Million-dollar properties on the rise in Taranaki

There’s more million-dollar properties being sold in Taranaki than ever before.

In 2018, 41 properties in Taranaki sold for more than a million dollars, according to the Real Estate Institute of New Zealand’s (REINZ) Million Dollar Price Report.

This was a 13 per cent increase from the 36 Taranaki properties that sold for a million dollars or more in 2017.

As well as that, one property in Taranaki sold for more than $3 million in 2018, while across New Zealand 414 homes fell into this bracket, and 71 homes sold for more than $5m.

Chief Executive of REINZ Bindi Norwell said the region with the biggest increase of million-dollar homes sold was Marlborough, with an increase of 90.9 per cent. This was followed by Manawatu/Wanganui with an increase of 83.3 per cent. However, those figures were inflated by a small sample size of 21 and 22 respectively.

“All regions except Auckland and Southland reached record numbers of properties sold for $1m or more in 2018,” Norwell said.

In across the country the number of houses that sold for a million dollars or more was up 4.5 per cent – from 10,163 homes in 2017, to 10,615 in 2018.

However, Norwell said this figure has been pulled down by the “Auckland impact”.

“If you remove Auckland from the picture, then the number of million-dollar plus properties actually significantly increased 26.9 per cent, which has been largely driven by the regional growth the country has been experiencing.”