Market Continues in Overdrive
The momentum of the past few months remains firmly in overdrive as we start to count down the weeks to Christmas. Healthy numbers of listings continue to come onto the market, but certainly not in the quantities we need to satisfy the appetite of the droves of motivated buyers, who are keen to secure a new home before the festive season begins.
Ray White Damerell Group, however, is prepared and firmly in position – front row, with a higher than usual number of listings than many in the market, which has driven opportunities for buyers. We are acutely aware that buyers are working hard to realise their property dream, and that the journey to that dream can and is frustrating in the current climate, but we are working hard to ensure that we continue to work with all of our buyers to help secure their goal of home ownership – particularly the first-time buyers out there.
The heat continues in Greater Ponsonby market. Sales numbers are up 39 percent on last year, driven by the demand of the buyers and more listings being available to the market. The 18 percent rise in the median value has been directly driven by higher value homes coming to market and selling like hotcakes, especially above $3m. The upper end of the market has certainly become a hotspot – again, folk looking to upgrade because they can. There is also an element of buyers who may have missed out previously and who are now prepared to pay what it takes – above asking, or out bidding at Auction – to secure their home.
Reaching down through the Eden Quarter, sales numbers of 86 are significantly up on last year (by 126 percent), driven by the huge appetite of buyers. These city fringe suburbs offer affordability by comparison to Greater Ponsonby and great local amenities. Buyer interest has especially grown through the Grammar Zone where, like Greater Ponsonby, there has been a larger than usual number of high-value homes sold, meaning there has been a significant increase in the median value of homes in an area that has previously flown below the radar. If you have been locked out of the Greater Ponsonby market, just drive down the road this direction.
In the Western Fringe we have witnessed a 50 percent increase in sales volumes, month on month, with median sale prices up over 40 percent compared to October 2019. And Titirangi has finally found its feet in the Spring /Summer market, particularly for buyers looking for lifestyle and work-from-home options without the acreage. The result has been a 162 percent lift in sales from the winter months. Median prices are also gaining momentum, with values rising 13 percent – that said, Titirangi is still such an affordable location, and right on the doorstep of the city.
Over on the North Shore sales volumes are up 36 percent on 2019, with the past four months returning a very strong and consistent volume of sales. Median sale prices are up both month-on-month and year-on-year. Only 12 percent of tracked sales on the North Shore were under $800k, compared 45 percent of the sales that were sold for between $1-1.5m.
Our auction rooms have been busy and will remain busy for the remainder of 2020. In response to this demand, all auction dates in December will now be spread over two auction sessions.
Auctions continue to lead the way as our preferred method of sale, with multiple bidders and the highest rate of success to sell compared to other methods of sale. On one memorable night recently, we sold 11 for 11 on the auction night, with four being sold prior to the auction day and the other seven sold under the hammer. Multis also remain common. Recently, a property with an asking price had a four-way multi and sold for $80,000 over the listed price.
If you are thinking of selling your property before Christmas, or in the New Year, please call to discuss how we can help you achieve the very best experience and sales value with real-time factual information, so you can take your next step towards your next move.