Weekly Snapshot – 31 March 2023

By kriscunningham | Blog, News, Weekly Market Update | 0 comment | 31 March, 2023 | 0

If you’re looking for an adventure so different to anything most people have done before, put cage diving with Great White Sharks off Stewart Island on your bucket list. A group of 8 of us took the journey and everybody had a blast. We had 4 Great Whites visit us throughout the day, ranging from 3.5m-4m in length. Now that’s actually small for a Great White, but it’s not small at all when it’s swimming past 1 foot from your face, or biting on the cage!! If you’re into adventure – I highly recommend you check out www.sharkexperience.co.nz (no this is not a paid post – just wanting to share an amazing experience option with you all).

To the market – I’ll say it again, activity and energy for homes is still really good at the moment. Of our last 10 sales this year, 1 was off-market, 1 was off-plans, and the other 8 were all homes ranging from $850,000 – $1,500,000. Of those 8 properties we have had 38 offers or bidders in total. That’s 38 groups attempting to purchase these homes through either written offers, or bidding at auction. An average nearly 5 per property.

Surely that says it all.

Apartments, sections, new-build and off plans and average investment type stock is still quite slow but if you’re selling a home, especially a family home, this market is perfectly fine. It’s actually pretty good.

Why? There’s very little decent stock that appeals to this market.

Yes stock levels are high, and traditionally when there are 1300-1500 properties available on Oneroof on the North Shore we see a balanced market with opportunities for buyers and sellers. Which is exactly what we are seeing but with so many multi listings, new build and off-plan products on the market, the actual portion of homes available is lower than appears, which is why the activity and competition is even better than what we would expect with these stock levels.

It’s not crazy as in putting upward pressure on prices, but it’s not a bad market – for homes anyway.

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

The Short Story
Stock levels are really starting to tighten now as strong activity coupled with Easter just around the corner will see properties selling and few coming to market, so they will continue to fall. 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
Nothing to add here that hasn’t already been mentioned above.

North Shore Stock Levels:
1443 on oneroof.co.nz – Last week 1464
1367 on TradeMe.co.nz – Last week 1393
1403 on realestate.co.nz – Last week 1415

Auction Results
Expect the clearance rates to be pretty lumpy moving forward. Some of the failed auctions will be market and product driven, but some will be agent driven as well. As in, the agent not doing their job very well.

Harcourts C&C
W/e 12/03 – 39% (7/18)
W/e 19/03 – 43% (3/7)
W/e 26/03 – 48% (10/21)
W/e 02/04 – 22% (4/18)
4 week average 38%
12 week average 36%

Barfoot North Shore
W/e 12/03 – 28% (8/29)
W/e 19/03 – 29% (5/17)
W/e 26/03 – 26% (5/21)
W/e 02/04 – 23% (5/22)
4 week average 27%
12 week average 29%

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

Auctions with Active Bidders:
67% last week
64% 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!