A nation often linked with its sheep population and movies about Hobbits is rapidly earning a new reputation as one of the finest prime property markets in the world.
The New Zealand Herald reports on the prospects of a strong summer for high-end homes along the country’s northeastern coastline. The region, which houses several properties in the multi-million dollar range, has seen growing interest from buyers with sales nearly tripling over the past three years.
Brokers believe the buyers are coming from within the country, and not China, as has often been the story in the region.
Hawkins attributes the uptick to baby boomers “looking to retire in style,” while another luxury agent tells the publication that the increase is due to former Auckland property owners who, armed with a windfall of disposable income from their home sales, are reinvesting in the luxury coastal market.
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