21 April 2017

March Market Wrap

As the money supply tightens and the market is getting squeezed, properties that don’t tick all the boxes are not selling at the same pace that they would have done 12-18 months ago.


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106% last month
70 sales
15% same time as
last year

The seemingly astonishing figure of a 106% increase in total sales for March is tempered somewhat when you factor in the normal seasonal shift in buying habits. And that figure is dulled even more when you see that year-on-year sales numbers are down 15%. This figure is however consistent with the phase of consolidation many homeowners are currently entering.

Monthly Sales

Median sale price in March 2017

$1,679,000

11% last month
25% same time as
last year

With less homes available on the market, the demand, and hence the price of property will increase. That’s a fact. However, we suspect that the 11% increase from February to March is out of kilter with the true figure, and this is most likely due to an increase of properties sold in the $2m to $3m+ price brackets in the March period skewing the statistics.

Monthly Trend

Price Bracket Breakdown

Average days to sell

April 2016 to March 2017

Auctions continue to be the clear winner if you want your home sold by a set date. Our typical marketing campaigns are three weeks – 21 days – and consistent figures in the low twenties are proof of the success of homes sold by auction. After last months little anomaly, the days taken to sell by negotiation is back in the mid 40s, almost double that of by auction.

23 AUCTION
30 SET DATE OF SALE
45 SALE BY NEGOTIATION

Monthly Trend

Auction sales
Set date of sale
Sale by negotiation

Our auction success rate

April 2016 to March 2017

Our success rate at auctions continues to hit the high nineties in terms of percentage of homes sold, which is an outstanding statistic. Statistics, however, can sometimes be a little grey in their interpretation. This month’s figure of 95%, for example, includes all sales sold subsequent to auction night as well, including those properties negotiated post auction in subsequent days and weeks.

Withdrawn 14%
Sold 82%
Sold prior 4%
3 Average number of
registered bidders

Our listings by sale method

March 2017

The compelling figure of just over three weeks to sell your home at auction – almost half that of by negotiation – has been consistent for the past year, with just a one or two day variance each month. And with the auction figures still outperforming the other two methods of sale, it’s easy to understand why 70% of vendors still choose to sell their property via auction.

67% AUCTION
9% SET DATE OF SALE
24% SALE BY NEGOTIATION

Monthly Trend

Auction listings
Set date of sale
Sale by negotiation

Suburb Overview

March 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. To view other suburbs we monitor (such as Titirangi), zoom out or drag the map.

The Rental Market

Much like this month’s sales statistics, the demand for rentals has cooled a little over the past month with tenants now becoming more discerning about the properties they choose to live in. That said the good properties that are clean, warm and dry are still achieving top dollar. This sends a clear message to all our landlords out there to ensure their properties meet the latest code regarding insulation and are presented well for tenants.