increase in the number of properties sold at the top end of the market, with a 26.8 per cent increase in $3m-plus property sales and a 50 per cent increase in $3m-plus property sales outside of Auckland. “While the Auckland market may have cooled in the first nine months of 2019, the final quarter of the year showed signs of house prices picking up, so it will be interesting to see how that plays out in terms of the number of $1m-plus house sales in 2020.”

Regional breakdown

The region with the biggest percentage increase in number of prop-

erties sold for one million dollars or more was Gisborne, with a 133.3 per cent increase from 2018 (14 properties up from 6 – an additional 8 properties). However, these numbers do appear more inflated due to the small sample sizes. And 11 out of 15 regions saw yearon-year increases in the number of properties sold for $1m or more in 2019 – with all 11 reaching new record highs. Taranaki, Marlborough, Auckland and Northland were the only exceptions, with year-on-year decreases. When looking at the number of properties sold for $3m or more in 2019, Wellington saw the largest percentage increase, growing from 6 properties in 2018 to 13 properties in 2019 (a 116.7 per cent increase yearon-year). Other regions that saw an increase in the $3m-plus category were: In addition to these regions, Gisborne saw two properties sold for $3m-plus during 2019, the first time the region has had a property sale within this category. Auckland not only decreased in the number of sales in the $1m-plus category, as it also showed a 12.9 per cent decrease year-on-year in the number of $3m-plus properties sold in 2019 (from 371 to 323 properties – 48 fewer properties). There was also a -10.6 per cent decrease year-on-year in $5m-plus properties sold in Auckland in 2019 (from 66 to 59 properties – 7 fewer properties). “There are a number of factors behind the rise in the number of million-dollar plus properties sold including demand versus supply, increased regional investment, increased consumer confidence levels, a strong agricultural sector, good employment levels and an overall good economy. Additionally, we’ve seen more first time buyers in the market who tend to be purchasing at the lower end of the market, which then lifts the overall market up,” says Norwell. “While it’s still very early days, going forward we expect that the first half of 2020 will continue in a similar pattern unless some of the underlying fundamentals start to shift.”

11 out of 15 regions saw year-on-year increases in the number of properties sold for $1m or more in 2019 – with all 11 reaching new record highs. Taranaki, Marlborough, Auckland and Northland were the only exceptions, with year-onyear decreases.

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