Welcome to this week’s wrap on North Shore property. To view our full weekly email click here.
It’s a little strange waking up on a Saturday morning not having any kids sports to go to as we transition from Summer sports to Winter. Not really sure what to do with myself! 😂
It’s been a good week this week for us with 3 and half sales, (the purchasers want to declare on one of them and own it, but we have some delays on the Vendors side – hence, half a sale.)
Two and a half of these were pre-xmas listings, all of them have sold for a little lower than our original expectations, but they are sold none-the-less. Properties are getting over the line, it’s just taking a little longer and little bit more fight, and some real out of the box thinking around terms and negotiations. You definitely don’t want an in-experienced or new agent handling your campaign in this market.
In This Week’s Market Wrap
– Interest Rates may get even lower
– Construction set to decline
– Listings & Stock Availability
– Auction Results & Stats
– Coming Soon
Some interesting commentary from the RBNZ this week. Their has been talk of interest rates going up at some point this year, following the RBNZ’s February review, but in Wednesday’s review where the OCR was left unchanged at 1.75%, the RB Governor also said this.
“Given the weaker global economic outlook and reduced momentum in domestic spending, the more likely direction of our next OCR move is down.”
Does this mean instead of going up, the are potentially going to get even lower?? Maybe, either way it’s still very safe to say, interest rates won’t be going up anytime soon.
Construction Expected to Decline?
Some surprising yet not so surprising data around construction was released this week in the ANZ Business Outlook Survey which showed a collapse in expectations of construction from Residential builders, in fact it was the worst it’s been in 10 years. In recent weeks I have been hearing very mixed views from tradies about the current and future of this industry – interesting times ahead.
Listings & Stock Availability
The total number of property available on realestate.co.nz on the North Shore this morning, 1972 properties and climbing – up about 20 from last week. That’s quite a lot people. I’ve been painting with my clients, if you can get at least a fair price, under the hammer at Auction, or even in just a few weeks of marketing – you’ve done extremely well. The alternative is a fair price after months of marketing!!
While the weekly clearance rates are all over the show week to week, the 4 week average has remained pretty consistent hovering in the low 30’s for the better part of the year so far. During the same period last year it was in the mid-high 30’s so we’ve seen about a 5% drop in the clearance rates year on year.
Combined Clearance Rates*
4 week average 31% (2018 – 37%)
This Week 32% (2018 – 34%)
Harcourts C&C – 38% Clearance Rate (13/34)
Barfoot* – 26% Clearance Rate 9/34
Why do I show both brands??
It’s simple, the bigger the data sample, the more accurate the stats will be. By combining both brands we get a better representation of what the clearance rates are like across the board here on the North Shore. If I could get hold of Bayleys and Ray White results I would include it as well. I just present it, the data is what it is.
If I wanted to bend it to suit as and talk up the market, I’d be telling you about how we had a 100% clearance rate at our in-rooms Auctions last Thursday, and be leaving it at that!! 😝😝
*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 enquire)
Bayswater – 2 properties, 3 houses, loads of potential and upside
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
Northcote Point – A gorgeous fully renovated 3 bed townhouse – see below!
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!