At Ray White Damerell Group we will finish the year merry and bright, as the market continues to race along and build even more momentum going into 2020. This latest upturn was highlighted by some great results in Greater Ponsonby in particular, where house prices skyrocketed in November, up 16% on October and 29% up on last year, to an all time high, with a good spread of sales prices.
This upward trend continued through to the Eden Quarter, which has played catch up in the past quarter and spiked last month with sales numbers up a massive 71% on October, bringing with it a healthy increase in the median sale price.
As we travel through to the Western Fringe and out into the corridor to Titirangi, we see a mixed bag of activity with all the sales numbers increased – special mention to Green Bay where there was a 74% rise in sales numbers – and most enjoying a conservative steady rise in their medians. It would be fair to say that many of these areas have tracked consistently throughout the year, fuelled mainly by first-home buyers who are actively looking for properties under or circa the $1m mark – an attractive price point that gets them a decent sized house and some land, located close to a transport hub for easy access into town.
The lower North Shore remains consistent with very little variance on last month or last year, and a good spread of sales in the $600k to $1m range. As we have previously mentioned, there is still loads of opportunity in this area for first-home buyers and investors. This was clearly demonstrated recently with an auction brought forward for Coroglen Road, where there were 18 bidders registered and a fabulous result was achieved for the vendors.
Out to the Gulf Islands we now swim, to a seasonal lift in sales numbers – up 58% in November, month-on-month. With an average sales price remaining around the $1m mark, there are still great opportunities to be had out there for that Island lifestyle or getaway. Keep an eye out for some new listings in the New Year.
Days on market have now fallen to 28 for properties marketed by auction, which represents 64% of all our sales, with an 84% clearance year-to-date and an average of 3 bidders per property from Dec 2018 to November 2019. These are a stunning set of statistics by comparison to the general market in Auckland.
According to the latest One Roof Property Report, first-home buyers are still the biggest buying group in Auckland, representing just over 28% of new mortgage registrations in the last quarter. Investors account for 14.5% percent of the current Auckland market, and although that figure is well below the levels seen during the boom, they have increased their share in the last quarter, which aligns with anecdotal evidence that they are re-entering the market in certain locations on the back of interest rate drops. ‘Movers’ continue to represent a significantly smaller section of the market than they did during the boom years, accounting for just fewer than 10% of mortgage registrations.
The big question is what will 2020 bring?
Well, it already has a great vibe to it and generally, everyone is very positive that the year will kick off to a fabulous start. We are still working hard to clear our Christmas stock and filling the stocking with a great selection of new homes for 2020. It’s going to be an early start back in the first week of January for us – full on, with the foot flat to the metal.
If you are thinking of selling in 2020, we would love to speak with you. Our experienced and successful sales team are always here to assist and support you through the sales process, with an emphasis on providing exceptional service and marketing to ensure we all get the very best result. Our first Auction will be 29th January at the Sapphire room in Ponsonby Central. Please feel free to come along and see our team at work on the auction floor.
Finally, a very special thanks to all our valued clients and customers for working with us in 2019. We wish everyone a very Merry Christmas, enjoy your holidays and keep safe.
We look forward to updating you in January with our 2020 Monthly Market Wrap.