How’s the market?

A couple of weeks ago I mentioned Ray White Remuera selling a property at Auction for $7.7m with 7 bidders. Ray White Mt Eden with over 30 offers on 3 properties and our team with averaging 5 offers per property and just 23 days on the market so far this year.

Well last week Pat Lapalapa from Ray White Manukau sold an 867sqm development site in Favona after 213 bids with 8 bidders going hammer and tong for 40 minutes, while over 100 people in the room enjoyed the show. The Manukau team then went on to knock out 7 more properties of all different types under the hammer.

On the Shore Ray Whites Ali & Jadyn auctioned a beautiful little cottage with 14 bidders selling half a million above CV. Bill Myers from Ray White Epsom had a five bidder auction go for 43 bids.

Our new listing on Eban Ave in Hillcrest has had 6 offers in it’s first 6 days on the market.

How’s the market – she’s warming up. We’re not out of the woods yet, but people are starting to get a little sensitive that if they don’t hurry up, they’ll miss the bottom.

With stock levels the lowest we’ve seen them since the end of 2021 and still falling, credit easing and a growing consensus that prices have bottomed and interest rates have peaked – we can expect to see more of this.

Then there is this from Tony Alexander:

1. There is a two year queue of people who have held off buying and they are going to be getting antsy as talk grows of prices bottoming out.

2. We have a migration boom underway.

3. Talk of recession is disappearing.

4. There is a fairly sharp decline in new house construction only just starting but looming like it will run for 2-3 years.

A lot of people seem to feel that prices may be close to bottoming out on average, but they also feel that they’re not going to jump by much in the next three years and things will be settled. No they won’t.

With all this already brewing, imagine what will happen when the RB signals that interest rates will be going down.

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

The Short Story
Open homes are still busy, buyers are still keen to make offers, stock levels continue to fall, and clearance rates are much the same on the Shore.

Listings & Stock Availability
These are around the lowest stock levels we have seen since just after the peak in November 2021, and they continue to fall.

North Shore Stock Levels:
1310 on oneroof.co.nz – Last week 1352
1254 on TradeMe.co.nz –  Last week 1289
1260 on realestate.co.nz – Last week 1305

Auction Results
The average clearance rates are still pretty lump and historically low – but as written above, the stories of great auctions are growing. And for all types of properties.

North Shore:
Past week: 36%
4 Weeks: 37%
12 Weeks: 35%

Ray White:
Past 2 weeks: 47.5%
Active Auctions: 76.3%
Average bidders: 3.1

Please note the North Shore data is made up of the combined public results from Harcourts & Barfoot & Thompson North Shore

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

Have a great weekend!

Kris Cunningham & Team are all Licensed Sales People under the REAA 2008

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JUST LISTED

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Kris Cunningham & Co.