20 December 2017

November Market Wrap

“To all our clients, customers and everyone involved in our business, we thank you for making 2017 our best year on record, and we wish you all a safe and relaxing holiday season.” Simon Damerell & Gower Buchanan


share

9% last month
49 sales
28% same time as
last year

2017 was a year of uncertainty; with many factors contributing to homeowners deciding to stay put or hold off selling. As such volumes declined across the board. Even in this declining volume environment, our share of the market increased, so we remain optimistic as to the future, and we have put structures in place to ensure 2018 is our best year yet.

Monthly Sales

Median sale price in November 2017

$1,505,000

5% last month
2% same time as
last year

Despite a five-point increase on last month’s median price, there has been small decline year on year. We feel this is a reflection of two factors – firstly, the number of new, small apartments that have come onto the market recently, and secondly, the owners of top-end properties choosing not to sell. Good properties, well presented have continued to rise throughout the year.

Monthly Trend

Price Bracket Breakdown

Average days to sell

December 2016 to November 2017

There is one statistic that has remained constant and will continue to hold steady – properties marketed by a professionally organised auction campaign take less time to sell than those marketed by sale by negotiation, or set date of sale. And although buyers may ideally not wish to be subject to the pressure of the auction room, they do appreciate the transparency of seeing exactly what other buyers are doing, and where they see value.

22 AUCTION
26 SET DATE OF SALE
45 SALE BY NEGOTIATION

Monthly Trend

Auction sales
Set date of sale
Sale by negotiation

Our auction success rate

December 2016 to November 2017

Our success rate for November, with 3% sold prior and 77% sold at or very soon after auction, is extraordinary by industry standards, and backs up the fact that properties marketed and sold via auctions sell more quickly and achieve far better prices than any other method of sale. It is also testament to the skills and experience of our team, here at Ray White Damerell Group Ltd.

Passed in 20%
Sold 77%
Sold prior 3%
2 Average number of
registered bidders

Our listings by sale method

November 2017

The general public clearly understands that auctions can have extraordinary results when the market is heated and competition is fierce. But, even in a tentative year, such as we've just seen, the well-informed, savvy vendors who typify those in our business catchment, understand that the facts overwhelmingly prove that an auction is the most likely to achieve the best results for them.

57% AUCTION
9% SET DATE OF SALE
34% SALE BY NEGOTIATION

Monthly Trend

Auction listings
Set date of sale
Sale by negotiation

Suburb Overview

November 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

As expected at this time of year, demand has dropped and stocks have dwindled. The closer the holidays get, the slower the rental market becomes on both sides of the equation. However, property owners are looking to next year, and there is already a good volume of new stock promised to cope with the expected demand caused by the new university terms that start in February.