Million dollar sales have dropped across New Zealand. Photo / File
Lending limits and interest rate fears have pushed million-dollar house sales down 4 per cent nationally but down 8 per cent in Auckland.
The Real Estate Institute has released data for this year's first half compared to last year's first half.
Bindi Norwell, REINZ chief executive, said the Auckland numbers
showed a big drop. She blamed the Reserve Bank's loan-to-value lending restrictions and predictions of rising interest rates in the next 12 to 18 months.
"The number of properties sold around the country for more than a million dollars during the first half of 2017 decreased by 4 per cent when compared to the first six months of 2016," REINZ said.
"In the Auckland market, the number of million-dollar properties sold fell by 8 per cent (compared to H1 16). However, for the rest of New Zealand (excluding Auckland), the number of million-dollar plus property sales increased by 16 per cent," REINZ said.
