For this edition of the Market Wrap, we pulled together four of our agents from around the suburbs, to give their first-hand feedback of the experiences they have been having with buyers and vendors, and also about the their thoughts on the real estate market in general this past month.
Starting on home ground in Team Ponsonby says that properties continue to be in high demand, with most seeing an excess of 100 groups through open homes. Interestingly, there have been three, new and distinct trends in buyer demographic, above and beyond the norm; the first being investors looking at high-value Ponsonby homes – properties that we would not normally class as investor stock; the second being the return of international enquiry from expats looking to buy sight unseen; and lastly, buyers fresh out of quarantine looking to purchase.
Mike Robson comments that the market in Mt Eden and Epsom is currently being driven by limited numbers of quality stock, plus buyers who have been tempted to move into larger family homes due to [low] interest rates. He goes onto say that first-time home buyers and those looking to move to their second homes are being drawn into the market by FOMO and the competitive nature of the market.
“Open home numbers are strong for good properties, but buyers in the $2.5m-plus market are still discerning on what they want,” he says. “Lending from banks seems to be focussed on serviceability rather than equity, so some buyers are being curtailed by this.” That said, he says bidding has been competitive on good properties, with some buyers disheartened due to their limited budget and continuously missing out.
Leonie Keatley, who works out of our Mt Albert office, says that the atmosphere in the open homes in her suburbs have been very positive and busy, with auctions being brought forward and stock levels very low. Consequently sales have been high, she says. “First-home buyers from all over the Auckland area have been looking at homes in the area. Some are new to the market and were supposed to be going on their their extended OE’s, but, due to Covid, have decided to purchase a home instead.”
Green Bay is being discovered by many buyers and also by developers who are looking at the land for higher-density development, continues Leonie. “The face of Green Bay is starting to change, with some new freestanding two level homes on small sites being built, due to the mixed urban zoning. The result is that land with this zoning is achieving amazing prices,” she says.
Just up the hill to Green Bay, in Titirangi, Lynn Lacy-Hauck says that properties in her neck of the woods are continuing to sell well, with strong buyer demand from people moving out from the more expensive inner city suburbs, seeking value and lifestyle.
"A good example of this type of property is 242 Glengarry Rd in Glen Eden, a Mid Century modern home designed by NZ artist Milan Mrkusich that recently sold at auction for $1.43m, possibly the highest price achieved in the street,” she says. “Well-presented properties like this, that match the hopes and aspirations of the buyers, are selling very well. A great marketing campaign, helped by a large social media presence, made a big difference to enquiry rates with this property, which saw huge numbers in the first weekend of open homes, with over 100 people attending. "Elsewhere in Titirangi, there have been some very strong prices achieved with a number of sales breaking the $2m barrier", adds Lynn.