Weekly Snapshot – 24 March 2023

By kriscunningham | Blog, News, Weekly Market Update | 0 comment | 24 March, 2023 | 0

I write this from Invercargill, and by the time you are reading it, I’ll be on a boat somewhere by Stewart Island cage diving with Great White sharks! Definitely something a bit different for your Friday!

If your taking part in the Shore to Shore this weekend have fun! I’ve brought over 800 sausages to give away at our Mairangi Bay School and Campbells Bay School sausage sizzles, and the Smales Team of Andy Liu and Mo Ma will be on-site serving them up after the run so be sure to head along and say hi!

We had a great auction result in Corunna Road yesterday, selling above reserve, on the market and under the hammer, plus we have two great new listings for you to peruse below. The market for homes is still proving to be quite good, with great activity through open homes, lots of multi-offers, and a number of good auctions with multiple bidders filtering through. Apartment, sections, new-build and off plans and average investment type stock is still quite slow but if you’re selling a family home, this market is perfectly fine.

Have a great weekend, hope to see you when we get back – if we get back!

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

The Short Story
Stock levels are beginning to contract again, Auctions have been much the same in terms of clearance rates but there are more and more good auction stories filtering through.

Listings & Stock Availability
Stock levels are beginning to fall as we head towards Easter and the school holidays, not to mention winter. Even though the number of properties on the market is reasonably high, a large portion of this is new development, apartment and sections, and a lot is listed by multiple agents, increasing the number. The actual number of houses for sale is much lower and this is putting pressure on this segment of the market.

North Shore Stock Levels:
1464 on oneroof.co.nz – Last week 1476
1393 on TradeMe.co.nz – Last week 1405
1415 on realestate.co.nz – Last week 1428

Auction Results
Sales as last week – We are still hearing stories of the odd great auction and well run campaigns in the central suburbs that are also selling well.

Harcourts C&C
W/e 05/03 – 27% (4/15)
W/e 12/03 – 39% (7/18)
W/e 19/03 – 43% (3/7)
W/e 26/03 – 53% (8/15) with 4 more to call
4 week average 40%
12 week average 38%

Barfoot North Shore
W/e 05/03 – 32% (8/25)
W/e 12/03 – 28% (8/29)
W/e 19/03 – 29% (5/17)
W/e 26/03 – 21% (4/19) with 2 more to call
4 week average 29%
12 week average 27%

Combined 4 Week average: 33%
Combined 12 Week Average: 31%

Auctions with Active Bidders:
75% last week
70% over the past 4 weeks

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