This is the final Market Wrap for 2017. Rather than add too much commentary on what has been a rollercoaster of a year for the real estate industry, yet a very successful one for Ray White Damerell Group, we would like to focus instead on two things.
Firstly, thank you to our talented team, the wonderful community we live in, those who have transacted business with us, and all the community businesses, the charities and groups we've been privileged to have been associated with in 2017. We do not take your business for granted. Thank you.
Secondly, our business has grown dramatically this year, with an expansion of our management team, our administration team, our sales team, and our property management team, plus the addition of a new service, our Scope strata management team.
December 2017 has been our best yet. The number of sales has set a record, transactions are occurring in greater numbers leading into Christmas than we've ever seen, but the most interesting fact is that our team has had the confidence to list more property to commence in the new year than ever before. We believe the likelihood is that next year will be our best yet.
We wish you a very merry Christmas and a happy New Year. Stay safe and happy, and we'll see you early in 2018.
2017 was a year of uncertainty; with many factors contributing to homeowners deciding to stay put or hold off selling. As such volumes declined across the board. Even in this declining volume environment, our share of the market increased, so we remain optimistic as to the future, and we have put structures in place to ensure 2018 is our best year yet.
Despite a five-point increase on last month’s median price, there has been small decline year on year. We feel this is a reflection of two factors – firstly, the number of new, small apartments that have come onto the market recently, and secondly, the owners of top-end properties choosing not to sell. Good properties, well presented have continued to rise throughout the year.
There is one statistic that has remained constant and will continue to hold steady – properties marketed by a professionally organised auction campaign take less time to sell than those marketed by sale by negotiation, or set date of sale. And although buyers may ideally not wish to be subject to the pressure of the auction room, they do appreciate the transparency of seeing exactly what other buyers are doing, and where they see value.
Our success rate for November, with 3% sold prior and 77% sold at or very soon after auction, is extraordinary by industry standards, and backs up the fact that properties marketed and sold via auctions sell more quickly and achieve far better prices than any other method of sale. It is also testament to the skills and experience of our team, here at Ray White Damerell Group Ltd.
The general public clearly understands that auctions can have extraordinary results when the market is heated and competition is fierce. But, even in a tentative year, such as we've just seen, the well-informed, savvy vendors who typify those in our business catchment, understand that the facts overwhelmingly prove that an auction is the most likely to achieve the best results for them.
This map gives you an overview of total sales and median price across the Greater Ponsonby area. Hover over the yellow dots for the statistics on each suburb.
The Rental Market
As expected at this time of year, demand has dropped and stocks have dwindled. The closer the holidays get, the slower the rental market becomes on both sides of the equation. However, property owners are looking to next year, and there is already a good volume of new stock promised to cope with the expected demand caused by the new university terms that start in February.