21 June 2017

May Market Wrap

As the number of homes on the market drops, so the competition increases amongst buyers, with the likelihood that ‘good’ properties will continue to achieve great prices.


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29% last month
58 sales
66% same time as
last year

The decrease in volume of sales in May compared to the same period last year is not unexpected and reinforces the statement made at the commencement of this Market Wrap. Also, May 2016 was an extraordinary month for sales when you take a look back at the average number of properties sold per month in the past year – so this figure needs to be taken in context.

Monthly Sales

Median sale price in May 2017

$1,640,000

4% last month
158% same time as
last year

As volumes decrease, vendors need to be mindful not to expect any one property to sell for the percentage increase indicated by the year-on-year median – in this case 158%. Going forward, we expect to see small fluctuations month on month, with the general trend continuing to be positive. Remember, though, with less choice, ‘good’ properties, well marketed will continue to realise outstanding prices.

Monthly Trend

Price Bracket Breakdown

Average days to sell

June 2016 to May 2017

Apart from the odd anomaly, there is little change in these figures month on month, or year on year. What is interesting, however, is that the popularity of sale by negotiation has declined. The tried-and-tested, three-week auction campaign continues to be by far the most popular way – and the quickest way – of selling your property.

23 AUCTION
30 SET DATE OF SALE
49 SALE BY NEGOTIATION

Monthly Trend

Auction sales
Set date of sale
Sale by negotiation

Our auction success rate

June 2016 to May 2017

At 86% (82% sold on the night, plus 4% sold prior) no other sales method can even come close to the success rate of selling your home by auction. And Ray White Ponsonby’s success rate tends to be higher than our competitors because we try harder on the night, by allowing more time to negotiate a sale ‘on the floor’, rather than passing it in for negotiation at a later stage.

Passed in 14%
Sold 81%
Sold prior 4%
3 Average number of
registered bidders

Our listings by sale method

May 2017

Auctions are up by 10%, and set date of sale is up by 9% – both at the expense of sale by negotiation. Why? Some sellers want certainty and, by applying a fixed date or price, they think they’ll get that. The market will dictate the best price you will receive for your property, and going to auction is the only method of sale that will truly reflect the market on any given day – and that’s why auctions are up by 10% this month.

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

Monthly Trend

Auction listings
Set date of sale
Sale by negotiation

Suburb Overview

May 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

The demand for quality rental properties remained unseasonably high in May and early June. Coming into the winter months tenants are putting more emphasis on heating and insulation – and, in general, they have become more knowledgeable and more demanding about their rights, especially around insulation. Well presented, well maintained properties are still very much in demand, and they will continue to achieve the best prices and will be the first cab off the rank when it come to the desirable groups of tenants, such as professional couples and families.