As we swing into spring we are feeling optimistic moving through what could only be described as a very tight market.
Momentum is gathering as a number of listings prepare to come to market over the next few months. This is an exciting time as a growing number of home buyers have become all-the-more realistic about their options, and plan to take advantage of the market and owning their own home.
The majority of buyers in the market appear to be first-time home buyers, with a sprinkling of investors with spare cash or equity in-hand. It appears that first-time home buyers are still breaking into the market with the assistance of family members. However, they have become educated around their options in the market and the various means of mortgage funding -still a very competitive arena.
One of the most considerable changes the current market has seen is the “do up” option for homeowners on a limited budget. This is a trend we have not seen in a while, but is fast-becoming a homeowner go-to. While renovated homes in good suburbs are still highly sought-after, we are currently seeing an increase in value in homes that tick every box.
The number of sales and values fluctuate from one suburb to the next, largely driven by buyer type. This has resulted in a mixed bag of sales numbers and median values. But, it’s not all bad news. Quite simply, recent sales numbers have been influenced by a shortage of listings.
Taking a closer look, we have seen that home values continue to remain steady. Additionally, the fluctuation in value increase and decrease has grown smaller. These results are far-reaching, stretching from the North Shore to Ponsonby, Mount Albert, through to the Western Corridor, to Green Bay, Titirangi and out to The Islands.
As Christmas and the New Year close in on us, we expect to see the usual market trends. This includes relocation for work and schooling (new and secondary) purposes. As well as up-sizing and down-sizing transitions to apartment-style or retirement village living.
Damerell Group remains ahead of the market, with close to 50% of our listings selling by auction, and a 78% success rate in August. We have also seen layers of multiple offers facilitated on a weekly basis. We are well ahead of the general market which is largely attributed to our sales team. They continue to excel in every aspect of the selling and buying process, assisting every one of our clients in owning their dream home.