Welcome to this weeks wrap on North Shore property. To view our full weekly email click here.
With just 6 weeks left now to purchase or sell before Xmas, you‘d think things would be starting to heat up. But not so much, not yet anyway. Why? Read on below.
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.
In This Week’s Market Wrap
– A positive spin
– Open Homes & New listings
– Persistence pays off
– Auction rates
– Coming Soon
The positive stuff
- Interest rates remain low, which is excellent for first home buyers and for those making their next move on the property ladder.
- New properties are coming to market every week, so many of you will now be able to make that move and be in your new home by the New Year.
- The change to the Overseas Investment Amendment Bill means that overseas buyers are no longer able to buy existing residential properties (with the exception of Australians and Singaporeans) leaving more of these homes available to New Zealand residents.
What you need to know about the Overseas Investment Act changes? Read here.
Want to know more about the new Anti-Money Laundering Laws. Read here.
Open Homes & New Listings
Again we had pretty low turnouts to open homes over the weekend, and new data from realestate.co.nz confirms what we suspected. It’s probably not so much that the buyers haven’t returned to the market, they have, it’s that new listings are up a whopping 20% across Auckland compared to this time last year, with now well over 1800 properties available on the North Shore alone.
Buyer activity is therefore somewhat diluted and the volume of stock available 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
A Success Story
We sold 93 Bayside Drive this week. Nothing too special about that except that the asking price was initially $1.675m, when it was listed with another company over 12 months ago.
They had it for about 6 months before it was then listed, at the same price, with yet another company, for another 6 months. We took it over, have had it for about 6 weeks, and sold it unconditionally this week for $1.650m – not far from asking price!
Sometimes you just need to hang in there and you will get the result. Obviously though, we don’t generally want to take 12 months to sell so the lesson, you need to get your pricing right, or you need a lot of time!!
Cooper & Co Auctions
With the surge in stock, clearance rates are being effected. C&C called 23 Auctions selling 9 at a rate of 38%. B&T called 28 and selling 9 at a rate of 32%. Definitely not the worst results we’ve seen!
The Harcourts current 4 week average sits at 51% sold under the hammer – which is pretty good. Combined it’s 46% which again, is still pretty good all things considered.
We have a couple more crackers to come to market before the year is out, and we have plenty on the market so be sure to check out our current listings as we pretty much have something suited for nearly all stages and sizes and price brackets.
Mairangi Bay – A fully renovated one level family home on the flat (next week)
Glenfield/Marlborough – A fully renovated one level start home – a perfect first home buyer or investment option (next week)
That’s it from me, if you have any questions as always just give me a call, otherwise have a great weekend.