Each month the team at Ray White Damerell Group analyses the sales data collected by our own offices, plus that from other local and national sources, to see if there are any clear trends that will enable us to advise our buyers and sellers to make the best decisions for their circumstances.
In a falling market, for example, vendors may want to consider allowing themselves the luxury of a longer settlement to give adequate time to find the ideal replacement. For buyers, a rising market could be a prompt to invest a little sooner than planned, to ensure the value of their deposit isn’t eroded.
To chart these trends takes many months of consecutive data to eliminate any aberrations in any one month, or created by any one statistic. We believe we now have sufficient data to confirm what we have been seeing day to day in the current market; that sales volumes in the city fringe suburbs are dropping reasonably steeply, with August showing a small increase of 6% over July 2018, but a large drop of 44% on July 2017, which itself was a 21% drop on the corresponding 2016 figure.
Values, however, are holding firm. In fact, for the Greater Ponsonby area, August showed an increase of 19% on July 2018 and an increase of 24% when compared with August 2017. Before we get ahead of ourselves, however, it’s likely that this month’s dramatic rise could be one of those aberrations in the market.
The fact that almost 50% of sales are now in the $1m - $1.5m bracket is probably no surprise to anyone working or living in the area. Another trend that is emerging is the increasing percentage of homes in the $3m+ bracket; 12% in August 2017 and 16% in August 2018, and individual sales of $4m plus in Greater Ponsonby are now reasonably commonplace.