Kris CunninghamKris CunninghamKris CunninghamKris Cunningham
  • Home
  • Highly Recommended
  • Listings
  • Sales
  • Team
  • Facebook
  • Community
  • Blog
  • Videos
  • Contact

Monthly Market Wrap with Kris Cunningham JUNE

    Home Blog Monthly Market Wrap with Kris Cunningham JUNE
    NextPrevious

    Monthly Market Wrap with Kris Cunningham JUNE

    By kriscunningham | Blog | 0 comment | 20 June, 2018 | 0

    Welcome to this weeks wrap on North Shore property.
    To view our full weekly email click here.

    Well after a pretty uneventful month on the Shore in terms of the property market, this report is a little boring!

    The biggest thing I can think of this month, is the new Meth report which I discussed last week and we are still waiting for the new standards to be released.  If you missed that article, get to my blog on kriscunningham.co.nz

    In terms of Market Performance I could have almost just Ctrl C’d April & Ctrl V’d it into May and head off to kids Rugby, that’s about how much it has changed.  But I haven’t I’ve tried to give you some insight and add a little value for you, although if you decide to get on with your morning at this point, I wouldn’t blame you.

    In This Week’s Market Wrap:
    – Median prices pretty flat
    – Volumes continue to fall on the Shore
    – New listings & total inventory slow
    – Over 20 weeks of stock available on the shore
    – Auction clearance rates stable

    Market Performance
    A 2% rise after a 2% drop across Auckland and 0% change on the Shore – yes it’s still pretty flat in terms of prices.  The one to watch is volume. After a strong January and February we thought the continued falls in the level of property sold across Auckland and the Shore over the past 24 months had stabilised, but recent months tell a different story with consecutive falls of 20%, 9% and now another 9% in May on the Shore, and remember this is a reduction on 2 years of reductions, so we are heading to some pretty skinny territory.  To find a positive across Auckland volumes were up 9% for the second consecutive month, with just March this year posting a negative – so that’s a good sign and hopefully here on the Shore things will pick up to match what is happening across the whole City.

    New listings have dropped as well in-line with the low volumes, and as we head into the winter months the level of stock available has steadily declined with just over 1600 properties now available on the Shore on realestate.co.nz. (This was over 1800 a couple of months back).

    However we still have about 20 weeks of stock available – which is well up on the 12 weeks or so during the heat of the market.  And to give you come context, Wellington is trucking along nicely  posting some great gains, and the reason, they have about 8 weeks of stock.  The more stock available, the more the power shifts to the buyers.  Why?  Because they have more choice.  The only thing countering this is yes they have more choice, but a lot of the stock isn’t that good – and good properties are still selling really well, often for great prices.

    So I still don’t think it is a buyers market as the figures would suggest, mainly because there isn’t exactly a lot of great property available, vendors know that prices aren’t going down, and buyers know they aren’t going up.  So what we are seeing is an awkward middle ground where buyers are having to pay fair, and vendors are having to take fair – which to be honest neither of them really want but that is the reality of it.

    The only deals we are seeing are from Vendors that are either getting poor advice or pressure from their agents (yes I know…) or Vendors that have put themselves under time pressure constraints that need to force a sale.

    So – in a nutshell – it’s still a stable and well balanced market, offering good opportunities for both buyers & sellers.  Sorry yes that was a Ctrl C & V job.  We need to continue to watch the sales volumes, inventory and level of new listings though – if the inventory levels get any further out, we may start to see changes.  Our predictions are that we won’t see much of all changing in the near future though.

    Cooper & Co Auctions
    I’m about to give up making weekly predictions on clearance rates – with low volumes they can be all over the place but across the month, well for us during May 42%, April 42% & believe it or not, March it was 42% and February 39%.  So despite some big variances week in week out even the clearance rates are that boring word I seem to be using so much these days – stable.  Our big competitor on the other hand, 38%, 23%, 34%, & 43% respectively.  Not so stable.

    You know who to talk to if you want consistent performers offering better odds.

    New Listings
    Covered this above.

    Off-Market Opportunities
    Be sure to get in touch for more details we have a couple on our books.

    Rothesay Bay – A tidy, modern brick & tile unit – $700k +
    Greenhithe – A large 300sqm do-up, one heck of a project, but huge potential – mid $1’s
    Sunnynook – A relatively flat section in Double Westlake Zone
    Castor Bay – A flat rear site of around 400sqm with AMAZING sea views & plans

    Coming Soon
    We’ve been busy, and we have plenty of new listings in the pipeline and coming soon, be sure to check out our website for current listings, or get in touch about anything detailed below.

    Milford – It’s a secret – but if your looking for new & luxury, give me a call
    Browns Bay – A Brand New 6 Bedroom Home
    Northcote – A gorgeous 3 bed bungalow
    Forrest Hill – An entry level 3 bedroom home
    Takapuna – A sunny semi-detached townhouse
    Greenhithe – A super spacious one level home
    Browns Bay – A gorgeous renovated townhouse
    Castor Bay – A beautiful large modern family home
    Takapuna – Mixed Use Opportunity, great home or office
    Campbells Bay – Brand new townhouses off the plans
    Sunnynook – A brand new family home on a freehold site
    Sunnynook – A nicely renovated 3 bedroom home
    So really, same old same old.  Thanks for your time, have a fantastic weekend & GO THE ALL BLACKS!!! And the Irish! 😉

    No tags.

    kriscunningham

    More posts by kriscunningham

    Related Post

    • Weekly Snapshot – 29 October

      By kriscunningham | 0 comment

      Short and sharp this week. We have some great new listings below for you to check out, and have plenty more coming so stay tuned! We also had some great sales this week with oneRead more

    • Weekly Snapshot – 22 October

      By kriscunningham | 0 comment

      Big news this week from our government, alongside the National Party, announcing that they are changing the rules to enable people to build up to three homes of three storeys on most sites without anyRead more

    • Weekly Snapshot – 15 October

      By kriscunningham | 0 comment

      Proud to say our whole team including eligible family members are fully vaccinated, for our safety, our clients safety, your safety, and of course to help get this city and country moving again as soonRead more

    • Weekly Snapshot – 8 October

      By kriscunningham | 0 comment

      Welcome to Level 3 Delta 2.0 Step 1 Phase 1 Day 3 – for Real Estate this is just the same as normal Level 3. But at least while we take over the house forRead more

    • Weekly Snapshot – 1 October

      By kriscunningham | 0 comment

      The REA adjusted the Level 3 restrictions last week removing the 2 viewings per day rule, which now makes sense and was certainly welcomed by agents and Vendors alike. The rest of the restriction andRead more

    Leave a Comment

    Cancel reply

    Your email address will not be published. Required fields are marked *

    sixteen − 14 =

    NextPrevious

    Recent Posts

    • Weekly Snapshot – 29 October
    • Weekly Snapshot – 22 October
    • Weekly Snapshot – 15 October
    • Weekly Snapshot – 8 October
    • Weekly Snapshot – 1 October

    Recent Comments

      Archives

      • October 2021
      • September 2021
      • March 2020
      • February 2020
      • December 2019
      • November 2019
      • September 2019
      • August 2019
      • July 2019
      • June 2019
      • May 2019
      • April 2019
      • March 2019
      • February 2019
      • December 2018
      • November 2018
      • October 2018
      • September 2018
      • August 2018
      • July 2018
      • June 2018
      • May 2018
      • April 2018
      • March 2018
      • February 2018
      • December 2017
      • November 2017
      • October 2017
      • September 2017
      • July 2017

      Categories

      • Blog
      • Community
      • house_and_property_related
      • News
      • Weekly Market Update

      P. 09 486 2303  M. 029 767 6801
      E. kris.cunningham@harcourts.co.nz
      Cooper & Co Real Estate Ltd Licensed REAA 2008

      This site is powered by Graphic Detail Ltd. Copyright 2017.
      • Home
      • Highly Recommended
      • Listings
      • Sales
      • Team
      • Facebook
      • Community
      • Blog
      • Videos
      • Contact
      Kris Cunningham