Welcome to this weeks wrap on all things property here on the North Shore. To view the video please click here. You can view the full report online here – which includes imagery etc. If you missed my comprehensive monthly update last week you can view it here.
This was actually recorded & written before the RBNZ’s surprise announcement that from January 1 some of the LVR controls will be relaxed, so obviously I haven’t covered that but we will next week. To sum it up very briefly banks will be able to lend to more people with less than 20% deposit, and the LVR for Investors will reduce from 40% to 35%. Will it have much impact, probably just enough to ensure the market remains stable.
In This Week’s Market Wrap:
– Clearance rates average
– Open home number low thanks to Black Friday Deals
– Off Market Campaigns becoming a great option
– Capturing off shore buyers, be careful who you listen to
– All in all it’s steady as she goes
Our Auction Clearance rate faltered last week dropping to 38% with 16 sold out of 42 – this is the first time in 8 weeks that the Cooper & Co rate has fallen below 40%, with our average over this period sitting at around 50%
Barfoot improved on their previous 2 weeks climbing to 30%, calling 46 and selling 14 – so that’s gives us a combined clearance rate of 34% on the Shore for the week which doesn’t sound great but it’s not the first time and I’m sure it won’t be the last. Clearance rates have been lumpy for sometime so hopefully this will improve next week.
On the Coal Front
For my team we’ve found the market very active but with the big shopping deals and the Santa Parade on last weekend open home numbers for the most part were a little average, but since my last update we’ve closed out another 4 deals, taking us to 9 in 14 days and over $10m in value. Out of these 5 were Auctions, 2 were post Auction but within 2 weeks, and 2 were off market. So a good mixture of old, new, and off market.
Off Market Sales
This is an avenue that is a great option especially over the break if you don’t want to actually be live on the market with all the fuss. We achieved two fantastic prices for properties without taking a single photo or running a single open home, and it’s something that we are talking more and more about with our Vendors as they prepare there homes for market next year.
Given we are essentially out of time for an Auction campaign this side of Christmas, we are still able to provide plenty of opportunity without exposing the property, with a quiet off market pre-launch. If you want to talk more about this, please give me a call.
Capturing the Offshore Buyers
I am hearing quite a bit about agents pushing Vendors to rush their property to market before offshore buyers are banned, and we are even seeing deals to promote your listing in China. Now this all sounds great but don’t be fooled into rushing your property to market to capture an overseas investor that will pay mega bucks for it.
Look at the merits of your property and talk to a number of people to decide will your property actually appeal and is there an actual opportunity for you, or is the agent just pushing the deal to try and secure your listing and rush you to the market earlier?
Windsor Park – A 3 bed 1 bath entry level between $800-$900 (NEXT WEEK)
Windsor Park – A modern 3-4 bed 2 bath home with great flow
Albany – An amazing high end lifestyle property set on 2Ha in the heart of Albany
Takapuna – A brick 3 bed 1.5 bath semi-detached townhouse
Campbells Bay – A 4 bed 2 bath modern weatherboard on a large site with sea-views
Greenhithe – A spacious 3 bed 2 bath one level home
Milford – A fantastic 2 bed 1 bath brick and tile unit – one of the best I’ve seen here for some time!
Torbay – A 3 bed 2 bath on a freehold site with sea views.
Browns Bay – A gorgeous 3 bed 2 bath renovated townhouse
Murrays Bay – A 4 bed 2 bath with great views
That’s it from me, our fantastic new listings at kriscunningham.co.nz, otherwise we look forward to seeing you out and about this weekend. Thank you very much for watching and I’ll see you next week.