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19 September 2017

August Market Wrap

Recently released figures show that sales numbers across the country fell by almost 20% in August – but not in greater Ponsonby, folks. And certainly not at Ray White Damerell Group!


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66% last month
68 sales
51% same time as
last year

We will have to wait and see whether this month’s 50% rise in total sales is an anomaly or a genuine change in the market. Either way, it is a welcome fillip to sellers and buyers, alike, after the past few months of declining sales numbers. What is certain, however, is that greater Ponsonby remains a very desirable part of the city to live in, and that can only be good for house prices in the area.

Monthly Sales

Median sale price in August 2017

$1,336,000

0% last month
7% same time as
last year

At face value, the unchanged median sale price this month compared with July, plus a small decrease in the median year on year, indicates a gentle softening of the market. Our observation, working in greater Ponsonby market on a day-to-day basis, translates slightly differently. We believe that this softening is a reflection of those with properties at the top end – $3m plus – are choosing not to sell at present.

Monthly Trend

Price Bracket Breakdown

Average days to sell

September 2016 to August 2017

Once again, we see the pattern continue. Properties marketed by auction take fewer days to sell, and remain around the average of 22 days. Sale by the other methods are an indication to us that there is a lower degree of motivation to sell on the part of the vendor, and therefore there is less engagement with such properties on behalf of buyers.

22 AUCTION
28 SET DATE OF SALE
49 SALE BY NEGOTIATION

Monthly Trend

Auction sales
Set date of sale
Sale by negotiation

Our auction success rate

September 2016 to August 2017

At Ray White Damerell Group we unashamedly celebrate our team’s collective and individual skill-sets in managing the auction process for our vendors. When the real estate industry announces auction success rates of around 50%, we are achieving unbelievable success. Given the slightly lower volumes of properties over the past three months, these recent figures represent some of our best.

Passed in 11%
Sold 86%
Sold prior 4%
3 Average number of
registered bidders

Our listings by sale method

August 2017

Recent media commentary has been rather negative regarding auction success rates of late, and this has certainly had an impact on vendor confidence in selling by this method. It remains a truism, however, that if you wish to increase the probability of a sale at a better price and be on the market for a shorter period, then an auction remains the best method for most property types and values in our sector of the market.

58% AUCTION
21% SET DATE OF SALE
21% SALE BY NEGOTIATION

Monthly Trend

Auction listings
Set date of sale
Sale by negotiation

Suburb Overview

August 2017

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

It would be fair to say that the run up to the general election has not only affected house sales, but also has had an impact on tenants making the move to secure a new home. As such, August has shown rental properties sitting on the market for longer and tenants happily questioning prices before they view the properties. Most activity was centred on the smaller 1-2 bedroom properties, meaning 3-4 bedroom houses were slower to move. However, as we progress through spring and in to summer the demand will increase.