Welcome to this months market wrap on North Shore property.
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Well another month gone, another set of stats to analyze, and another whole bunch of nothing really new to say. Prices are flat, volume is down, median days are high 30’s to 40 and not a lot is changing. New listings are tight, but appear to be keeping pace with sales as stock levels haven’t really changed for nearly 2 months.
Auction clearance rates are lumpy but across 4-6 week periods, pretty much flat and have been all year, the only thing really changing is the volume, but that’s very seasonal as you would expect and nothing out of the ordinary.
However it’s just 4 days till Spring!! Already it feels like open homes are improving – we are getting good numbers through new and old stock, and through good & not so good.
So if you really like stats and comparisons and nitty gritty stuff, carry on reading. If you’re a snapshot person and you’ve read till here, you’re pretty much sorted till next month, so get on and enjoy your Sunday!
In This Week’s Market Wrap
– Monthly Wrap – July Results
– Auction Clearance Rates Mixed
– New Listings & Volume Still Low
– Off Market & Coming Soon
Market Performance – July 2018
Volume of Sales – Short of sounding like a broken record volume was down again here on the Shore, 10% compared to July 2018. And actually compared to the same 6 month period in 2017, down 12%. Compared to the previous 6 months volume is up 17% but something I probably failed to mention last month is obviously the previous 6 months include the Christmas New Year period when seasonally volume levels are significantly lower. Also following on from last months mention re volume post June, well keeping with the trend of previous years, July volume was down compared to June – aligned with our “More of the Same” prediction. Here’s a telling stat though, volume is now half that of the peak in 2015 here on the Shore.
Across Auckland those figures again, down 4% year on year but up 1% compared to the same 6 month period in 2017, which is positive.
Prices – Bor Still flat. In fact slightly trending down for the moment on the Shore, just to mix things up a bit. $985,000 for July on the Shore & $835,000 across Auckland which down 3% and up 1% respectively. The graph below looks pretty scary though if you’re looking at the trend line on the Shore – don’t let the Herald see it! 😉 If it stays looking like this for months I may change my tune on prices but compared to the same 6 month period last year – both Auckland & the Shore are pretty much the same. Up ever so slightly across Auckland, and almost literally the same on the Shore. So despite the graph, I still say flat.
Days on Market – Slightly tighter on the Shore by 1 day to 39, slipped across Auckland by 1 to 41. It felt like July was stronger on the Shore, but just the 1 day in the end.
New Listings & Stock Levels
Ctrl C & Ctrl V from last month, literally. “Still tight – hovering around the mid 1400’s. Same news as my last report – and the few before that. New listings are keeping pace with sales, but good stock, is flying off the shelf as that is where the real shortage is. Good properties for sale are currently few & far between, providing great competition and great results for Vendors.”
Volume is pretty low at the minute as you can imagine – however clearance rates last week (after 2 shockers) were back to normal at 47% sold under the hammer. I skipped the last couple of weeks they were that bad (32% and 18%), but this is a great illustration of how lumpy and unpredictable the market actually is, for Auctions anyhow. Just a few weeks earlier we saw clearance rates of 54,55 & 68 for 3 weeks in a row. We got excited that this might even be a new trend. Not so unfortunately. And over the past 4 weeks the combined clearance rate of 37% whilst a little lower than average, is still just pretty average compared with how things have been going this year.
I have to take one on the chin as well after having a wee dig at our competition last month, they actually beat us this month for just the second time (over a 4 week period) this year. They had a slightly better month, by their standards, and ours, well not so good.
Why the turbulent rates and fluctuations each week? Honestly it’s pretty hard to say but likely it’s just the balance of stock that happens to be up that week. What I mean by that is if it’s mostly good houses, they should go okay, if it’s mostly average stock – not so well. And week in week out it’s not exactly balanced, hence the lumpy feeling market.
We’ve talked about for the better part of a year how good homes are still selling well at Auction, and the rest are struggling with some surprises mixed in here and there.
We’ve been busy, and we have plenty of new listings in the pipeline and coming soon, be sure to check out our new listings below, our website for current listings, or get in touch about anything detailed below that we have coming soon.
Browns Bay – A brand new 400sqm 6 bedroom home (2 weeks)
Greenhithe – A large 370sqm approx modern brick family home (2 weeks)
Browns Bay – Home & Granny in Urban Zone with dev. potential (2 weeks)
Milford – It’s a secret – but if your looking for new & luxury, give me a call
Forrest Hill – An entry level 3 bedroom home
Takapuna – A sunny semi-detached townhouse
Takapuna – Mixed Use Opportunity, great home or office
Campbells Bay – Brand new townhouses off the plans
Sunnynook – A brand new family home on a freehold site
Sunnynook – A nicely renovated 3 bedroom home
That’s it from me, if you have any questions as always just give me a call :o)