Million-dollar plus houses jump four-fold in the last three years: myvalocity
Forty-one per cent of Auckland's housing now tops the million-dollar mark, up from just 11 per cent three years ago.
Property data specialist myvalocity has crunched the numbers on the number of New Zealand homes with estimated values of over $1 million and found they have increased four-fold since 2013.
Across New Zealand the number of houses in the million-dollar club jumped from 59,000 in 2013 to 235,000 properties this year – an increase of nearly 400 per cent.
Auckland was one of the biggest players, with 186,933 homes in that category, up from 45,868 homes three years ago.
Myvalocity chief executive Carmen Vicelich said the figures highlighted the extent of the property boom in the last three years which, despite the unusual spring slow-down, has created about $245 billion in additional equity for home owners.
And while there were clear signs from house sales and turnover figures that things were levelling off, the heat generated in recent years has seen values across the country move to a new level.
"Growth in the last couple of years has changed the valuation landscape quite significantly as many homes have moved up to new pricing brackets due to a supply issue that started in Auckland and moved out to the regions."
Others areas that had seen a significant jump in million-dollar homes included Tauranga, Queenstown, Rotorua, New Plymouth and Hastings.
The growing number of new "high-end" homes in recent years had also affected overall valuations.
Million-dollar plus houses in Auckland were now a quarter of all sales, pushing the median sales price for a new home up from $450,000 in 2013 to $1,010,000.
"The fact that there is still a lot of activity in the $1m-plus price bracket is one of the reasons we are yet to see a significant decrease in Auckland's median sales price," Vicelich said.
"We expect the next few months, which is traditionally a peak sales period, to further clarify where the market is headed."