Welcome to this weeks wrap on North Shore property. To view our full weekly email click here.
We would usually have our October Monthly report to you today with the stats being released this week. However I have spent most of the week in Australia on bereavement leave so we will get it out next week. I have given you a snapshot of what the stats are telling us below. No need to hold onto your seats though, it’s nothing new.
In This Week’s Market Wrap
– Support Movember
– Market Report Snapshot
– Open Homes & New listings
– Persistence pays off
– Auction rates
– Coming Soon
Movember Open Home Signs
Look at for our November Open Homes signs this weekend. Snap a selfie with one and share it to on facebook.com/shoreproperty and I will donate $10 on your behalf to the November Foundation – to help stop men from dying young.
Well, median prices did improve in October when compared to the months prior, reaching back up to $1,000,000 for the first time in 4 months. This is still just over 5% below the same period last year though, which has been a pretty clear and consistent story for the past 6 months.
Across Auckland well things remain pretty stable with the Median Prices holding at $865,000. The median price in Auckland has been around $850,000 give or take for 18 months now, so stable is a pretty concise description of the greater Auckland market.
Volume of Sales across both Auckland and the Shore were up, which is nice, 15% across Auckland and 10% on the Shore. With the amount of stock now on the market, we hope to see these volumes remain improved, however the story on the ground is a wee bit different at the moment when compared to these October stats.
On a really positive note – the days to sell improved to 36 days. A bit of a surprise.
Open Homes & New Listings
This is a straight Ctrl C+V from last week because nothing has changed. Except the number of listings available has increased further to almost 1900 properties on realestate.co.nz on the Shore this morning. I don’t recall seeing it this high. Normally I could say with the influx of buyers etc etc but we simply haven’t seen them, not really.
Maybe we are, but the activity is somewhat diluted with the volume of stock available, which is of course slowing sales rates. We are finding as buyers have so much choice, they are able to take a more considered approach to their buying process which on the selling side, makes them appear very non-committal.
Great properties will always sell well and sell pretty quick and they certainly continue to do so, but homes with even just a few small negatives are proving a little slower. On the positive side, they are still selling in time.
Breakdown: 59% European, 41% Asian 82% owner occupiers (either upsizing, downsizing or changing area) 18% investors
Cooper & Co Auctions
With the surge in stock, clearance rates are still being effected across the board. C&C called 28 Auctions selling 12 at a rate of 43% which isn’t bad. B&T called 30 but only sold 7 at a rate of 23%, which brings our combined rate down to 33%
The Harcourts current 4 week average sits at 47% sold under the hammer – which is pretty good. Combined it’s 42% which again, isn’t too bad all things considered. It’s been pretty consistently average.
We are pretty much fully stocked till the end of the year so be sure to check our current listings as we have a wide berth of price brackets and property styles available. From apartments to townhouses to starter homes to luxury mansions from over $700k to nearly $4m
View all of our lisitings here www.kriscunningham.co.nz/listings/
That’s it from me, if you have any questions as always just give me a call, otherwise have a great weekend.