Despite recent hikes in the OCR and more coming, we may not necessarily see interest rates also continue to rise. Why? Have a read below.
Tony Alexander: Don’t believe the headline hysteria – fixed rates won’t rise another 1%
Three reasons why the two-year fixed mortgage rate is falling.
This Week’s Wrap
– The Short Story
– Listings & Stock Availability
– Auction Results
The Short Story
Banks willingness to lend has improved and the relaxing of CCCFA rules has seen things ease up for borrowers with more than 20% equity. Mortgage advisers have reported an increase in first home buyer applications but we are yet to see any real increase at open homes, here on the Shore anyway. Overall, the residential real estate market right across New Zealand remains weak. But the degree of that weakness is showing early signs of pulling back.
Listings & Stock Availability
Stock levels have been fluctuating up and down for the past 10 weeks averaging around 1475 properties on oneroof.co.nz, however this week we have seen them fall to the lowest levels since February. This may well pop back up again next week as they have been fluctuating week to week for sometime now, so we will continue to watch this number with great interest.
North Shore Stock Levels:
1367 on TradeMe.co.nz – 1406 last week
1436 on oneroof.co.nz – 1468 last week
1385 on realestate.co.nz – 1416 last week
Auction Results
Our Auction clearance rates over the past 4 weeks are a perfect representation of just how lumpy the market is at the moment with 2 of our worst weeks this year followed by our best week. The changes are generally nothing to do with changes in the market, more the quality of the homes that are up for auction that week. But 73% under the hammer, we’ll certainly take that!
Harcourts C&C
W/e 07/08 – 40% (6/15)
W/e 14/08 – 27% (4/15)
W/e 21/08 – 25% (3/12)
W/e 28/08 – 73% (8/11) with 1 more to call
4 week average 40%
12 week average 40%
Barfoot North Shore
W/e 07/08 – 33% (6/18)
W/e 14/08 – 44% (7/16)
W/e 21/08 – 25% (3/12)
W/e 28/08 – 21% (4/19)
4 week average 31%
12 week average 25%
Combined 4 Week average: 35%
Auctions with Active Bidders: 75% over past 4 weeks
That’s it for me, remember if you ever have any questions please just give me a call.
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
Kris Cunningham & Team are all Licensed Sales People under the REAA 2008
UPCOMING AUCTION
16A Nile Road, Milford
60’s Weatherboard in Disguise. Must be Sold!
Auction – Thurs 1st September 2022 at 1pm
(unless sold prior)
UPCOMING DEADLINE SALE
30 Chartwell Avenue, Glenfield
Trio Of Proven Performers
Deadline Sale Closing – Thursday 1st September 2022 at 4pm
(unless sold prior)
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