Lower interest rates and less stringent lending conditions are driving a spate of high-end housing sales in Northland, real estate agents say.
High-end home and lifestyle block sales made up 40 per cent and 50 per cent respectively of home sales in the North last month, compared to an average 10 per cent of business at the start of the year, said agents in Whangarei, the Kaipara and Kaitaia.
In fact, demand is so great that some agents are saying they are running out of quality homes to list.
Whangarei Harcourts franchise owner Mike Beazley said the company had seen the most interest in $450,000-plus houses in a long time, with a lot of inquiries despite listings being at an all-time low.
Lenders recently slashed interest rates to as low as 4.75 per cent and relaxed lending conditions in a bid to drive up business at the start of June, resulting in more sales.