Welcome to the wrap on all things property on the North Shore.
For those who would like to read the full report, please view here.
Apologies for our absence these past few weeks, holidays followed by a wee (massive) technical glitch with our CRM and e-mail provider, has meant we haven’t actually been able to send the emails for a few weeks.
We’ve also had to re-build our DB so if you’re mistakenly receiving this update I apologise, please simply click the unsubscribe link at the very bottom of this email.
This update is a snapshot of what’s happening here on the North Shore in terms of property – and an honest opinion of what my team is seeing on the ground and around the traps.
At the bottom, you will find the Harcourts Cooper & Co Weekly Auction results, which can prove invaluable if you are keeping an eye on the market. (This email includes 5 weeks worth as we play catch up)
In This Week’s Market Wrap:
– A more in-depth monthly review
– Median prices pretty flat
– Volumes continue to falter
– Strong first home buyer activity
– Clearance rates stable – yet low
So one would think we have a lot to catch up on – which we do in terms of numbers and stats for March & April and I’ve included the snapshots for you below, however if you want the short version so you can carry on with your Saturday morning, the residential real estate market on the Shore and across Auckland is just fine.
It’s a stable and well balanced market, offering good opportunities for both buyers & sellers.
Cooper & Co Auctions
As the volume of new listings has slowed for winter, the volume of Auctions has also slowed comparatively, and clearance rates – well nothing much has changed. They remain patchy, fluctuating each week. Generally speaking, B&T sit around 30% and above, Cooper & Co sit around 40% and above – and this is based on data publicly provided by both companies. The average over the past 10 weeks for both companies combined is about 36%. Which is kind of where it’s been all year.
You might ask why go to Auction with percentages so low?? That’s a fair question – one I will handle next week 🙂
Despite great headlines, they remain relatively stable. Yes we are seeing variance’s of a few percent each month when compared year on year – sometimes up, sometimes down – but all in all not a lot of change and they are still trending upward, ever so slightly. We did see it drop below $1m on the North Shore last month, but this isn’t the first time, and assuming it bounces back next month as we expect I will – this is nothing to worry about.
This graph below which shows median prices for the past 2 years on the North Shore, since April 2016 for 18 out of 24 months the median has been between $1.02m & $1.1m. Same across Auckland sitting between $820k-$870k.
The big change has been the volume of sales illustrated by the graph below, showing a steady reduction since April 2016. There are plenty of articles that talk about volumes increasing at the moment, which is true year on year, but this is compared to lows in volume therefore one would expect slight increases or minimal change if volumes have in fact stabilised.
We predicted that in 2018 we wouldn’t see continued falls in volume as it had appeared to have bottomed out. This seems to be the case across Auckland however on the Shore they continue to fall, sitting 9% down for April and 20% down on March, compared year on year.
When our last report went out, listings were around 1800 on the North Shore on realestate.co.nz. The are now in the low 1700’s as they tighten for winter. But that’s still a lot of property available and clearly new listings are almost keeping up with sales.
This isn’t a political nor economic commentary update so whilst there is a lot of talk about the recently released budget, and like all of us I also have an opinion, especially around housing and Kiwibuild etc, I will be leaving this topic to everybody else to debate and comment. Have fun!
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. There are still plenty of off-market deals happening so be sure to get in touch to be kept in the loop.
Takapuna – A sunny semi-detached townhouse
Greenhithe – A super spacious one level home
Browns Bay – A gorgeous renovated townhouse
Torbay – An amazing clifftop opportunity
Castor Bay – A beautiful modern family home
All in all it all seems very similar & steady as she goes!
Have a great week and as always, if you have any questions by all means just give me a call.