Welcome to my weekly market wrap. To view the full report click here.
Short and sharp this week as a follow upon from last weeks comprehensive monthly report. We have three great new listings that have hit the market this week! Be sure to check them out below, especially the Historic Homestead at 26 Killarney Street in Takapuna.
The short story (a summary of below)
Stock levels are slowly rising as expected, at a rate of about 50 per week for the last couple of weeks. This won’t continue though, these next couple of weeks are set to be the busiest in terms of new listings. Auctions clearance rates remain strong, with the 4 week average consistently around 60%, which is 10-20% better than earlier this year.
In This Week’s Market Wrap
– A Slice of History for sale
– Auction Results
– Listings & Stock Availability
A Slice of History for Sale
Take a look at our new listing at 26 Killarney Street in Takapuna. Constructed around 1890, the distinctive twin gabled homestead has held a significant pride of place in Takapuna as a rare example of the Victorian architectural style, and is being offered to the market for the first time ever, in it’s nearly 130 year history.
Tightly held over the generations, it is our understanding that the property has never left the family, being passed down through 5 generations, each time to the eldest daughter. During its early years, it was home to the very first Pumphouse engineer Frank Moren, followed by his daughter Hilda, and her husband Rudall Hayward, who is considered a pioneer in NZ film making.
Its notable heritage, architecture and location make this a truly unique property of exceptional cultural interest. Click the image below to view more.
Nothing really more to add to what is already in the summary above.
Combined Clearance Rates
* 4 week average 57%
This Week 56% (2018 – 45%)
Harcourts C&C – 69% Clearance Rate (9/13)
Barfoot* – 47% Clearance Rate (9/19)
* Harcourts Cooper & Co and B&T In-Room Auctions. * Source: Barfoot website Please note clearance rates are for properties sold under the hammer or post negotiation that day (sales the following day are not included)
Listings & Stock Availability
5 weeks ago it was 1304 properties available on the shore on realestate.co.nz. Last week, 1347, this morning, 1393. Stock levels are rising, but we always expected a Spring and then post labour weekend influx – it’s not exactly a tidal wave though.
At present demand is certainly still outstripping supply, which is contributing to the pressure on prices and the increase in Auction clearance rates.
That’s it from me, have an awesome weekend.