New Zealand Property Investors' Federation

The NZPIF is the umbrella body for 17 local Property Investors' Associations throughout New Zealand.

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Million-dollar sales return to peak level

Million-dollar homes are as popular with Auckland buyers this year as they were in 2007, according to Barfoot and Thompson.

The agency sold 424 Auckland residential properties for more than $1 million in the first six months of this year, matching the number sold in the same period of 2001.

Chief executive Wendy Alexander said: “In 2009 and 2010 the number of homes selling for more a million dollars increased modestly, but really took off in 2011, when we sold 308 in the first six months of the year.

“In the first six months of this year that number has jumped again, this time by 38%."

But homes selling more than $2 million aren’t selling as fast as they did five years ago.

“In the first six months of this year we sold 51 homes for more than $2 million. While this is up on last year’s 36, it is still well under the 99 sold in the first half of 2007.

“While this trend to more homes selling for more than a million dollars is assisted by a general rise in prices, more significant contributors are the growth of Auckland into a world-class city and a growing preparedness by high-earning people to invest in their lifestyle.

“Demand for homes in the suburbs around the central business district, the beach-facing suburbs and rural lifestyle properties are all in great demand.”

She said there was an emerging trend for renewed interest in central Auckland suburbs such as Western Springs, Blockhouse Bay, Onehunga and Mt Eden.

“In the past six months we sold 155 homes for more than $1 million in these suburbs, a 63% increase on the same six months last year.

“Number one on the list of most expensive suburbs is Herne Bay, where the average sale price in the first six months of this year was $1.35 million (also in the number one position for the first six months of 2011), with Devonport at number two on $1.16 million (previously number 5) and Epsom number three on $1.06 million (previously number 7).”

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