Welcome to this week’s wrap on North Shore property. To view our full weekly email click here.
Being the start of the month, various property market reports are now available for for May – but we prefer to wait till the REINZ stats are released before completing our monthly report. The REINZ data is more complete than any of the other data sets out there and it also breaks out to the North Shore nicely.
But from the brief look I’ve had and from what we are seeing on the ground, nothing much has changed. Prices are still down but appear to have stablised, volumes are down, new listings are down, stock & inventory is up, life is carrying on and properties are still selling.
We had over 40 groups through our 3 open homes last weekend, so there is still plenty of activity out there.
The short story
Here’s a very brief summary of everything below: (it’s basically the same as last week if you want to get on with your weekend).
Listings on the North Shore continue to tighten but the rate has slowed and whilst Auctions feel significantly worse than this time last year, the clearance rates are actually quite comparable. There really isn’t a lot in it.
In This Week’s Market Wrap
– Auction Results & Stats
– Listings & Stock Availability
– Coming Soon
We achieved some pretty good results last week at Harcourts clearing 43% under the hammer. And whilst the 4 week average is down at 33% this still includes one shocker week which to be fair was an anomaly and not a fair representation of the market as a whole. If we remove that week, the average is actually 39% which is pretty similar to last year, so again not a lot of change.
Harcourts C&C – 43% Clearance Rate (10/23)
Barfoot* – 35% Clearance Rate (9/26)
Combined Clearance Rates*
4 week average 33% (2018 – 40%)
This Week 39% (2018 – 41%)
*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
This morning just 1627 properties were available on realestate.co.nz on the North Shore. This is slightly lower than last week and significantly lower than a couple of months ago but the rate of decline does appear to have slowed. This may be because whilst new listings have dropped off, we are also in the final couple of weeks of being able to get properties listed and sold via 3-4 week campaigns before the next school holidays. So there may have been a wee burst of new listings this past week or so. Expect over the coming weeks for this number to continue to drop.
At the start of April the figure was over 1960 and of the listings currently available nearly 80% are more than a month old. Only 385 listing are less than a month old.
Development Opportunity in Central Takapuna – 2500sqm with lake/sea/city views (enquire)
Northcote – A super cute 3 bed bungalow (2 weeks)
Sunnynook – A great 3 bed 2 bath starter home in fantastic school zones (next week)
Takapuna – A fantastic 3 bedroom townhouse (Available Off Market – please inquire)
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 (Available Off Market – please inquire)
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!