Welcome to this weeks wrap on North Shore property.
For those that prefer to read, you can view the full report here.
We had to re-build our data base a few weeks ago so if you’re mistakenly receiving this update I apologise, please simply click at the bottom of this email to unsubscribe.
In This Week’s Market Wrap:
– Harcourts Conference and National Awards
– Auction Clearance rate improve
– Listings tighten
– Why go to Auction?
– Ring Fencing of Investment Property Losses (Next Week)
Harcourts NZ Conference and National Awards
After a week of conferences, award dinners, traveling and speaking, it’s nice to be back to normal! It was a huge honour and a privilege to speak at the Harcourts National Conference on a topic I’m pretty passionate about, helping our communities, and we were also very proud to make the Harcourts NZ Top20 out of over 2500 agents Nationwide.
But all the awards don’t really mean a great deal to our Vendors, what’s important is how we best serve you to continue achieving amazing results, but it’s that commitment I think which has got us this result so we’ll take it – and also everybody likes winning stuff, and we are no different ;-).
So just quickly THANK YOU to everybody that has allowed us the privilege of working with you, we hope we get to continue to help you with your journeys for many years to come!
Cooper & Co Auctions
Our Harcourts Auction Clearance rates on the Shore have shown signs of improvement these past two weeks tracking just below half at 47% sold under the hammer both weeks. Normally when volumes drop clearance rates climb, but we have still called 30 Auctions each week so this is positive.
Even our main competition B&T had a good week this week clearing 44%, which is off the back of a shocker last week where they sold just 6 out of 22. Nice to see them bounce back.
History tells me I probably shouldn’t have spoken just yet though, so we will see how things go next week.
There’s around 1650 or so properties available on realestate.co.nz this morning on the Shore, which is now well down from the circa 1800 a couple of months back and even two weeks ago when it was in the low 1700’s. We are still noting plenty of buyer activity at open homes so lower stock plus plenty of buyers will only lead to one thing, better clearance rates and a better environment for Vendors.
On Thursday night our Auction room was packed and we sold 9 out of 11 auctions which may have just been good timing, but it may also be a sign of this tightening in supply. Time will tell.
Why Go to Auction?
I promised I would handle this question last week, so here you go – it’s a bit long I apologise.
With clearance rates so low, the question we are getting asked a lot is, why are we still taking properties to Auction?? Well Auctions are still a vital part of the selling process. When the market was hot, the Auction was pretty much the entire process and if you didn’t sell, it sometimes tarnished the property. Now if you don’t sell, it doesn’t effect the campaign as about 60-70% of all the other Auctions aren’t selling either – so as strange as it is to say it, it’s become quite normal to NOT sell at Auction.
But what we are trying to do is at the very least, give you the opportunity for some magic, give the market a great test, and by Auction day we should have had plenty of people through the door, resulting in a much better understanding of the properties value based on feedback from the buyers, so we can then set a fair price and deal with the conditional interest if it doesn’t sell. And we are finding everything, when priced right, is selling soon after.
Magic you say? Well we still go to Auction first because we are wanting to give you an opportunity see what the best unconditional price is, that’s available in the current market place. And second, to see if with a little bit of luck, we find multiple hot buyers for your home, to see if we can create a little bit of magic and help you to essentially win the lottery. Because that’s honestly what it’s like for some vendors. Winning the lottery.
You see as an agent our job first and foremost, is to market the property, and ensure that we are reaching anybody and everybody that is potentially in market for your home during that particular period of time, and get them in the door. But the thing is, if they aren’t looking during that period of time, they aren’t looking. It’s like fishing, you can have the best bait or rod or gear and skipper on the planet, if there no fish, you won’t catch a thing. So there is a little bit of luck involved in this regard, that the best buyers for your home, with the right budgets, are actually looking or in a position to buy during that 3-4 week window.
Now when we get a little lucky and 2 or 3 come together to fight it out, this is when the “magic” happens. The Auction success stories of Vendors getting $100’s of thousands of dollars more than they expected, which is like “winning the lottery”, this typically only happens at Auction, when this competitive environment has been created.
So that’s why we still take most properties to Auction first. But as you’ve seen by some of our more recent listings, our team is very diverse and we are extremely adept and managing all methods of sale to achieve fantastic results, and we’ve developed some fantastic strategies more suited to this current climate, to help achieve some amazing results. So whilst Auction is still my preferred method, and it is the method I would choose if I were selling my own home, it’s definitely not our only method – and I agree, it’s not the best method for all properties and situations.
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. There are still plenty of off-market deals happening so be sure to get in touch with myself or my team if you want to be kept in the loop.
Torbay – An amazing clifftop opportunity – View Teaser Here
Takapuna – A sunny semi-detached townhouse
Greenhithe – A super spacious one level home
Browns Bay – A gorgeous renovated townhouse
Castor Bay – A beautiful modern family home
That’s it from me, have a great weekend and if your heading away for the long weekend – have fun!! And of course be safe on our roads 🙂