Falling auction hammers have not only been driving house prices to new heights but are ringing like cash registers in the ears of real estate agents earning what is believed to be record levels of commission.
The booming market led agents to pull in an estimated $568 million in residential sales commissions in the three months from July to September, according to one industry expert group.
That was 51 per cent higher than the $376m earned in the same period last year and may well have been an all-time record, Interest.co.nz said.
The cash was pouring in on the back of a perfect storm of record high sales prices and good sales volumes.
That meant the best agents could earn up to $1m per year – yet with the high rewards also came high risk, Harcourts St Heliers owner David Findlay said.
“The agents that work really hard, they can