Welcome to this weeks wrap on North Shore property.
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In This Week’s Market Wrap
– REINZ Auctioneer of the Year Winner (Us)
– Auction Clearance rates on the rise
– Listings tighten significantly
– Waiting till Spring to sell?
– Two cents on the OIAB
The Best Auctioneers in NZ are at your service
Congratulations to my main Auctioneer Andrew North of Harcourts Cooper & Co, winner of the REINZ Auctioneer of the Year for 2018!!
Also huge congrats to finalists Rob Tulp and Aaron Davis also from Harcourts and Cooper & Co, an amazing feat in itself and making 3 out of 5 finalists from Cooper & Co!! #awesome
This highly competitive competition features auctioneers from all companies across New Zealand, so we are hugely proud to say that when you auction with Harcourts Cooper & Co, you get the BEST auctioneers in the country, and no other brand on the North Shore can off you that! #onlythebest
Cooper & Co Auctions
Great to see a continued improvement in clearance rates as listing stock tightens. Cooper & Co called 28 Auctions last week selling 15, at a rate of 54% sold under the hammer. B&T managed 33% (told you we have the best auctioneers) providing a combined rate of 44% sold under the hammer.
Listings have tightened significantly now just over 1500 available on the North Shore. It’s no wonder the clearance rates are improving as the rate of sales is currently far exceeding the rate of new listings. And with plenty of buyers still out and about, strong prices are being achieved.
Waiting till Spring to sell?
Many people think holding off till spring to sell is a great plan – it’s a bit warmer, the sun is shining, the flowers are blooming, and people are buying.
Thing is, people are buying year round. In Spring yes there are more buyers typically, but there is more stock as well. So far the best clearance rates and prices we have seen this year, have been achieved over the past month. Winter weather means tightening stock and less property available for buyers. Which is economics 101 – supply & demand. And during winter, demand typically outweighs supply which it certainly is right now – for most price brackets anyway. Food for thought.
My two-cents, if you’re ready, and the house is ready, then sell it! There are only a few periods during the year I would try to avoid, but Winter isn’t one of them. So get it on, see how you go, and if you don’t get the result you want – well you still have Spring up your sleeve.
The most important thing is that you are ready, and the house and presentation is ready, but this doesn’t mean you need flowers in the garden, unless your garden is your X-Factor feature. In which case, sure, wait till Spring.
Off-shore Buyer Ban.
Just quickly, as I haven’t touched on this topic yet. Firstly I’m not going to analyse it because it’s still going through changes but we do know the government is pretty determined to press on with this Bill – so it will likely happen.
So here’s my two cents:
Will it change anything right now? Probably not.
If introduced earlier would it have changed anything? Probably.
Will it change anything in the future? Maybe.
Will it help with housing affordability? Doubtful.
Many smaller offshore buyers are already restricted via capital outflows from their country and have been for sometime, and the percentage of sales is relatively low anyway. The big offshore buyers, well they’re looking for big developments, apartment/commercial buildings and hotels, they like to build. The ban isn’t going to stop that. So on we go.
Be sure to get in touch for more details we have a couple on our books.
Greenhithe – A large 300sqm do-up, one heck of a project, but huge potential – mid $1’s
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
Northcote – A gorgeous 3 bed bungalow
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
That’s it from me, have a great weekend and GO THE ALL BLACKS!!
There’s another tournament on at the moment as well I believe – good luck to those teams too! 😉
Have a great week!