Super short and sharp this week as I’m away and we did the monthly update last week, so just the standard stats below for you. Nothing new to report from last week, sentiment amongst real estate agents is definitely better, and the general chat is a lot more positive.
Enjoy the long weekend and if you’re heading away have fun, and stay safe on our roads!
Listings & Stock Availability
Stock levels continued to climb as the Spring listings start arriving on the market. Definitely not a flood of new listings though, but a steady increase.
North Shore Stock Levels:
1387 on TradeMe.co.nz – 1365 last week
1420 on oneroof.co.nz – 1403 last week
1378 on realestate.co.nz – 1346 last week
Auction Results
A couple of good weeks here and over the road, with the combined rates on the improve. Auction rooms are definitely appearing busier for the most part as well.
Harcourts C&C
W/e 02/10 – 54% (7/13)
W/e 09/10 – 28% (5/18)
W/e 16/10 – 47% (9/19)
W/e 23/10 – 55% (6/11) with 1 more to call
4 week average 44%
12 week average 44%
Barfoot North Shore
W/e 02/10 – 7% (1/14)
W/e 09/10 – 32% (10/31)
W/e 16/10 – 45% (10/22)
W/e 23/10 – 38% (10/26)
4 week average 33%
12 week average 31%
Combined 4 Week average: 38%
Combined 12 Week Average: 36%
Auctions with Active Bidders:
73% last week
64% over past 4 weeks
Finance Update
I actually received this update, an opinion from one of the brokers we know so thought I would share it with you.
1. Inflation remains high at 7.2%, somewhat unexpected.
2. Wholesale funding rates are up, 1yr +0.34% in the two days since the inflation announcement. This is the cost of money that banks lend out.
3. What does this mean?
Interest rates are going up. ANZ (NZ’s largest bank) and now Westpac increased 1yr fixed rate to 5.99% (+0.54%), other banks to follow.
4. Is there any good news?
Long term interest rates (according to economists) are still expected to flatten which is why longer terms are relatively low.
5. Put this in perspective?
While interest rates have increased rapidly from the emergency lows at Covid, they are still below long-term averages.
Author: David Green at Advice HQ
That’s it for me, remember if you ever have any questions please just give me a call.
Have a great long weekend and stay safe out there!
_______
Kris Cunningham & Team are all Licensed Sales People under the REAA 2008
NEW LISTING
308/74 Anzac Street, Takapuna
An Ever Changing Vista
Deadline Sale – Closing Thursday 10th November at 4pm (unless sold prior)
THE CUNNINGHAM GROUP
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