Welcome to this weeks wrap on North Shore property.
To view our full weekly email click here.
Happy School Holidays!! For those that are getting away with the kids, have a blast. My team is working through and I’m around next week if you need anything, but I will be taking advantage of the holidays the following week, and heading away with my family for 8 days to warm up with some sun.
A lot of the property talk at the minute is all around the Governments Kiwibuild plans. My sentiments are probably inline with everybody else – who’s going to build them? But at the end of the day, good on them for giving it a go and it almost seems too big now for them to let it fail? It will be interesting to see it play out and surely the more modest target of just 1000 homes in the first year will be achieved at least. We will see, 359 days to go.
In This Week’s Market Wrap
– Auction Clearance rates humming
– New listings remain tight
– realestate.co.nz June report
– Off Market & Coming Soon
Cooper & Co Auctions
We achieved a third week in a row of strong clearance rates at Cooper & Co selling 17/25 under the hammer, giving us a fantastic clearance rate of 68%. Who said Winter is a terrible time to sell?!!
Unfortunately taking the shine off our positive, B&T only managed 9 from 34 at a rate of 26%. But combined that makes 44% which isn’t bad, nice and stable.
After tightening consistently for a number of weeks, the rate of decline seems to have slowed with around 1450 properties available on the Shore this morning. A little lower than last week, but still significantly down on the 1800 plus back in March.
realestate.co.nz June Report
Let’s just touch on a few key indicators to come from the report which are inline with our current conversation and views. You can view the full report here
– New listings were down a whopping 14.8% across Auckland – and 9.9% across the country
– The average asking price was down 2.4% across Auckland, but just 0.3% across NZ
– Auckland inventory was down to 21 weeks – the long term average is 23 weeks.
My thoughts on this.
New listings – no surprises this has been a continual trend in line with the continued decreases in the volume of sale over the past 24 months and is part of the reason that prices have remained stable as yes we have less buyers that 2 years ago, but we have less stock as well. Supply and Demand – economics 101
Average asking price – I don’t normally follow these in Auckland because so many properties go to Auction or are listed without a price, therefore this number isn’t a representation of the full market. But with the changes of late and more and more properties being priced it is worth noting and what does it tell us? Nothing we don’t already know, prices are relatively stable.
Inventory – if it pushes out much past the LTA of 23 weeks to say 30, we will be looking at a downward turn in the market. In the height of the market in Auckland, this number was around 12 weeks – which should give you some perspective. At 21 it’s pretty average which is exactly what the market is like at present.
If you want to know which markets across the country are still humming – have a look at the current level vs the LTA.
Be sure to get in touch for more details we have a couple on our books.
Sunnynook – A relatively flat section in Double Westlake Zone
Castor Bay – A flat rear site of around 400sqm with AMAZING sea views & plans
We have plenty of new listings in the pipeline and coming soon, be sure to check out our website for current listings, or get in touch about anything detailed below.
Milford – It’s a secret – but if your looking for new & luxury, give me a call
Browns Bay – A Brand New 6 Bedroom Home
Forrest Hill – An entry level 3 bedroom home
Takapuna – A sunny semi-detached townhouse
Greenhithe – A super spacious one level home
Browns Bay – A gorgeous renovated townhouse
Castor Bay – A beautiful large modern family home
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
Murrays Bay – A beautifully renovated 4 bedroom townhouse
That’s it from me, have a great weekend and GO THE BLUES!! (I know I’m a glutton for punishment but you can’t change where you were born)
Have a great week!