I’ve loved the media headlines these past couple of days. Auckland prices have dropped!! First time in 6 years!! Great headlines and typical of the media. This is the QV data and it’s actually only 0.6% down across Auckland. The REINZ medians were down on the previous year every month through April-July on the Shore, and 1% down across Auckland in August. So nothing new and nothing to be scared of, we’ve all known for sometime that yes whilst the media prices have been relatively stable, they are trending ever so slightly down here on the Shore, and remain pretty flat across Auckland. I love how the median creates a scare tactic headline about something that’s actually pretty positive I think, the average house price in Auckland is over $1m!!!
In This Week’s Market Wrap:
– More of the same stable market
– Listings continue to climb
– 57% clearance rate by Harcourts C&C
– 44% combined and 48.5% for the month
– Devonport on fire – will it flow to the rest of the market?
– Be generous and donate to Hospice
Steady Market – Listings climbing
Short & sharp again this week as whilst there’s a lot of talk going on about what may or may not happen moving forward – nobody really knows at this stage, but what we do know, is the here & now, and that’s been more of the same. ‘A’ properties are still going well and achieving some great prices well above expectations, ‘B’ properties are going okay, often struggling to sell at Auction or selling just after but still achieving around market value, and ‘C’ properties are really having to battle it out to simply get sold, but priced right, they’re still moving. For more about these different tiers of property check out my update a couple of weeks back on the 11th of October, or better yet give me a call. New listings are continuing to climb, with now over 1600 properties available on realestate.co.nz here on the North Shore, which is great news for buyers, but maybe not so much for vendors with more competition available. We wait in anticipation for the October stats and more importantly, has volume increased to keep up with the level of new stock coming to the market? Hopefully we will have that next week.
Cooper & Co Auctions
Cooper & Co achieved a strong 57% clearance rate under the hammer this past week selling 16 from 28, but combined across the two big brands on the Shore, that drops to 44%, with 24 from 55 being sold under the hammer in total. During October we saw a total of 97 from 200 properties sold under the hammer by ourselves & Barfoot, giving us a combined rate of 48.5%, so not too bad, and an interesting number to watch moving forward. We’ve only just started tracking Auction results like this – but around 50% across the board is probably about where it’s been for quite sometime. Please note: I’m combining the two agencies results because it gives us a bigger sample of the North Shore market, and therefore a better indication of how the Auction market is generally operating.
Devonport is on Fire
With a clean run into Xmas we’re looking forward to getting a fair gauge on the market. By all accounts it’s been pretty busy, but we can never underestimate the power a little bit of sunshine has on improving everyone’s moods. Interestingly the Devonport market, which is often referred to as the barometer of the North Shore as everything happens there first, is currently on fire, with our local office looking like it has achieved their best month ever and lots of reports are coming in of amazing results, and fantastic competitive auctions. So here’s hoping this activity does flow through to the rest of the North Shore as the old tales say, and lets hope Spring finally delivers!
Fronting Up for Hospice
Myself and Marty Van Barneveld from Harcourts NAI are competing this Saturday as part of our commitment to Front Up for Hospice, but in fact I have no idea what this means for Marty and I, something fun and slightly humiliating I’m sure, but all for a great cause. And for you folk, it’s a great opportunity to hit up our fundraising page, and help out the amazing people at Hospice North Shore with a donation, so please check out the link below and get into the Christmas spirit.
Albany – An amazing high end lifestyle property set on 2Ha in the heart of Albany – $3m plus buyers please enquire
Torbay – A 3 bed 2 bath on a freehold site with sea views
Milford – A fantastic 2 bed 1 bath brick and tile unit – one of the best I’ve seen here for some time!
Campbells Bay – A fantastic 3 year old 5 bed weatherboard family home
That’s it from me, remember to check out my full update and our fantastic new listings at kriscunningham.co.nz, otherwise we look forward to seeing you out and about this weekend. Thank you very much for watching and I’ll see you next week.
Have a great week!