We have been down the escalator of Covid-19 and it’s now recovery in motion as we move back up through Level 2 with good confidence, despite the very skewed statistics from April in lockdown.
We entered this period in very good shape, with reasonable momentum in terms of homes for sale and sales in progress. And at Ray White Damerell we had a fierce determination to maintain this impetus and continue to list and sell through lockdown – this has seen us move with ease and speed back into the market.
During April, medium property values for Greater Ponsonby, through the Eden Quarter and sweeping back around to Remuera, saw a slight bump in the year-on-year figures, with a good appetite for the higher value properties. Our enquiry rate was constant throughout lockdown and was banked up until we moved back into a level where we could safely invite buyers to view homes.
Heading out into the Auckland's western fringes, sales volumes predictably suffered, but homeowners who braved the uncertainty have been handsomely rewarded with a 36% increase in the median sale price, year on year. This means that since January, the western fringe market has headed in one direction – up!
Moving across to the North Shore, it will come as no surprise that sales volumes also fell off during April. However, what delighted those who sold during this period was the 14% median price hike compared to April 2019. This indicates a real thirst to buy in what was once a logistically challenging area.
Although our auction room was closed down during lockdown, we continued with ‘virtual’ auctions over this period and are now are very pleased to announce that we will be back in the Sapphire Rooms above Ponsonby Central from 6.30pm every Wednesday. Auctions will adhere to the current rules in play, offering both buyers and sellers the opportunity to attend in person or participate through live streaming.
What we are currently and collectively going through may been one of the most unpredictable and extraordinary periods of our lives, but those looking to buy or sell property should take heart that interest rates have never been better (and expected to dip a bit more), the LVR restrictions have been lifted, and, right now, we have more buyers than in any other period we can remember looking to purchase across the whole market in terms of prices and locations.
Buyer types are varied, including a healthy mix of first home buyers, a number of expats, investors, and those looking to downsize/upsize – all of whom understand that there may be a shortage of available homes for sale and massive competition for those coming on.
If you are thinking of selling, please make contact with your chosen sales person. We will provide you with some good factual information, including recent case studies to assist you with your decision-making.