The momentum that started in July and continued to gather pace through August has now broken records in September in terms of listings and sales. In every market we work in and in every direction we look, there is high energy and high volumes activity from both sellers and buyers.
September saw record numbers of multiple offers, and auctions literally flying out the door, with fierce competition from buyers. Median days on market have dropped to 26 days and the number of auctions bought forward is three-times higher than last year. REINZ reported a record number of homes sold nationally, and Ray White nationally certainly enjoyed a good market share of that.
The low interest rates are encouraging buyers to relook at the affordability of being able to buy for their first home, or purchasing an investment property. Consequently, we have never seen so many first-home buyers in the market and investors are definitely back on the rise.
Greater Ponsonby is enjoying the benefits of great market conditions, with sales numbers up on the previous month by 35 percent, and a whopping 46 percent on this time last year. Sales were strong across all price points, with a spotlight shining particularly brightly on the sales over $3 million, accounting for 15 percent of sales in September. The collective result is that the median price is only travelling one way – up.
Eden Quarter continues to be a very popular area for those first-home buyers and young families looking for accessibility to city, shops and schools – a fact reflected in the 56 properties sold in the suburb in September. This is a slight dip, compared to July and August, but represents a huge 30 percent lift year on year. The median continues to rise, both month on month and an outstanding 71 percent for year on year (this figure may be skewed, thanks to larger, more expensive properties being sold).
Auckland City Apartments are certainly finding their feet, with the 132 properties sold in September and a median price that is up 65 percent on last year. The conversion of renters into homeowners and new investors certainly dominate this market. And, with the prospect of the Americas Cup looming in the not too distant future, it also appears that AirBNB is back in the game in the city.
Out in Auckland’s western fringes, September sales drove a strong surge in median pricing, up a third up (34 percent) on September last year. There is also a desperate lack of entry-level stock in the area, resulting in very bust open homes, with 70-plus attendees not uncommon. Another telling statistic from September is that 87 percent of properties sold went for over $800,000.
As we cruise out to Titirangi, we see quality not quantity in terms of available listings. This has driven a huge appetite amongst eager homebuyers, with open numbers on recent listings exceeding the one hundred, multiple times over. Consequently, auctions are all being bought forward with early offers, with the competition eagerly vying to try and outbid each other, driving the year-on-year median up.
It’s the same pattern across the bridge on the North Shore, with sales up over 100% on this time last year. It’s fair to say, September was massive month for volume on the Shore. And there is still a thirst for more – open home attendees are up 45 percent on last month.
Across all our Damerell Group offices, multiple offers and pre-auctions offers are now incredibly common, and vendors are rarely reaching their planned auction dates without at least one opportunity to sell prior.
In short, there has never been a better time to sell your property. And there is still time to before Christmas to complete a successful campaign, taking advantage of our huge marketing discounts on offer for November. So please talk to your preferred sales person to find out how we can achieve a great price for your home and save you thousands on fees in the process.