Guests were treated to champagne and canapes in the newly opened New Zealand Sotheby’s International Realty National Exhibition Gallery. We gained valuable insights into the current property market, both from a sales, as well as, from a build perspective.

Key take aways:

• Demand in the $10m plus properties is high and never experienced a dip
• Demand for $3m and up is recovering and auctions are back, however at a lower price point/acceptance price compared to six-twelve months ago.
• Demand for properties below the $2m mark is weak due to tighter lending rules.
• Building cost is up substantially, in some cases more than 35%, these higher costs are expected to stay
• Use a serious and reputable builder who has got good trade relationships to make sure your project stays on target both from a cost as well as a time frame perspective.

The evening was concluded with a lovely dinner at Kingi, part of The Hotel Britomart.