Welcome to my weekly market wrap. To view the full report click here.
It’s been a busy week with auctions and sales and new listings hitting the market. Be sure to check out our new listing in Phillip Parade below, and keep an eye out for our last listing for the year launching next week. More details on that one below! We are now starting to plan 2020 campaigns, so if you’re thinking of selling in the new year, please get in touch!
The short story (a summary of below)
Stock levels are falling again, and pretty rapidly this week it seems. Our open home numbers are still running hot, we had 150 groups through our listings over the weekend, the highest in sometime showing there are still plenty of buyers out and about. Last week we also saw the second highest number of Auctions called across B&T and Harcourts this year, and clearance rates held strong, in fact ours improved to a massive 64%!
In This Week’s Market Wrap
– Short term opportunity
– Auction Results
– Listings & Stock Availability
A short term opportunity
We have just listed a great property on Bruce Road in Glenfield, which is double Westlake zone. It’s a modern weatherboard 2 bed + sleep out and double garage, it’s elevated, it has awesome outdoor entertaining and sits on 733sqm freehold land (MHU zone). It’s going to be a short 2 week Auction campaign with a price guide from in the $900’s, making this is one heck of an opportunity for first home buyers, and of course developers and investors. Please get in touch if it sounds like it could be of interest.
As mentioned above 79 Auctions were called last week across B&T & Harcourts North Shore, the second highest this year, at a combined rate of 53% – which is pretty good. Clearance rates normally suffer as volumes increase, so this result just shows the level of activity and interest, not to mention heat that is currently in the market. For example in Feb this year 84 Auctions were called during week 3 and only 33% sold. These changes speak for themselves.
Harcourts C&C – 64% Clearance Rate (23/36)
Barfoot* – 44% Clearance Rate (19/43)
Combined Clearance Rates*
12 week average 55%
4 week average 52%
This Week 53% (2018 – 19%)
12 Week Average
Harcourts C&C – 60% Clearance Rate
Barfoot* – 50% Clearance Rate
* 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
Listings have been hovering in the mid-high 1400’s for a few weeks now, but as always new listings have started to slow as Christmas fast approaches, and the level of stock is falling again, and pretty rapidly. Just 1409 properties are available on the Shore on realestate.co.nz this morning, and I’d expect that to drop further next week.
That’s it from me, have an awesome weekend.