Prices hold steady whilst cool air chills sales volumes.
The first month of Winter trading produced further evidence of a sustainable Real Estate market. All primary market indicators remain stable with no significant changes.
Prices in the North Shore & Auckland market appear to have found their ‘happy median’ with only slight adjustments over the past 12 months. The North Shore median for June 2018 of $1,010,000 was a 4.1% increase on the June 2017 median of $970,000.
Nationally in June 12 out of 16 regions experienced price increases since June last year, predominantly driven by the lack of supply.
New listings have decreased and subsequently, sales volumes experienced the normal winter slowdown in June with 281 sales on the North Shore, compared to 358 in June 2017. Putting it into perspective there were 268, 292 & 280 sales in July, August and September 2017, bearing in mind this was prior to the election.
The basic philosophy of Supply vs Demand is in full force and the current seasonal reduction in new listings combined with strong buyer interest, has provided an opportunity for those looking to sell and make their property stand out… the size of recent Property Press’ proving testament to this!
We marketed and sold our home via Auction in Winter last year with an outstanding result… If you are considering selling this year, I recommend doing so before the typical Spring influx.
North Shore Median Sale Price and Sales Volumes – 12 months to June 18
AUCTIONS
Harcourts Cooper & Co recently reviewed the effect of Auctions vs Priced properties for the 2018 Calendar year. Properties that were taken to Auction, were on average selling for more money and selling faster. Here’s what we found:
Taking a closer look at our June Auctions; Harcourts Cooper & Co conducted 128 Auctions in June, with 66% of those SOLD and an additional 9% Under offer.
SUMMARY
Primary indicators continue to point towards a normal & sustainable Real Estate market moving forward. Whilst some of the heat from recent years has been removed from the market, current conditions are providing a more stable and level market. New properties we are bringing to the market that are well marketed, are attracting strong buyer interest and achieving excellent sales results. It is evident Winter is a great time to sell… and be ready for the influx of new listings come Spring.
