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Tug-of-war market

March 2019

By General Manager – Robert Carter BBS

A renewed market energy was evident in March when compared to January and February with 304 North Shore sales as opposed in 155 & 198 in the prior two months.  The first quarter 2019 volumes are still significantly lower than prior years, with 411 North Shore sales in March 2018.

A variety of favourable & unfavourable factors continue to affect the property market resulting predominantly in a notable reduction in sales volumes.  Some of these factors are illustrated below:

Despite low interest rates, the legislative changes and difficulty obtaining finance continue to restrain sales volumes.  Hopefully, as we gain more certainty in relation to Capital Gains Tax, we will see volumes rise.

North Shore prices continue to remain relatively stable despite monthly variances, with a median price of $1,010,500 in March 2019, 6.4% down on $1,080,000 in March 2018.  Median days to sell in March were 42.

There continues to be a multitude of factors providing confidence in the market and delivering plenty of success stories.  In March Harcourts Cooper & Co had 150 settled sales.  In the adjusting market as we see more choice become available for purchasers; it is proving vital that vendors have the correct marketing strategy, sales people and realistic price expectations are set in order to achieve a successful sale.  It could be argued that it is a fairer market for both buying & selling!