Welcome to our Monthly North Shore wrap for January. To view the full report click here.
The REINZ results for January were released this week and they certainly show exactly what we have been saying. If you’re thinking of selling this year, I’d be aiming to be sold before the middle of the year as most predict a slow down as we lead into the elections in September.
In This Week’s Market Wrap
– The Short Story
– January Wrap
– Auction Results
– Listings & Stock Availability
– Off Market & Coming Soon
The short story.
On the North Shore compared to Jan 2019, volume was up, stock tight, prices up and days to sell down. Across Auckland, exactly the same, although like December, not quite as much. The North Shore is certainly the mover and shaker at present.
January saw a continuation of the upsurge that began in Nov/Dec 2019. When comparing against the same time the previous year; North Shore volumes were up 29% and prices were up an incredible 19.7%. Remember though looking at one months result doesn’t provide the full picture, prices are not up 20%, but they are rebounding and certainly increasing.
Across Auckland the results are the same, just to a lesser extent. Volume was up year on year 12.4%, prices 8.7% and DOM down 8 days to 43. January days on market always read longer than what they are because of extended campaigns through the Xmas period, longer than the usual 3 weeks. The true DOM for the North Shore and Auckland will be in the early 30’s at the moment.
An extremely positive start to 2020, the momentum built pre-xmas has flowed onto 2020 and all factors still point towards a busy year ahead.
As the conversation and confidence continues about the growing market in Auckland and the beginning of the next upward cycle, we will see more and more people enter the market to buy, which will only add to the momentum and demand, putting upward pressure on prices.
Cooper & Co has maintained it’s Auction success, with 61% sold under the hammer last week, and 67% sold under the hammer so far in 2020. Based on the stats at hand, you have 20% more chance of success at Auction with Harcourts than our biggest competitor. One would think who to choose would be a no brainer.
Compared to the same period in 2019 the clearance rates are 20-30% higher, which is a great indicator of just how strong the market is right now.
Harcourts C&C – 61% Clearance Rate (14/23)
Barfoot* – 48% Clearance Rate (19/40)
Harcourts C&C Results
This Week 61% (2019 – 33%)
Last Week 73% (2019 – 50%)
4 Week Average 68% (2019 – 39%)
12 Week Average 63%
*Source: Barfoot website – Thursday In-Room Results | 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
1387 properties are available on realestate.co.nz this morning, which is pretty much exactly the same as last week. No big surge in new stock just yet as is always predicted post Waitangi weekend, and still a far cry away from the 1900 plus properties on the market this time last year.
Properties Available Off-Market
Please be sure to contact us if any of the following are of interest
Selwyn Cres, Forrest Hill – A 4 bed, 2 bath modern weatherboard home – Circa $1.2m
Dominion St, Takapuna – A 3 bed, 1.5 bath tidy brick & cedar townhouse – Circa $1.2m
Karaka St, Takapuna – A 4 bed, 1 bath one level weatherboard home – $1.2m – $1.3m
Hillcrest – A legal home and income on a freehold site – a great investment! – $1.3-$1.4m
Listings Coming Soon!
Murrays Bay – A brand new weatherboard family home right opposite the school (Can view now)
Birkenhead – A cute modern 3 bed – great first home buying! (Can view now)
Murrays Bay – A tidy cedar weatherboard 4 bed 3 bath family home on Gulf View (Can view now)
Takapuna – A 4 bedroom fully renovated home right in the heart of Takapuna (Can view now)
Forrest Hill – An entry level modern 3 bed 2 bath in Campbells Bay Schol Zone
Mairangi Bay – A gorgeous 4 bedroom 2 bathroom home with stunning views
Beach Haven – A coastal development opportunity
Castor Bay – An absolutely stunning renovated family home
Bayswater – A gorgeous weatherboard 4 bedroom family home
Castor Bay – A gorgeous fully renovated 4 bed townhouse w stunning views
That’s it from me, have an awesome weekend, we look forward to seeing you out and about!