International auction house Christie’s has rated Auckland the world’s “hottest” city for luxury properties.
Christie’s International Real Estate surveyed the luxury property markets in 100 cities around the world and found Auckland’s was the fastest growing.
Auckland registered a 63 per cent increase in its luxury property market in the last year and overtook Toronto, Canada, for the top spot.
It was one of a number of “comeback” markets registered by the survey, where the luxury market had grown after a period of stagnation. Other “comeback” markets included Dublin, Monterrey and Atlanta.
However, the survey defined a “luxury” property as one that sold for more than NZ$1.5 million.
It’s questionable whether many of the properties going for that sum in Auckland are really all that luxurious.
For example, many Auckland state houses would be considered “luxury” properties if sold for their current book value.
An average three bedroom house in Ponsonby, Epsom or Freemans Bay sells for over $1.5 million.
Earlier this year, a derelict villa in Freemans Bay sold for $3.1 million – another “luxury” buy, although even the real estate agent admitted it was completely unliveable.
There’s no denying Auckland does have its share of luxury properties, though; check out this $3 million Titirangi mansion that came on the market last month for one example.
Last year the historic Cotter House was listed for sale.
If you’re after real high-end luxury, the British capital is where you should look.
London retained its title as the world’s most luxurious property market for the fourth year running in the Christie’s survey.
The English capital had more luxury listings than any other city, as well as the world’s second most expensive residential sale, which was valued at NZ$195 million.
However, the survey saw buyers moving away from traditional luxury property markets like Hong Kong, New York and Dubai.