Welcome to my weekly market wrap. To view the full report click here.
Another typical Auckland day – terrible 30 mins ago beautiful now. Let’s hope the sun I’m seeing out the window of my office persists – despite the forecasts! (Now it’s raining again moments after writing this…) We have a really cool new listing below perfect for downsizers and small families in Castor Bay – check it out below.
The short story (a summary of below)
We smashed our Auctions last week selling 87% under the hammer at an average price of $1.2m. Strong activity is still being noted at open homes and Auctions, as the number of properties available continues to decline. Barfoot data shows an increase in volumes and a drop in prices for them in July, but on closer look there is a good reason for this.
In This Week’s Market Wrap
– Barfoot July Results
– Auction Results & Stats
– Listings & Stock Availability
– Coming Soon
Barfoot July Results
Barfoot data shows an increase in volumes and a drop in prices for them in July, but on closer look it appears to have included a large portion of 1 bedroom apartment sales in the CBD and cheap low bracket homes probably new builds out South, suggesting prices haven’t necessarily dropped (as much), but with low interest rates and strong activity in the first home buyer bracket, we are just seeing more sales in that area bringing the medians down. This is especially apparent as cheaper townhouses and apartments are starting to become more and more acceptable as options for first home buyers and Aucklander’s in general.
Please note this is just a quick look at their data and isn’t a summary of the current market – I prefer to wait for the comprehensive REINZ data which will be out in a couple of weeks.
Last week I made a comment about the Harcourts C&C clearance rate stat being consistently higher than our biggest competitor, risking the commentators jinx that this week would be terrible for us.
Well with 87% sold under the hammer (13/15), it’s fair to say that didn’t happen.
These are numbers that were frequently seen in the height of the market,and in the 2.5 years I have been tracking both companies Auction results – that is the highest clearance rate recorded, period.
Our average sale price for the week was $1.206m, with 8 of the 13 between $900k-$1.3m, a bracket which has appeared to be picking up following the noticeable rise in the under $900k bracket.
Weekly Results Per Company
Harcourts C&C – 87% Clearance Rate (13/15)
Barfoot* – 15% Clearance Rate (3/20)
4 Week Average Per Company
Harcourts C&C – 58% Clearance Rate (29/50)
Barfoot* – 20% Clearance Rate (13/66)
Combined Clearance Rates (Both Companies)*
4 week average 36%
This Week 46% (2018 – 40%)
* 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
I wasn’t sure last week whether numbers were going back up or still going down after being away for a few weeks – but it’s evident they are continuing their decline with just 1318 properties (1351 last week) now available on realestate.co.nz on the North Shore. This is leading to increased activity at open homes and Auctions, with so little competition for new listings.
As we near spring, more and more properties will start coming to the market, especially as prices become more appealing and Vendors adjust to the new market conditions.
Devonport – A beautiful Villa in Narrowneck/Devonport
Campbells Bay – A fantastic modern family home with awesome entertaining and pool
Forrest Hill – A stunning fully renovated 4bed family home with awesome entertaining & pool Browns Bay – 2 houses on freehold sites, and some land
Bayswater – Talk to me – we have a few homes coming in a couple of months
Forrest Hill – A very tidy renovated 3 bed 2 bath
That’s it from me, have a fantastic weekend.