Luxury property sales in Auckland saw a 14 percent decrease in 2024. Conversely, regions like the Queenstown Lakes District experienced a 91 percent increase in sales between 2023 and 2024, while the Bay of Plenty witnessed a 20 percent rise in the same period.
Caleb Paterson from Paterson Luxury Real Estate noted a trend of luxury properties being listed on the market only to be withdrawn due to lack of interest. He pointed out a shift in regional demand, with Queenstown and Bay of Plenty capturing a portion of the high-end residential market potentially at the expense of Auckland.
Although the $5 million-plus market constitutes only a small fraction of the overall market, the movement of wealth from Auckland to regional areas could have implications for businesses across all three regions.
Despite a decrease in sales volume in the last quarter of 2024, there are early signs of a resurgence in ultra-premium property sales in Auckland. Paterson highlighted increased engagement and viewing of their current listings over the past month, indicating a potential uptick in activity in the luxury property market.
