Bayleys agent David Rainbow may have a rather funny last name, but he sure has some really serious things to say about the New Zealand luxury real estate market.
According to him, the real estate market of New Zealand in the sphere of luxury homes is picking up and after the recession and economic downturn, people are actually beginning to invest in homes that are expensive. 166 luxury properties were sold in central Auckland whereas only 130 were sold in the same period last year.
According to him worth $12 million were sold in just two days. One of the properties in the much coveted Remuera’s Upland Rd area sold for an astounding $4 million within the same day it was listed. Interestingly many of the buyers are Chinese, who are now the nouveau riches.
Moreover, expatriates elsewhere who are returning back to New2 Zealand are buying homes too, which has risen the confidence of estate agents to list more luxury properties. It may seem like the downturn is finally over but eminent property dealers across New Zealand warn that one must tread the path carefully.