Welcome to my weekly market wrap. To view the full report click here.
Congratulations to South Africa winning the RWC – awesome! Life is back to usual and the market is much like this weeks weather, toasty!
The short story (a summary of below)
It’s definitely been bubbling for a while but with clearance rates humming and loads of properties being brought forward, there is now no arguing the significant improvement. The current 12 week average for clearance rates of 55% is almost double the 29% average at the end of March this year. Pretty much says it all!
At the same time – listings are still very tight, volumes are improving, but not much, and it appears the Spring ‘flood’ of listings has slowed already. It was more a little wave than a flood but still. Time will tell.
In This Week’s Market Wrap
– A Slice of History for sale
– Auction Results
– Listings & Stock Availability
The Auction business is still humming away as the market continues to heat up. To be fair it’s been pretty toasty for a number of weeks now, but with more stock on the market, and Auction Rooms packed, it’s just become a whole lot more visible! Clearance will dip slightly with more volume kicking around, but not by much.
Harcourts C&C sold 9 out of 14 at our in-rooms auctions last night, 14 from 29 last week, and look at that 12 week average, 62%!
Combined Clearance Rates*
12 week average 55%
4 week average 54%
This Week 47% (2018 – 35%)
Harcourts C&C – 48% Clearance Rate (14/29)
Barfoot* – 45% Clearance Rate (14/31)
12 Week Average
Harcourts C&C – 62% Clearance Rate (43/78)
Barfoot* – 49% Clearance Rate (51/95)
* Harcourts Cooper & Co and B&T In-Room Auctions. * 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)
Listings & Stock Availability
The lowest number of listings available on the North Shore on realestate.co.nz this year was around 1300. Which was only a little over a month ago. Over the past few weeks that number has grown as expected, with the seasonal Spring influx of listings. Last week it was 1393. This morning, 1394. So the questions is now, was that it? Have we seen the big influx for spring? There is more stock coming, but these figures suggest we’ve seen the listing ‘flood’, and we are back to a trickle.
A Slice of History for Sale
Don’t forget to take a look at our new listing at 26 Killarney Street in Takapuna. Constructed around 1890, the distinctive twin gabled homestead has held a significant pride of place in Takapuna as a rare example of the Victorian architectural style, for nearly 130 years.
Tightly held over the generations, it is our understanding that the property has never left the family, being passed down through 5 generations, each time to the eldest daughter. During its early years, it was home to the very first Pumphouse engineer Frank Moren, followed by his daughter Hilda, and her husband Rudall Hayward, who is considered a pioneer in NZ film making.
However with no living heirs, the tradition can no longer continue so the property is being offered to the market for the first time in its nearly 140 year history!
Its notable heritage, architecture and location make this a truly unique property of exceptional cultural interest. Click the image below to view more.