Sales up for top-end houses

Kiwis tired of renting and waiting for the housing market to bottom out coupled with good interest rates are among reasons for increased sales of properties over $1 million in the past month.

Barfoot and Thompson sold 57 houses in the $1m-plus bracket last month, the highest number sold in that range in 18 months.

Harcourts also recorded buoyant sales for May, with sales volumes 35 per cent higher than the same time last year. Chief executive Bryan Thomson said the market had started to move at the bottom, which had caused a flow-on effect right across the price ranges including the $1m-plus range.

Vendors putting their houses on the market at "yesterday's prices" had little chance of selling. But homeowners who understood the market and were prepared to list their homes at today's prices would attract good interest because of the lack of housing stock available.

Barfoots' managing director Peter Thompson said there had been a noticeable increase in demand for homes in the more established suburbs.

To read the full NZ Herald article click here

Posted: 7 Jun 2009

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