The phrase, ‘there are three kinds of lies – lies, damned lies, and statistics’ is an expression popularised by (and sometimes attributed to) the American author Mark Twain. In a nutshell, it describes the persuasive power of numbers – in particular the use of statistics – to bolster weak or vague arguments. And is a tactic the media haven’t been averse to using when trying to bolster their readership.
I guess you can’t blame them. Even if you’re not currently in the market, the value of your single biggest asset is an emotive topic. One week we’re told they’re up and doing well, the next they’re down – significantly. Hey, let’s sew some seeds of doubt into the discussion, it’ll get more people reading, sharing and talking about our publication.
However, quoting national or even regional statistics to cover what are, in many cases, micro-suburb markets can be misleading – especially when you consider the collective suburbs that comprise Greater Ponsonby, where, even during periods of political and economic uncertainty there is never a shortage of buyers looking to secure their position in this highly desirable sector of the market.
And although sales volumes have fluctuated of late, we have continued to see good numbers of people willing to pay a premium to secure a lifestyle in this sought-after area of Auckland.
It’s a truism that real estate is all about consumer confidence, and this year’s election created a greater degree of uncertainty than usual, with the extreme mood swings of Andrew Little’s departure to the near hysteria of Jacinda mania – not forgetting the Winston Peters’ gamesmanship. Now all that’s over, and we are satisfied that the world is not about to end, life has returned to some sort of normality, and this is shown in the steep increase in sales volumes for October.
We have said on many occasions that during times of uncertainty the well heeled are the first to avoid the market. By removing the high end of the market it is obvious that the median price will fall. However, despite sensationalist media headlines, that doesn’t mean prices have fallen. Comparing like for like, it’s almost impossible to find a property that has sold for less that it would have done a year ago.
Despite repeated media articles, usually quoting the ill informed and the poorly trained, our ‘days to sell’ figures speak for themselves – that properties sold by auctions consistently take around half the time to sell as those marketed by negotiation. We are absolutely convinced that in the Greater Ponsonby marketplace, a quality auction campaign is likely to achieve a higher price within a much shorter period of time, if marketed by people trained and experienced in this form of marketing.
This month’s figure of an 86% success rate is absolutely outstanding! Even during periods of uncertainty, such as we’ve just experienced, when numbers of registered bidders decreases, this open, transparent, competitive method of sale far exceeds the success rates of any other approach to selling your property.
When we are achieving such a consistently high rate of success with our auctions, why would a well-informed seller choose an alternative method? Our success is no accident of circumstance, however. All our auctions are carried out by a highly experienced team of professionals, who are continually refining and improving this complex method of sale.
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 we approach the festive season, the rental market has moved up a gear and is now in full swing as tenants try to settle in before Christmas. Consequently, good properties are being snapped up very quickly. Also, with post-election confidence in the air, tenants are now feeling more comfortable about making a long-term commitment to where they want to live, resulting in a particularly sharp resurgence in the high-end rental sector.
