Personally we’ve sold another three properties this week taking us to 20 sales for the quarter and well over $20m in sales. So in a very quick nutshell if you want to skip all the reading, it’s been very active post the election and winter slowdown, properties are still selling well it’s just generally taking a little longer and the conversation around price with our vendors for the most part, is not very exciting. The vast majority of our listings are selling for reasonable fair market prices – however nobody wants to sell for reasonable, hence the conversations aren’t very exciting. The hero prices that were a regular occurrence are now becoming few & far between and a great result these days is achieving good price in a short time frame.
In This Week’s Market Wrap:
– November REINZ results released
– Prices remain stable
– Stock tightening for Xmas
– Auction clearance rate 36%
November Market Wrap
The REINZ monthly stats for November were just released and while I will have a more comprehensive monthly & yearly wrap for you next week – our usual monthly data and graphs are still included for you below – but if you’ve been following my reports there are no surprises and nothing really that interesting has changed.
To give you a very quick snapshot of Auckland & the Shore volume was up on October as expected, but again down on the previous year like we’ve been seeing every month for 2 years now.
Median prices remained relatively stable again, with Auckland posting $865k which is up slightly on October & 2% on 2016. On the Shore we saw $1,064,750 which is actually down on October but only by a couple of thousand so nothing to worry about. It is also down 4% on 2016 however November 2016 recorded the highest median ever seen on the Shore at over $1.1m so no surprises we didn’t achieve those heights again. Over the past 4 months on the Shore we’ve seen $1.076m, $1.067m, $1.067m, and now $1.064m, so all in all a very flat quarter with barely a 1% variance.
The level of Stock available increased significantly throughout November as previously reported however this has begun to tighten now as we near Xmas, with just 1700 listings available on realestate.co.nz this morning (on the Shore). This was nearly 1900 just a couple of weeks so they are now reducing almost as fast as they increased.
Multiple Offer Strategy
The three properties we sold this week were ALL in multiple offer scenarios. We actually had 11 offers across the three properties. 1/12 Mira Place had SEVEN in 6 days! How? It was priced sharp, presented immaculately, and ultimately our strategy worked brilliantly. The property sold unconditionally for $880,000, $21k over the asking price and $30k above our vendors expectations.
Multi-offers have now become a more regular occurrence again and this will continue as people shy away from Auctions – so knowing and understanding how to run one effectively is an essential part of your agents skill set. If you’re interviewing an agent, why not ask about their experience with these scenarios, just to make sure they have you covered. Or better yet, give me a call! 🙂
Cooper & Co Auctions
We sold 17/47 at a rate of 36%, a solid improvemen ton the week prior and not bad given the high volume but it would be nice to see that back up around our average of about 50%. We expect this to improve again this week as stock levels tighten up and people look to secure a sale or purchase before Xmas.
We have plenty of new listing set to hit the market in the new year, but for the time being with all of our stock nearly sold out, I’m looking forward to a few weeks off.
Windsor Park – A 3 bed 1 bath entry level SOLD IN 6 DAYS!!
Windsor Park – A modern 3-4 bed 2 bath home with great flow
Albany – An amazing high end lifestyle property set on 2Ha in the heart of Albany – VIEW TEASER
Takapuna – A brick 3 bed 1.5 bath semi-detached townhouse
Campbells Bay – A 4 bed 2 bath modern weatherboard on a large site with sea-views
Greenhithe – A spacious 3 bed 2 bath one level home
Milford – A fantastic 2 bed 1 bath brick and tile unit – one of the best I’ve seen here for some time!
Torbay – A 3 bed 2 bath on a freehold site with sea views.
Browns Bay – A gorgeous 3 bed 2 bath renovated townhouse
Murrays Bay – A 4 bed 2 bath with great views
Glenfield – A great entry level 3 bed 1 bath modern weatherboard home
Forrest Hill – A(nother) great entry level 3 bed 1 bath modern weatherboard home
Thank you for viewing and as always, if you have any questions by all means just give me a call.
Have a great week! And stay sane in those shops it’s CRAZY out there!!