Don’t Always Believe What You Read
If you looked at the latest real estate sales figures for Auckland as a whole, you’d be forgiven for thinking that the City of Sails has become becalmed, drifting wherever the whim of the weekly media reports take it – is the tide coming in or going out? Well, that depends on what you read and where you read it.
At Ray White Damerell Group we prefer to draw our conclusions and make our forecasts by studying hard statistics. In March, for example, our sales volumes for Greater Ponsonby were up 17 per cent year on year – that’s compared with sales volumes over Auckland as a whole being down 18 per cent compared with the same time period. Which brings us to the next point. You cannot use the same broad-brush statistics to paint a picture in the ever-popular city fringe suburbs in which we operate as you use for Auckland’s middle and outer suburbs.
Recently released migration figures tell us that net migration was up 16 per cent for the month of February, compared to the same time last year. Digging deeper, these figures tell us that the largest group of immigrants are Kiwis coming home, closely followed by our neighbours from across the Tasman abandoning the ‘lucky country’ for better life in ‘godz own’.
What does that mean for the residential sales in Auckland? Well, the vast majority are looking to make our city their home – it’s where the majority of jobs are, for starters. However, because there’s currently no major money being spent on short-term improvements to our infrastructure, it’s the city fringe suburbs that are clearly more desirable – hence the huge swing in sales volume between us and Auckland as a whole. This fact alone is enough to give us long-term confidence in the strength of the demand for good property in and around central Auckland.