Welcome to this weeks wrap on North Shore Property, including the monthly stats for February, and a little commentary below.
To view the 60 second video please click here.
For those that prefer to read, you can view the full report here.
In This Week’s Market Wrap:
– New listing levels slow
– An increase in clearance rates
– 20-30% selling within 14 day of Auction
– It tougher, slower, but they’re still selling
– Feature property – 18 Jellicoe Road, Murrays Bay
How’s the Market?
You know what – it’s honestly fine, it’s a bit tougher, and taking a little longer, but properties are still selling. In the past week or so we’ve closed 6 properties – one took 8 months, another took 6 months, the others just 20-25 days. That’s around $7m in sales in the past week including some old stock moving which tells me things are just fine.
But we’ve been fortunate that our listings for the most part have been selling, some quicker than others sure but we are getting the majority away and for good prices.
I was speaking to another agent yesterday who hasn’t sold a lot this quarter despite having some great listings. So he is saving his money, has put the new car on hold, and is hunkering down for what he believes is going to be a tough market ahead.
Now I think caution at present is certainly wise, but I still remain confident based on what I am seeing, that things are still ticking along nicely. This agent does mostly sell high end homes though so maybe that’s the difference, maybe it’s just a pessimistic attitude. I’m probably not the one to comment on the luxury sector, except to say our luxury listing in Albany sold perfectly fine for a great price at Tender. I guess my point is, you could speak to a handful of agents and probably get a handful of opinions at the moment, mostly dependent on how much success they are having at present.
The median on the North Shore for Feb was $1,010,000 – which is down on Jan but pretty much 0% change year on year, and apart from the odd month here or there, median price on the Shore have been between $1m-$1.1m since April 2016. We often refer to a 10% or so gap, sometimes, 10% of the cream has come off. Well this 10% fluctuation may explain that.
In terms of volume well we had the big resurgence in January but it’s now leveled sitting just 4% up year on year across the Shore, and 5% across the City. So a slight improvement on last year but compared to 2016 levels we are still down 17% here so nothing to be excited about.
Cooper & Co Auctions
As we dial out of the Summer selling madness and new listing levels begin to slow, the volume of auctions being called has of course followed suit and with lower volume, typically we expect better clearance rates.
Last week was exactly this with 20% less Auctions called, Cooper & Co nailed a healthy 53% clearance rate, bringing the combined clearance rate up to 43% – which is much better than the past 3 weeks. Fun stat, about 20-30% more are selling within 14 days of their Auction.
We are still seeing great buyer activity at our opens, especially well presented homes, or well priced homes. 21A Heathcote Road had more than 80 groups through in just 3 weekends. So there are certainly still plenty of people out there looking, they are just a little pickier so you won’t see them at average or overpriced listings.
No real change in listing numbers meaning new listings have begun to slow as expected and as sales filter through we should start to see the overall volume drop.
We have plenty of new listings that have either just launched, or will be soon, be sure to check out our website for current listings, or get in touch about anything detailed below.
Takapuna – A brick 3 bed 1.5 bath semi-detached townhouse
Greenhithe – A spacious 3 bed 2 bath one level home
Browns Bay – A gorgeous 3 bed 2 bath renovated townhouse
Murrays Bay – A 4 bed 2 bath with great views
Milford – Brand new townhouses being sold off the plans
Forrest Hill – A cute & spacious 2 bed unit
All in all it all seems very similar so far with a little more positivity and confidence in the air which is great to see but it’s still early days so let’s wait and see.
Right that’s it from me, thanks for watching and I’ll see you next week.