Welcome to my weekly market wrap. To view the full report click here.
Next week, most likely, we will get the REINZ data for August which will tell us what I think I already know. Volume down, prices stable, median days shorter, low levels of new listings, etc. etc. More on that next week though as I look to wrap up not just August, but the Winter quarter. Off to the Waikato today to watch the test, looking forward to an amazing atmosphere. Go the AB’s!
The short story (a summary of below)
Auctions are still strong and clearance rates are still up, Spring listings have already begun as stock levels finally start to rise. Enquiry across the board is still up, along with open home activity. Prices in the sub $1m bracket are under pressure from high demand. Still a little bit too soon to say anything about prices but pretty positive out there at the moment. Have an awesome weekend!!
In This Week’s Market Wrap
– Barfoot August Report
– Auction Results
– Listings & Stock Availability
– Coming Soon
Barfoot released their market report for August this week but it didn’t really say anything interesting at all and is one to skip. That’s not bagging them, there just isn’t anything interesting to say. Volume is down, there was a shortage of new listings, prices were pretty stable, DOM were pretty stable etc. One stat I found interesting which makes perfect sense with what we are seeing, two thirds of their sales were in the under $1m bracket. This market segment has been really active lately, with open homes of 100+ groups being recorded for decent homes (yep just decent) in good areas. Clearly there is a lot of competition in this bracket at the moment which can eventually only mean one thing…
The trend continues, with 78% cleared under the hammer by Harcourts C&C last week, giving us a 60% clearance rate for the past 4 weeks, selling 34/57 Auctions. B&T are also up, with 50% over the past 4 weeks. Great results from both – long may it continue. (Although numbers so far this week don’t look promising!)
4 Week Average Per Company
Harcourts C&C – 60% Clearance Rate (34/57)
Barfoot* – 50% Clearance Rate (27/54)
Combined Clearance Rates*
4 week average 55%
This Week 43% (2018 – 50%)
Harcourts C&C – 78% Clearance Rate (7/9)
Barfoot* – 21% Clearance Rate (3/14)
* 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
Stock levels appear to finally be on the rise again with 1374 properties available on realestate.co.nz this morning. Expect this number to continue rising as we head into the Spring months.
We are going to refresh and update this list next week as we have loads of stock in the pipeline at present. As I’ve said, it’s been pretty busy this past 4 weeks.
That’s it from me, have a fantastic weekend! Go Tonga and go the AB’s. Looking forward to an exciting free flowing and hard hitting game.