Auckland showcased as world’s top luxury housing spot
A surge in property sales has led to Auckland becoming the top spot for luxury real estate according to a new report. However, as house prices soar, the Reserve Bank of New Zealand looks at new ways to stabilise the market.
Auckland has joined the ranks of cities like San Francisco in the United States, Sydney in Australia and Stockholm in Sweden as it overtook Toronto in Canada to become the number one spot for the world’s hottest luxury housing market in 2015 – according to international real estate company Christie’s latest Luxury Defined Report.
Based on a survey conducted by Christie’s of 100 affiliate markets, Auckland came out top thanks to an incredible 63 percent growth in million-dollar plus property sales – mostly due to strong international growth and local demand. Bayleys Real Estate is Christie’s exclusive affiliate in New Zealand.
The report describes Auckland as a “comeback market”, meaning the luxury real estate market was slow to recover after the global recession – unlike its higher profile counterparts such as London, New York and Hong Kong – but has seen a dramatic turnaround since 2015.
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