6 Mar 2012

Million dollar homes selling strongly in Auckland

7:07 am on 6 March 2012

The number of Auckland homes selling for more than $1 million is at its highest level since the peak selling year of 2007.

Real estate agency Barfoot and Thompson says it sold 41 million-dollar plus homes in February, compared with 29 for the same month in 2011.

Overall, the number of homes sold in February rose to the highest level in five years, but price rises were modest with the average price of $536,000 up 2.7% compared with the same month last year.

Barfoot and Thompson managing director Peter Thompson says the most noticeable change was in million-plus house sales which he expects to rise in March before easing over winter.

Mr Thompson says the demand for homes was also spreading beyond the usual inner city suburbs to fringe areas. However, he says, the low number of listings is still holding back the market.