Welcome to this week’s wrap on North Shore property. To view our full weekly email click here.
Very short & sweet this week, after two more comprehensive reports in a row, there is little more to talk about. Except maybe the CGT recommendations that were released during the week, but I’m pretty doubtful they will go ahead in that version. Some sort of CGT sure, maybe, but not to that extent. I prefer Tony Alexanders suggestion, extend the bright-line to 7 then 10 years. Surely that is far more simple? I’m assuming they want a second term?
In This Week’s Market Wrap
– Listings on the North Shore
– Auctions Report
– Coming Soon
Listings & Stock Availability
The total number of property available on realestate.co.nz this morning on the North Shore was 1881 properties. That’s a lot – too much. Late last year, this number was just over 1900 and you may remember what that market was like, not too dissimilar from what we are seeing right now. Although I would say, it still feels like more buyers are out and about, which is expected for this time of year. Anyhow that number dropped to just over 1400 over the Xmas break and early into January, but it has been steadily climbing ever since. Too much stock means lots of choice, and less pressure to purchase, which is clearly contributing to the current market climate, and the results you’re about to read below.
Two weeks ago the combined rate was 44%, then 35%, and then last week 32% – the continued decline mostly in fault to listing levels climbing faster than we can sell them as mentioned above. With that being said 32% is only a little below average. The average clearance rate last year based on our data was 37% combined from both Harcourts & B&T. We only have about 80% of the data for all of last year, but that is enough to provide a pretty good indication.
Last week Harcourts sold 10 from 32 Auctions (32%) while B&T sold 5 from 21 (24%). Both low results by by anybody’s standards. Bum weeks happen, so do highs, so let’s see what happens next week.
Takapuna – A fantastic 3 bedroom townhouse
Bayswater – 2 properties, 3 houses, loads of potential and upside
Northcote Point – A little cracker and a great bolthole or starter
Browns Bay – 2 houses on freehold sites, and some land
Northcote – A super cute 3 bed bungalow
That’s it from me, (told you it was short). If you have any questions as always just give me a call, otherwise we look forward to seeing you out and about this weekend!