If you thought we took a while to decide on the next government, spare a thought for the Dutch. They went to the polls back in mid March and are still trying to negotiate a solution and form a viable leadership team five months later. It makes Winnie and his troupe seem almost hasty in the time it took them to make their decision.
After enduring one of the wettest winters in living memory, and with the LVR and other financial restrictions and the uncertainty surrounding the economy and the political landscape, it has been hard to find any positivity in the media regarding the Auckland housing market.
Despite these rather gloomy statistics, we at Ray White Damerell Group are quite upbeat about the future – and with good cause. Yes, stock levels have been down, with the resulting drop in sales numbers; however we cannot remember when our auction clearance rates have been higher, or days on the market and prices more positive. The median price may have declined in some parts of the Auckland market, but not in Greater Ponsonby.
It comes as no surprise that sales volumes dropped dramatically in September in comparison to the previous month and the same month year on year. The recent general election, tougher borrowing criteria, and uncertainty about changes to immigration and foreign ownership are all factors that have had their part to play in the decline in numbers.
The increase in the median price from the previous month and over the same month last year is consistent with our own market observations here at the Damerell Group. Let’s not forget that there are still motivated buyers out there, who are confident about buying and living in our locality, and they’ve had to compete from depleted stock levels to achieve success.
There’s no questioning the number of auctions, particularly over the past six months, have dropped significantly. However, the results have been extraordinary. Clearance rates, time taken to sell, and prices achieved have been more positive for sellers than at any time we at the Damerell Group can remember in the past decade or more.
Although the average number of bidders has decreased at our auctions, the determination of those buyers to secure a property has never been stronger. A success rate of just short of 90% is testament to the skill level of our team. Auctions are our speciality and, in our opinion, this is where we stand head and shoulders above our competitors.
Given our success rate at auctions, it is little wonder that the vast majority of our properties are marketed by this method of sale. The indisputable facts relating to shortened length of time to sell, prices achieved, and increased probability of achieving an unconditional sale speak for themselves.
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
With those wet winter months now a distant memory, renters are looking ahead to the warmer months and exploring the possibility of moving – particularly families who have been in hibernation. September saw an expected seasonal rise in demand for all types of properties, letting times declined, and prices have risen slightly.