The number of $1 million-dollar house sales in Southland has increased from two in the first half of 2020 to 10 in the first half of 2021 – the second highest jump in the country. Invercargill Ray White Real Estate general manager Lachie Shannon said the $1m price tag for a residential property in Southland had been an outlier in the past. “That extra zero was a no-go for people previously.”However, the high capital gains people were getting from their house sales was resulting in more interest in the $1m plus properties. Buyers of million-dollar plus properties in the region included retired farmers, business owners, people with strong investment portfolios and out-of-towners who had sold in higher priced markets. Nationwide, 14,776 million-dollar plus properties were sold in the first six months of 2021, up from 5516 in the same period in 2020, a 168 per cent increase.

Source: Stuff August 06, 2021 03:45 UTC