Welcome to my weekly market wrap. To view my full report click here.
After a pretty comprehensive report last week, I’m keeping this week I don’t have a lot to add. Things are positive though. Make sure you check out our stunning new listing in Campbell’s Bay below.
The short story (a summary of below)
Auctions are still going strong, both companies had solid weeks and the combined 4 week average now sits at 52%, the highest it’s been since we started tracking it over a year ago. After thinking listings were rising again last week – NO – they continue to fall. Open home numbers across the board are being reported as very strong, we had over 60 groups through 4 open homes on the weekend, and numbers up well over 50 are being reported again at first weekend showings.
The phone is ringing off the hook again as well, and we were called into to 9 appraisals last week, with the majority looking to upsize, or improve their current property. And why wouldn’t you with interest rates now as low as 3.5% with people still being encouraged to float, as rates are expected to get even lower! All in all, things are looking pretty good with a lot of confidence in the market. It’s early days – but word is starting to spread, which can only mean good things moving forward.
In This Week’s Market Wrap
– Across the Ditch in Sydney
– Market Auction Results
– Listings & Stock Availability
– Coming Soon
Across the Ditch
Remember when the Sydney market was tanking and Kiwis were panicking convinced Auckland would follow. We started seeing people sitting on their hands as prices began to fall. I don’t think concerns about Sydney were the only reason, there was a few other things up in the air creating unease – CGT for one, but certainly what was happening in Sydney was having some effect. Well the reports I’m seeing tell me the Sydney market is firing again. They’ve just had one of their best Auction clearance weekends ever recorded, open home numbers are strong, interest rates are ridiculously low (below 3%), stock is tight and buyer activity is very very good. Sound familiar?
Another cracking week in the Auction rooms by both companies. Nervous about giving it the commentators curse, but this is 4 weeks in a row now of pretty solid results, but the best combined result in a long time. The combined 4 week average of 52% is also the best we have seen in some time.
Harcourts C&C – 59% Clearance Rate (10/17)
Barfoot* – 67% Clearance Rate (12/18)
4 Week Average Per Company
Harcourts C&C – 60% Clearance Rate (32/53)
Barfoot* – 45% Clearance Rate (34/75)
Combined Clearance Rates*
4 week average 52%
This Week 63% (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 Last week it felt as though the number of new listings on the North Shore was starting to rise again, but on closer look, a couple of developments were released which added to the stock and essentially skewed the numbers a wee bit. Generally speaking, listings probably continued the decline and this morning on realestate.co.nz we have just 1338 properties available on the North Shore, down from last week.
Campbells Bay – A modern family home on a large freehold site
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
Belmont – A fantastic weatherboard do-up on a large freehold site
Birkenhead – A cracking modern 3 bed starter
Browns Bay – A beautiful 3 bed with amazing outdoor living
That’s it from me, have a fantastic weekend.