16 January 2017

December Market Wrap

An all-time record month for Ray White Ponsonby saw $62m worth of property sold by our salespeople in December.


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61% last month
30 sales
47% same time as
last year

Surprisingly, the number of properties sold in December 2016 was down quite dramatically on December 2015. On analysis, it would appear that this was a knock-on effect from having low number of listings in the previous month – 65 in Nov-16, compared to 92 in Nov-15, and 90 in Nov-14.

Monthly Sales

Median sale price in December 2016

$1,587,500

3% last month
17% same time as
last year

Month on month, there was a slight increase (3%) in the median sales price in December, bucking the Auckland trend. The surprising figure, however, was the 17% increase in median sale price year on year. This we have attributed to less properties available on the market, thus demand increased and prices were elevated.

Monthly Trend

Price Bracket Breakdown

Average days to sell

January 2016 to December 2016

There was very little change in this figure in December, month on month, or year on year. What is very clear is that auctions continue to be the quickest and most effective way of selling a property in the Greater Ponsonby area – 50% quicker than setting a sale date, and 100% quicker than selling by negotiation.

22 AUCTION
30 SET DATE OF SALE
43 SALE BY NEGOTIATION

Monthly Trend

Auction sales
Set date of sale
Sale by negotiation

Our auction success rate

January 2016 to December 2016

With 93%* of all properties sold by auction, it’s no wonder that this method of sale remains by far the most popular choice for selling a property. It’s a process that allows both vendors and buyers to work towards a deadline with absolute transparency. (* 90% by auction, 3% prior to auction)

Withdrawn 14%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

Our listings by sale method

December 2016

The desire to sell their properties by the end of the 2016 had a dramatic effect on the sale method chosen by vendors in December, with 86% opting to put a deadline on their campaign by selling their home by auction, as opposed to 14% by negotiation. In November, by comparison, these two methods were running neck and neck.

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

Monthly Trend

Auction listings
Set date of sale
Sale by negotiation

Suburb Overview

December 2016

There’s little doubt that Greater Ponsonby remains a gilt-edged suburb of Auckland, and December’s record sales figures back this up. Its proximity to the city, good transport links, excellent schools, and unsurpassed selection of bars and restaurants, make it the number one choice for executive singles, young families and affluent retirees, alike.

Rental Market
There has been lots of media commentary this past week about rental increases. It’s a standard refrain for this time of year, and it will continue to be voiced as long as demand outstrips supply – and there’s no sign of that changing in the near future. Good quality rental stock is flying out of the door, and we are supplying our landlords with well-vetted tenants.