Weekly Snapshot – 10 February 2023

By kriscunningham | Blog, News, Weekly Market Update | 0 comment | 10 February, 2023 | 0

Here we go again. We wish you all the best with Cyclone Gabrielle bearing down on us, fingers crossed the forecasts are over stated or the storm misses, but regardless please stay safe, stay dry, and we hope to see you all on the other side unscathed and doing well.

If there is anything we can do to help please just give me a call.

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

The Short Story
All signs relating to the property market so far this year have been pretty good, on the North Shore and Auckland anyway. But it’s still hard to know with all the disruption and devastation of the floods and storms, and it sounds like this weekend will be more of the same. Barfoot data showed volume of sales to be down significantly on the previous year so it will be very interesting to see what the REINZ data tells us next week. What we can say is we have experienced good activity, good enquiry, and great intent from buyers to purchase. We are seeing offers, bidding, and good engagement, and therefore, so far so good.

Listings & Stock Availability
We are seeing a steady increase in listings, but no huge influx just yet. We are aware of a lot of properties being held back due to flood damage.

North Shore Stock Levels:
1415 on oneroof.co.nz – Last week 1391
1359 on TradeMe.co.nz – Last week 1335
1367 on realestate.co.nz – Last week 1344

Auction Results
Auctions are back, but we still haven’t had enough to garner any useful insight. More time is needed.

Harcourts C&C
W/e 18/12 – 29% (5/17)
W/e 29/01 – 75% (3/4)
W/e 05/02 – 13% (1/8)
W/e 12/02 – 50% (2/4) with 3 more to call
4 week average 39%
12 week average 44%

Barfoot North Shore
W/e 18/12 – 25% (8/32)
W/e 29/01 – 38% (3/8)
W/e 05/02 – 22% (2/9)
W/e 12/02 – 25% (6/24)
4 week average 26%
12 week average 32%

Combined 4 Week average: 32%
Combined 12 Week Average: 36%