The countdown to Christmas is on, and the market is steaming ahead, foot-to-the-floor, with listings in some suburbs in a spinning turnstile that is seeing them sold very quickly and competitively on the auction floor. In October, Ray White Damerell Group recorded 35 auctions that saw an 81% clearance rate on the night, with an average of 4.1 bidders per auction, and a further 10% sold soon after. No other real estate company comes close to those success rates. Interestingly, a good percentage of the auctions (and also deadline salesare being brought forward by weeks, with multiple interest in some cases. It would seem that a 4-3 week marketing cycle is too long for some buyers and sellers.
While most suburbs continue to enjoy a lift in terms of sales numbers compared to last month, there are a couple of standouts, with Greater Titirangi up 114%, North Shore up 53%, and the Gulf Islands up 73%. Whilst sales numers seem to be free-wheeling, the median values are still being driven by a market of buyers that are picking and choosing where they see additional value. Greater Ponsonby is holding strong, with a slight lift along with Eden Quarter and through some parts of the Western Fringe. Top of the pops, however, is the North Shore, which we spoke about last month as Auckland’s best kept secret, which has enjoyed a 6% rise in the median values, and sales up 53% on last year.
If we take a peek at the Auckland City apartments market, it shows both sales numbers up on last month and last year, along with the median values – that said, they still very affordable and accessible options for first-time home buyers and investors.
Days on market continue to fall, and are averaging 30 days, and our overall auction clearance success has climbed to 83%. Auctions continue to be the preferred method of sale. If you are thinking of selling and want to observe our process and our extraordinary auctioneer, feel free to come along to one of our auctions, on every Wednesday at 6.30pm at the Sapphire Room, upstairs at Ponsonby Central.
In terms of lending, the news is all good with the OCR static and some banks offering some extraordinary deals. First home buyers are still out in force and investors are well and truly back in the market, plus we have Summer and Christmas on the doorstep. Life is good.
If you are thinking of selling your property, please call us and we will support you through the marketing and selling process, with the confidence that we have an experienced support team behind every one of our salespeople to ensure we look at your property through the eyes of a buyer, the bank and compliance, so we can speed up the selling process for you.
We would like to finish this month off with a wonderful community initiative that we were very proud to be a part of, raising much needed funds for Pet Refuge. BarkHaus is a architecturally designed doghouse competition, and Ray White Damerell Group were involved with marketing the three winners, including ‘doggie’ open home and hosting a charity auction where over $26,000 was raised with the sales of houses and other items generously donated. Thank you to everyone that came along and supported this wonderful initiative.