Demand for luxury property in Tauranga is running hot, and one local real estate agency has made three "record" sales so far this month.
The city recorded its biggest median house price drop in 30 years last month.
Director of Oliver Road Estate Agents, which specialises in luxury and lifestyle property, Cameron Winter said the company had sold three properties at "record" prices in Pāpāmoa, Bethlehem and Welcome Bay this month.
Winter said a Pāpāmoa home sold for more than $6 million to a couple who spend time in Auckland and the Bay of Plenty.
It was a record sale price for an existing home in Pāpāmoa and Pāpāmoa Beach with the exception of a 6ha rural block, he said.
A property in Bethlehem sold for upwards of $3.8m to a local family, and a Welcome Bay home sold for more than $3.3m to a family who recently moved to New Zealand, he said.
Winter said the luxury market was performing in complete contrast to the low-to-mid-range market.
"We have experienced only a minor reduction in inquiry level and a slight change in urgency among buyers."
The Bay of Plenty Times reported Tauranga's median house price had the biggest fall since records began 30 years ago, dropping $59,000 in a month to $991,000.
Winter said prices remained strong. Three of four sales in May went for their listed prices despite taking between 40 to 100 days to sell.
"If a luxury property hasn't sold in three weeks, that does not make it suddenly worth $1m less or unlikely to sell well.
"Our message to sellers is to keep calm, trust in the value of the property you are selling - providing it is marketed in the right places and to the right people - it will sell."
Oliver Road Estate Agents also had properties in Ōhauiti and Whakamārama listed for sale above $4m.
Last month, richlister Sir Colin Giltrap's penthouse apartment in Mount Maunganui sold for $10.2 million.
The sale smashed the previous $9.525m record for a waterfront Mount home last July.
Real Estate Institute of New Zealand chief executive Jen Baird said the $6m-plus Pāpāmoa sale, the nearly $4m Bethlehem sale, and $3m-plus Welcome Bay sale would all be residential records for each of the suburbs.
"Bay of Plenty remains a popular region for those wanting to relocate out of the bigger cities and make a lifestyle change.
"It is also an attractive option for residential investors and developers looking for opportunities to build apartment blocks, higher-density properties and luxury homes, which fall into the upper price bracket."
Baird said with tightened finance restrictions imposed by changes to the Credits Contracts and Consumer Finance Act (CCCFA) in December creating challenges for many buyers, owner-occupiers backed by equity were dominating the overall buyer pool.
"As a result, we are seeing a softening in the mid-to-low price range, but interest is solid in the mid-to-high price bracket. Hence, some higher prices being achieved in luxury property in regions like the Bay of Plenty."
Chief executive of the Realty Group Ltd, which operates Eves and Bayleys, Heath Young said the Bay's top end of the market continued to perform strongly.
Well-marketed and quality locations, such as beachfront properties, were holding up really well in terms of value, he said.
Young said the luxury market remained strong as there was reliance on funding required to make these deals happen along with less of an impact due to rising interest rates.
"The Bay's top-end - whether it be apartments, coastal or luxury lifestyle - will continue to attract out of town interest and international buyers as these types of properties have hugely unique and attractive qualities that other landlocked regions don't possess."
Sales above $3m
5 Plantation Reserve, Ōhope
Sold: January 15, 2022
Sale price: $4,650,000
47 Wharetoroa Drive, Rotoiti Forest
Sold: January 20, 2022
Sale price: $5,700,000
59 Shaw Rd, Waihī Beach
Sold: February 8, 2022
Sale price: $4,050,000
83 Kulim Ave, Otūmoetai
Sold: February 10, 2022
Sale price: $4,200,000
12B Hart St, Mount Maunganui
Sold: February 12, 2022
Sale price: $3,350,000
162 Oceanbeach Rd, Mount Maunganui
Sold: February 16, 2022
Sale price: $4,650,000
59B Western Ave, Ōmokoroa
Sold: February 18, 2022
Sale price: $4,000,000
3A Windermere Drive, Poike
Sold: February 24 2022
Sale price: $4,145,833
269 Beach Rd, Matua
Sold: March 14 2022
Sale price: $3,250,000
Source: Real Estate Institute of New Zealand