21 December 2016

November Market Wrap

Despite a falling number of sales, property prices in Greater Ponsonby buck the national trend and continue to rise.


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3% last month
68 sales
8% same time as
last year

The number of properties sold in November is slightly down on last month (-4%). In real terms that amounts to a variance of just 2-3 properties – so not much change, here. The big number is the year-on-year figure (-24%), and this can be attributed to buyers taking a wait and see approach through to the Christmas break.

Monthly Sales

Median sale price in November 2016

$1,540,000

19% last month
18% same time as
last year

After dipping sharply last month, the median sale price has bounced back up strongly (+19%), and now sits at its highest level for the year, 18% higher than November 2015. This indicates that there is still high demand and good competition at the auctions for quality housing stock in the Greater Ponsonby area.

Monthly Trend

Price Bracket Breakdown

Average days to sell

December 2015 to November 2016

There’s very little change in the number of days properties are taking to sell – this shows stability in the area. The figures, however, continue to point to the fact that auctions remain the quickest and the best way to sell a home. At 22 days, you’re likely to sell your home twice as fast by auction than you would by negotiation.

23 AUCTION
28 SET DATE OF SALE
46 SALE BY NEGOTIATION

Monthly Trend

Auction sales
Set date of sale
Sale by negotiation

Our auction success rate

December 2015 to November 2016

Again, the story here is steady as she goes. With only a 1% variance on last month, the clear indication is that demand is still strong for quality homes in the area, and that auctions remain the preferred method of selling and buying property in this marketplace.

Passed in 7%
Sold 90%
Sold prior 3%
3 Average number of
registered bidders

Our listings by sale method

November 2016

According to this month’s figures, auctions and sales by negotiation are now level pegging as the preferred method of sale. Looking at the figure year on year, this appears to be a seasonal anomaly. We expect normal service to resume come the New Year, with auctions once again leading the way as the most popular method of sale.

45% AUCTION
10% SET DATE OF SALE
45% SALE BY NEGOTIATION

Monthly Trend

Auction listings
Set date of sale
Sale by negotiation

Suburb Overview

November 2016

The fact that Greater Ponsonby is not just holding its ground, but continues to surge with its median sale price, indicates that people who are looking to buy in the area see the suburb as an excellent long term investment, and that they are prepared to pay a premium price to live here.

Rentals
We are moving into a period where rental property is traditionally in high demand. On top of the added demand caused by immigration, it’s coming up to the start of a new university year, where we will have students returning from their summer break, plus an influx of new students looking for accommodation.