FOMO stokes market
Auckland is amid some of the strongest market conditions ever experienced. Our virtual auction rooms, a hive of online activity with determined buyers vying to secure property. Harcourts Cooper & Co had over 3,200 people tune in to watch our auctions over the past 7 days.
North Shore sales volumes plummeted 67% in September due to the level 4 lockdown. Moving into level 3 combined with the usual Spring lift has assisted in a dramatic rebound in October to 416 sales – above the long-term average volumes as depicted below. The ability to conduct business remotely and eased restrictions around viewings have enabled real estate continuity, while a general FOMO — fear of missing out – stokes a market that remains strong.
This FOMO, supply, demand & relatively low interest rates continue to fuel price increases with the North Shore median up 28% when compared to prior year. We are yet to see any impact of Government measures to slow price increases.
As we head into the heat of Summer there are no signs of the market cooling. Growing confidence of vendors and buyers to make property decisions is evident.