The fact that greater Ponsonby continues to be one of the most liveable neighbourhoods in Auckland means prices are only going one way–up.
We anticipate this trend will continue for some time to come, with the volume of available homes dipping further, and prices remaining very strong. We also predict that the increased supply of new apartments will be largely met by those people who have, so far, not been able to afford to live in and enjoy all greater Ponsonby has to offer.
It is no secret that the banks have been making it increasingly difficult for people to borrow money. The gradual and inevitable result has been the demand side of the equation has slowly decreased, with buyers either choosing not to, or being unable to borrow sufficient funds to purchase property in our area.
It’s therefore a natural consequence that the volume of sales have decreased, compared with the same period last year. However, that decline in available properties for sale has not affected the median price – quite the opposite.
With the holiday season now firmly behind us, sales volumes in February bounced back to approaching normal levels – almost 80% up on January. However, figures are down year on year, which is good news for our vendors, as buyers will be competing for fewer properties, and that will only send prices in one direction.
What a difference a month makes! After the jitters and the lows of January, February figures have leapt almost 50%, to just over $1.5m. And it’s that $1-1.5m+ price bracket where much of the activity is taking place – a price point that has remained strong for much of the last year. The reported 39% year-on-year increase is a little inflated, considering it was only 13% just a month ago.
Given the relatively low number of homes on the market in February, it’s hardly surprising to see the occasional fluctuation or anomaly. All it takes are a couple of sales outside the usual pattern to upset a normally straight graph. With auctions and set-date sales steady as she goes, we can only assume the drop in negotiated sales are a one-off at this stage.
It would be great to have a 100% record in selling properties at our auctions on a Wednesday night at the Sapphire Rooms, but realistically that’s never going to happen. Our consistent monthly figure of 90%+ is a compelling statistic, and is testament to a) that auctions work, and b) our superb auctioneer, and our expert team of sales people.
As highlighted in the ‘average days to sell’ statistic, properties sold by auction sell much faster than by the other two methods. Auctions also put all the buyers interested in a property in a room at the same time. Add these two factors together and it’s easy to understand why auctions are by far the most popular method of selling homes.
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
Mad March doesn’t just apply to the traffic congestion in Auckland; it applies to all human movement, and that includes renters. The start of a new university year and consistently high immigration figures have ensured that rental demand continues to be high, especially in the popular suburbs in and around greater Ponsonby.