Weekly Snapshot – 22 October

By kriscunningham | Blog, News, Weekly Market Update | 0 comment | 22 October, 2021 | 0

Big news this week from our government, alongside the National Party, announcing that they are changing the rules to enable people to build up to three homes of three storeys on most sites without any need for resource consent, from August next year, in the Tier 1 cities. This is a pretty big deal and will mostly effect the current single house zone which at present is 1 house per 600sqm, as well as allowing for more three level builds in the mixed housing suburban zone which at the moment is mostly only two levels.

For the non developers reading, not needing to apply for resource consent means on average you might save around 6 months and $50,000 on your development time and cost. You will still need to apply for building consent and show council that what you are proposing meets there design requirements – but it should speed up the process and reduce the cost, as well as increase profit encouraging more developments which will lead to more property that the country desperately needs.

In lower value areas where most developments are much higher density, these changes probably won’t make a lot of difference, except for anyone planning to develop smaller sites. But bigger sites are normally being developed into a lot more than three properties. This will be great for the small developers, and does unlock a lot of potential.

It also means if you thought the face of Auckland was already changing with in-built housing, it’s about to change even more over the next 5-10 years. It’s unfortunate, but an inevitable product of population growth. People need somewhere to live.

For more information check out this fact sheet here

This Week’s Wrap
– The Short Story
– Listings & Stock Availability
– Auction Results

The Short Story
No change – stock levels continue to slowly rise, clearance rates remain extraordinarily high as does enquiry especially on good homes. Whilst stats show stable prices – that doesn’t feel like it is the case, with demand clearly destroying supply, prices will only be going one way.

Listings & Stock Availability
Stock levels have continued their slow but steady increase with new listings exceeding sales volumes again, but only just. Even though this Labour weekend none of us Aucklanders can go anywhere, a lot of campaigns were planned thinking we would be, and will be launching after Labour weekend. So for those on the hunt – there may be more stock coming in the next few weeks

993 on TradeMe.co.nz – 983 last week
1053 on oneroof.co.nz – 1041 last week
1015 on realestate.co.nz – 1010 last week

Auctions
Clearance rates remain very high and most auctions remain quite competitive. We are now back in the Auction rooms this week, buyers still need to bid over the phone and watch online, but up to 10 of us can now be back in the Auction room which does make things much more seamless – and exciting!

Weekly Results
Harcourts C&C – 89% Clearance Rate (24/27)
Harcourts 4 Week Average – 92%

Barfoot North Shore last week – 84% (26/31)
Barfoot 4 Week Average – 84%

That’s it for me, remember if you ever have any questions please just give me a call. Have a great long weekend picnicking.

Kris Cunningham
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Kris Cunningham & Team
The Cunningham Group | Harcourts Cooper & Co Smales Farm
Marketing Specialists on the Beautiful North Shore
Kris: 029 767 6801 | Office: 027 259 3603

#3 Harcourts North Shore | Top 20 Harcourts NZ & Worldwide
#1 for the North Shore Community SIX Years in a Row 2015-21

To stay up to date on a daily basis with previews, new listings and auctions, please follow us on Facebook& Instagram or visit www.kriscunningham.co.nz