Welcome to this week’s wrap on North Shore property. To view our full weekly email click here
Hard to believe its April already and Summer is over. With School Holidays and Easter just around the corner the level of new listings hitting the market should slow, but look out for a surge post the school holidays.
We’ve been fortunate to list a beautiful home this week in Northcote Point – check it out here.
In This Week’s Market Wrap
– Realestate.co.nz March Report
– It’s time to Trade Up!
– Listings & Stock Availability
– Auction Results & Stats
– Coming Soon
Realestate.co.nz March Report
Realestate.co.nz released their monthly report this week which didn’t really tell us anything that we don’t already know. Data from March 2019 for Auckland shows a small fall in the average asking price, more choice of properties and homes taking longer to sell. Which are essentially indicators of a buyers market.
Average asking prices across Auckland fell compared to March last year, but barely, not even 1%. The Auckland Median has been relatively stable so this is expected, and unfortunately they don’t supply North Shore specific data but I would suspect that would paint a picture more in line with what we are seeing over here.
In the next week or so we should have the REINZ data which will give us a better picture.
Now is a great time to Trade Up!
A declining market is actually a great time to trade up. Yes you might not get as much for your home, but you will have to pay even less for the one you are trading up to? Why?
Well let’s say your home was worth $1m a year ago, now it’s 10% down at $900,000 – a drop of $100k. Then we buy a home that might have been $1.5m a year ago, using the same 10% that home will have come down $150k to $1.35m.
That’s a saving of $50,000 👍👍 Don’t take the 10% as exactly what has happened I’ve just picked a round number to make the math easy, but hopefully you get the idea. You just need to ensure you sell first, and fight hard for a good price, then buy hard, and do the same.
Listings & Stock Availability
The total number of property available on realestate.co.nz on the North Shore this morning, 1968 properties and climbing – pretty much the same as last week. A lot!
Meaning your marketing campaign is so, soooo important right now. Buyers have so much to choose from, you need to make sure you stand out.
Whilst week to week the auction results are pretty lumpy, the 4 week combined average has actually been very consistent – hovering between 30-33% for the past 5 weeks now, and for all the talk of how much the market has changed, that’s only 5% lower than this time last year – evidence it’s just a wee softening.
At Cooper & Co we sold 39% under the hammer during March, which is obviously above the combined average, and add to that the approximately 21% of properties sold in the 14 days following Auction (Feb stat) and I can say about 60% of our properties were sold within approx 35 days. That’s significantly faster than 63 days which is the current average. Clearly, we are well above average here at Harcourts Cooper & Co 😝😝
4 week average 32% (2018 – 38%)
This Week 28% (2018 – 41%)
Harcourts C&C – 35% Clearance Rate (11/31)
Barfoot* – 21% Clearance Rate (6/29)
*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)
Takapuna – A fantastic 3 bedroom townhouse (Available Off Market – please inquire)
Browns Bay – 2 houses on freehold sites, and some land
Northcote – A super cute 3 bed bungalow
Torbay – A tidy 3 bed townhouse
Sunnynook – A full blown do up – or a blow up – great site though!
Forrest Hill – A very tidy renovated 3 bed 2 bath
Campbells Bay – A stunning 5 bedroom family home with sea views
That’s it from me. If you have any questions as always just give me a call, otherwise we look forward to seeing you out and about this weekend!