How’s the market?

We’ve been feeling that the market has been warming since our very first open home weekend back in January and in our opinion it’s been building ever since. However auction clearance rates, which are usually the barometer, haven’t really supported this as they remain historically low for the top two blue brands on the Shore so it’s been hard to get people to believe us. But now one just needs to read the property section in the Herald or on OneRoof to get a sense of it – with reports coming in left right and centre of great results, competitive auctions and loads of multi offers happening all over the place in all price brackets.

Ray White Mt Eden had another 10 offer multi last week, Ray White Epsom had a $7.1m auction with five bidders, the second $7plus million dollar home in the last month to attract 5 or more bidders, and our Ray White Maunkau office closed out May with 113 deals for the month, a huge month in any market, so pretty astonishing for this one.

Tom Rawson, Director & Branch Manager of the Manukau branch “Whilst we experienced a slow April, May was booming. We’ve seen an uptake in activity from first home buyers, investors, developers, traders and second home buyers upsizing and downsizing”

Here on the Shore we probably haven’t seen the investors, traders and developers hit too much yet, but the activity from those looking for a good home to live in has been hectic. And with news that the OCR will not be raised anymore and therefore rates have peaked, immigration booming and houses in short supply, right now is about as good as it’s going to get for first home buyers. In fact, it’s already getting tougher.

In my opinion, all the signs are there, the tide has turned, if you’ve been waiting for the bottom you’re either about to miss it or depending on what you’re looking to buy, you may already have.

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

The Short Story
Stock levels continue to fall as new listings remain low, and while open homes are still busy, activity is high and intent to purchase is strong, clearance rates are yet to follow suit on the North Shore.

Listings & Stock Availability
Still falling as the competition for homes heats up all around the city.

North Shore Stock Levels:
1272 on oneroof.co.nz – Last week 1291
1222 on TradeMe.co.nz –  Last week 1239
1222 on realestate.co.nz – Last week 1243

Auction Results
Interestingly the clearance rates are still pretty lumpy, but just watch this number. With all the increased talk of the market bottoming and potentially turning around sooner that expected, FOMO will start to creep back in, and clearance rates will improve.

North Shore:
Past week: 25%
Past 2 weeks: 29%
4 Weeks: 32%
12 Weeks: 34%

Ray White:
During May: 51.9%
Past 2 weeks: 45.2%
Active Auctions: 81%
Average bidders: 2.7

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.