FEATURE
Number of million dollar plus properties sold in 2020 reaches new record levels ACCORDING TO REINZ DATA
The number of properties sold around the country for one million dollars, or more, during 2020 increased by 68.0% when compared to 2019. In 2020, 18,181 million-dollar-plus properties sold (up from 10,819 in 2019), surpassing the 2016 record (11,619 million-dollar-plus properties sold) by an additional 6,562 properties, according to the Real Estate Institute of New Zealand’s (REINZ) Million Dollar Price Report.
Looking at New Zealand excluding Auckland, the number of million-dollar-plus properties sold increased significantly by 61.5% in 2020 with 5,056 properties sold in this bracket (up from 3,131 in 2019 – an additional 1,925 properties) – a record level of sales in the million-dollar-plus bracket in a calendar year. In Auckland, the number of million-dollarplus properties sold during 2020 increased remarkably by 70.7% when compared to the previous year, with 13,125 milliondollar-plus properties sold (up from 7,688 in 2019) marking the highest number of million-dollar-plus properties sold in Auckland since records began, and the first time Auckland has seen more than 10,000 properties sold in this bracket. Bindi Norwell, Chief Executive at REINZ says: “When COVID-19 first hit New Zealand’s shores in Q1 2020, no one would have predicted that the year would become a record breaker for property prices and would conclude with a 68.0% uplift in the number of million-dollar-plus properties sold. “Additionally, the 2016 record was exceeded by more than 6,000 sales and this was the third consecutive year that New Zealand
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The Real Estate Institute of New Zealand
has seen a year-on-year increase in milliondollar-plus properties sold. “The regions have seen a similar pattern, with a 61.5% increase in million-dollar-plus property sales. This is a result of demand continuing to exceed supply in many parts of the country and shows the effect that the shortage of housing stock is having on house prices,” continues Norwell. “There has been a significant increase in the number of properties sold at the top end of the market, with a 112.7% increase in $3 million-plus property sales nationally and a 71.9% increase in $3 million-plus property sales outside of Auckland,” Norwell says. “While the property market may have taken a slight pause in the first half of 2020 due to COVID related restrictions, the second half of the year showed signs of renewed confidence with more than two-thirds of those million-dollar-plus sales occurring in the second six months of 2020,” says Norwell.
Regional breakdown The region with the biggest percentage increase in number of properties sold for one million dollars or more was Southland, with a 166.7% increase from 2019 (8
