24 July 2017

June Market Wrap

Although there’s been a decline in the number of properties for sale this month, this has led to stiffer competition for buyers and a slight increase in the median price.


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22% last month
45 sales
32% same time as
last year

It’s a fact. The number of sales is decreasing, whether measured against the same month last year, or against last month. So, what’s causing this decline? It’s not just one factor, but a reaction to a number of influences – the banks tightening lending, issues regarding foreign ownership and, of course, November’s general election.

Monthly Sales

Median sale price in June 2017

$1,650,000

1% last month
33% same time as
last year

When the volume of properties available for purchase decreases, buyer competition relative to that number often increases. This certainly seems to be the case in June where the buyer competition for fewer properties has raised the median price from May, bucking the national trend.

Monthly Trend

Price Bracket Breakdown

Average days to sell

July 2016 to June 2017

The vast majority of our vendors continue to choose the auction method of sale to market their properties. Month on month, quarter on quarter, it takes half the time to sell via auction than sale by negotiation, the success rate is much higher and, as a general rule, vendors selling via auction tend to achieve better prices.

23 AUCTION
30 SET DATE OF SALE
47 SALE BY NEGOTIATION

Monthly Trend

Auction sales
Set date of sale
Sale by negotiation

Our auction success rate

July 2016 to June 2017

Our team achieved an 84% success rate over the past three months, with all properties taken to auction. This reinforces the fact that if a vendor is genuinely motivated to sell, marketing via the auction method dramatically increases the probability of success.

Passed in 11%
Sold 84%
Sold prior 4%
3 Average number of
registered bidders

Our listings by sale method

June 2017

There are always going to be a small percentage of properties – or more often, a small number of vendors – where the auction method doesn’t suit their circumstances. However, in the majority of cases, the greatest probability of achieving a premium price within a short fixed period, is sale by auction using a company that has a focused team and an award-winning auctioneer – and that’s Ray White Damerell Group.

75% AUCTION
12% SET DATE OF SALE
12% SALE BY NEGOTIATION

Monthly Trend

Auction listings
Set date of sale
Sale by negotiation

Suburb Overview

June 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.

The Rental Market

June showed no lack of pace or signs of slowing which was surprising. Based on market activity in previous years, demand has always decreased as the colder months have arrived on our doorstep. The most interesting trend that we have seen, however, is that if properties are substandard, tired and cold, tenants will simply move on and wait for something better presented and warmer. They are simply demanding value for money, and rightly so. The message is clear, landlords.