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Rise in $1m plus property sales in Bay of Plenty

More properties are being sold for over a million dollars in the Bay of Plenty. File photo.

There’s a rise in the number of million dollar properties being sold in the Bay of Plenty.

The latest figures from the Real Estate Institute shows 428 properties were sold for more than a million dollars last year.

That’s more than a 16 per cent rise from 2017.

Eight of those properties were sold for more than $3 million.

One was sold for more than $5 million.

Institute chief executive Bindi Norwell says all regions except Auckland and Southland reached record numbers of properties sold for $1 million or more in 2018.

She says 10,615 properties were sold around the country for a million dollars or more during 2018.

That’s an increase of 4.5 per cent when compared to 2017.

“But this figure is down significantly on 2016, when 11,648 million-dollar plus properties were sold around the country,” says Bindi.

“In the Auckland market, the number of million-dollar properties sold during 2018 fell by -1.6 per cent when compared to the previous year (7888 down from 8014).

“This was the lowest number of million-dollar-plus properties sold in Auckland for four years.

“Looking at sales around the country excluding Auckland, the number of million-dollar plus properties increased year-on-year by 26.9 per cent (2,727 up from 2149 – an additional 578 properties).

“The region with the largest year-on-year increase was Marlborough which saw an increase of almost 91 per cent from 11 properties sold for $1 million-dollars or more in 2017 to 21 properties sold for $1 million-dollars or more in 2018.

“However, these numbers are inflated due to the small sample size.

“Thirteen out of 15 regions saw year-on-year increases in number of properties for $1 million plus, with Southland remaining steady, and Auckland being the only region with a decrease.

“All regions except Auckland and Southland reached record numbers of properties sold for $1 million or more in 2018,” says Bindi.

“Regions with the strongest increases in the number of million-dollar plus sales year-on-year in addition to Marlborough were Manawatu/Wanganui up 83 per cent from 12 to 22 properties, Northland up 62 percent from 69 to 112 properties, Gisborne up 50 per cent  from 4 to 6 and Nelson up almost 46 per cent  from 35 to 51.

“Canterbury was one of two regions with an annual rise in the number of properties sold for $3 million plus in 2018, up from five to 12 properties.

“Across the country, 71 properties were sold in the $5 million plus category – 63 in Auckland compared to 76 in 2017, five in Otago compared to 6 in 2017, one in Bay of Plenty, the same as in 2017, one in Canterbury, also remaining the same, and one in Wellington.”

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