Home Sales Heat Up on the New Zealand Coastline

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. More:Home Prices in Auckland Outrank LondonThe 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. Real Estate Institute of New Zealand (REINZ) also indicated there had been an increase in coastal property sales, from 81 in the year ending October 2012 to 222 in the same period in 2015 in the east Rodney area and Kaipara District's east coast. It also reported a 21 per cent rise in the median house price over the past three years, from $402,000 in the year to October 2012 to $487,000 in the same period this year.New Zealand Sotheby's International Realty sales associate Ross Hawkins has witnessed a significant growth in sales in the coastal market. "It is hard to quantify, but just being in this market, people are viewing and buying this year. Whereas previously there were very few viewings in this sector and the offers that did come were not near asking prices, so the deals just didn't take place." 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. [New Zealand Herald]View full listing (pictured top)