20 March 2017

February Market Wrap

Sales volumes are down, but prices are up – that’s the advantage of owning a home in Auckland’s most liveable neighbourhood.


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79% last month
34 sales
26% same time as
last year

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.

Monthly Sales

Median sale price in February 2017

$1,509,000

47% last month
39% same time as
last year

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.

Monthly Trend

Price Bracket Breakdown

Average days to sell

March 2016 to February 2017

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.

22 AUCTION
30 SET DATE OF SALE
33 SALE BY NEGOTIATION

Monthly Trend

Auction sales
Set date of sale
Sale by negotiation

Our auction success rate

March 2016 to February 2017

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.

Withdrawn 7%
Sold 90%
Sold prior 3%
3 Average number of
registered bidders

Our listings by sale method

February 2017

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.

70% AUCTION
3% SET DATE OF SALE
27% SALE BY NEGOTIATION

Monthly Trend

Auction listings
Set date of sale
Sale by negotiation

Suburb Overview

February 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

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.