More than 400 homes valued around or over $1 million each were sold in Auckland during the first six months of 2012 – the same amount sold in 2007 before the economic global crisis. Herne Bay continued its reign as the most expensive suburb, with sale prices averaging $1.35 million, followed by Devonport, $1.16m and Epsom, $1.6m. Homes selling for more than $2 million have not yet returned to their 2007 peak, though the number is rising. Significant contributors to the this rise include the growing demand for homes near the central city, facing the beach, and rural lifestyle properties. Wendy Alexander of Barfoot & Thompson says that the land in these areas is “irreplaceable and therefore very valuable, and homes are being built or refurbished in keeping with those high values”.

Source: stuff.co.nz, 1 August 2012 (AL)


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