17 November 2016

October Market Wrap

Global political turbulence, coupled with a continued shortage of housing stock, means there’s still high demand for quality homes in Greater Ponsonby.


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35% last month
70 sales
21% same time as
last year

Month on month (28%), and year on year (17%) these figures both show a steep rise is total sales for the month of October, and we expect that to continue into 2017. Purchasers have decided that they want to make a move and get themselves into a new property before Christmas. 

Monthly Sales

Median sale price in October 2016

$1,289,000

10% last month
12% same time as
last year

We don’t believe that this month’s 10% drop in median sale price will be a long-term shift. What has skewed this figure slightly is the settlement of a large scale development - 43 Brown Street in Ponsonby (which Ray White Damerell Group sold).

Monthly Trend

Price Bracket Breakdown

Average days to sell

November 2015 to October 2016

Auctions remain the best way to sell a home. Clearance is still very strong, at 24 days, and that has remained consistent all year. The homes sold have enjoyed very strong marketing campaigns and good exposure in Herald Homes, and that’s certainly contributed to the interest come auction day.

24 AUCTION
29 SET DATE OF SALE
46 SALE BY NEGOTIATION

Monthly Trend

Auction sales
Set date of sale
Sale by negotiation

Our auction success rate

November 2015 to October 2016

A figure of 91% indicates to us that demand is still very strong for quality stock, and that auctions are still the preferred way of selling a property from a vendor’s perspective. This figure is backed up by a high average number of registered bidders at each auction (4).

Passed in 5%
Sold 92%
Sold prior 3%
3 Average number of
registered bidders

Our listings by sale method

October 2016

Although there was a slight dip in popularity for homes sold by auction in October, the annual trend is still on the rise – and at 76%, it is the method of sale chosen by three out of four of our vendors. It remains the most transparent way of selling.

76% AUCTION
3% SET DATE OF SALE
21% SALE BY NEGOTIATION

Monthly Trend

Auction listings
Set date of sale
Sale by negotiation

Suburb Overview

October 2016

The feedback from our salespeople is that interest remains strong in the area, with high numbers attending open homes, and that’s backed up on auction day by the number of registered bidders. We’ve also sold well across all the price bands during the month, which shows consistency in all housing stock in the suburb.

The Rental Market
With the Auckland economy remaining strong, there is still high demand for good quality rental properties, especially those close by the city, with good transport connections. Prices remain stable in the lead up to Christmas. We expect more demand come the new year, when the new college terms come into play.

For more in-depth information, please feel free to call one of our team members.