Welcome to my weekly market wrap. To view the full report click here.
We have recieved the REINZ data for August, but didn’t get it till Friday, my day off. So the Winter report and update promised last week will be out on Wednesday. Below is a very brief summary, with our usual Auction & Listing report – but nothing too exciting.
As predicted, for the North Shore, volumes were down, prices are stable, median days have shortened slightly, and we are experiencing very low levels of new listings. Actually prices improved on last year, with the median at $999,000, but that is still down 6.7% from 2017. Anyway more on that mid-week.
Auction Results & 2 cents on The Block Auctions
Another solid week for Harcourts C&C with 62% cleared under the hammer, the 4 week averages at the moment are looking pretty good. Very interesting times ahead as volumes start to rise for Spring.
The Block Auctions
Thought Ray White did a great job with the Block Auctions, the agents had multiple buyers on every apartment, 2/4 sold then another in post negotiations which would still be classified as an. Auction sale, so 75% under the hammer. Pretty good really – especially given the high reserves.
So why didn’t the contestants make any money? Probably cause they spent too much money! I know a lot of property traders who do properties up for a living, some are probably reading this right now. I guarantee not one of them would spend that sort of money to turn a profit for properties at that price point. Too much focus on room reveals, not enough on cost effectively adding value.
Great calls by the Auctioneers anyway! Solid work by Ray White! Very disappointing for the teams that didn’t come away with anything though.
Combined Clearance Rates*
4 week average 54%
This Week 42% (2018 – 50%)
Harcourts C&C – 62% Clearance Rate (8/13)
Barfoot* – 18% Clearance Rate (2/11)
4 Week Average Per Company
Harcourts C&C – 67% Clearance Rate (38/57)
Barfoot* – 39% Clearance Rate (20/51)
* 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
Interesting last we it looked as though stock was climbing, but it’s actually dropped back again to just 1312 properties available on the Shore on realestate.co.nz. Potentially with school holidays just around the corner people are now holding off till after, or after Labour weekend.
That’s it from me, have a fantastic Sunday!