Welcome to our Monthly North Shore wrap for May. To view the full report click here.
REINZ monthly data was released yesterday and whilst I have had a bit of time to review it, we haven’t had time to put the pretty graphs together for you sorry, so we will have this report through next week.
The short story
Ahead of next weeks report and if you don’t have time to read everything below – across the beautiful North Shore and Auckland, volumes were down around 21% for both, prices were pretty flat, and days on market actually slipped back out to 43 days on the North Shore and 45 across Auckland. Stock continued its slow decline into winter and clearance rates dipped slightly after an average week for both brands. Open home numbers and enquiry continues to be pretty good though, especially on properties under $1m (comparative to a few months ago).
We are seeing and hearing more and more about a few more investors out and about following CGT being dropped and crazy low interest rates. (If you’re done reading, have a great weekend!)
In This Week’s Market Wrap
– REINZ House Price Index
– Auction Results & Stats
– Listings & Stock Availability
– Off Market & Coming Soon
REINZ House Price Index
In my full report next week we will take a look at the REINZ House Price Index figures and what they are telling us about our markets.
The HPI is a great measure as it removes variances in the composition of data sets that can skew results, such as an unusually large amount of low or high priced properties being sold that particular month. These sales can especially skew small data sets like those we are dealing with – so it is an interesting and more accurate measure to follow. Hint: we will learn what we already know, prices have dipped across the North Shore and Auckland
Listings & Stock Availability
This morning just 1589 properties were available on realestate.co.nz on the North Shore. So it’s still dropping a few percent each week. I thought it may actually hold or even lift with the last of the pre holiday campaigns hitting the market this past and next week, but that doesn’t appear to the case. As winter nears closer listings continue to fall.
After trying to cast some light last week over what were to be fair some pretty average auction results, we had another average week in the rooms clearing 27% under the hammer. I can probably count on one hand the amount of times this year that we’ve cleared less under the hammer than our competition, I guess you can’t win all the time.
So the 4 week average moves to 36%, up from last week, but still down on the same time last year.
Harcourts C&C – 27% Clearance Rate (3/11)
Barfoot* – 31% Clearance Rate (4/13)
Combined Clearance Rates*
4 week average 36% (2018 – 42%)
This Week 29% (2018 – 42%)
*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)
Off Market (please enquire)
Development Opportunity in Central Takapuna – 2500sqm with lake/sea/city views
Takapuna – A fantastic 3 bedroom townhouse
Northcote – A super cute 3 bed bungalow (next week)
Devonport – A beautiful Villa in Narrowneck/Devonport (5 weeks)
Campbells Bay – A near new freestanding one level 2 bedroom home on a freehold site (4 weeks)
Browns Bay – 2 houses on freehold sites, and some land
Bayswater – Talk to me – we have a few homes coming in a couple of months
Forrest Hill – A very tidy renovated 3 bed 2 bath
That’s it from me. If you have any questions as always just give me a call, otherwise we look forward to seeing you out and about this weekend!