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20 March 2018

February Market Wrap

The market is giving us a strong message… that it’s no longer enough to simply list a property, then sit back and expect it to sell with a great result.


share

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

What a great time to be making real estate decisions. With values now stable after the longest and largest growth spurt in our history, vendors can now choose to go to the market when their own personal circumstances dictate, without panicking that the market will move away from them if they don’t quickly find another property to purchase. Interestingly, this has translated into a slight increase in sales, both month on month and year on year.

Monthly Sales

Median sale price in February 2018

$1,510,000

31% last month
0% same time as
last year

Approximately 50% of sales are within $500,000 either side of the median price of $1.51m. This said, however, we have seen a number of homes selling for $5m within the Ponsonby, Grey Lynn, Freeman’s Bay area. Interestingly, it’s been 20 years since the first $1m sale occurred in Ponsonby. Will the introduction of elements of the Unitary Plan, partially geared towards re-introducing ‘affordability’ into the market achieve a plateauing of prices, or will we see house prices exceeding $25m in another 20 years?

Monthly Trend

Price Bracket Breakdown

Average days to sell

March 2017 to February 2018

Month on month we witness the vast difference between the short and effective marketing campaigns offered by auctions – typically three weeks – versus the much longer and less direct sales cycle delivered the other two methods of sale. At Ray White Damerell Group we are fully committed and have vast experience in this highly successful method of marketing and selling houses.

22 AUCTION
25 SET DATE OF SALE
46 SALE BY NEGOTIATION

Monthly Trend

Auction sales
Set date of sale
Sale by negotiation

Our auction success rate

March 2017 to February 2018

Although fewer auctions are selling ‘under the hammer’, there are individual sales people whose skillsets are such that their personal results continue at near perfect levels. Our sales teams develop complex strategies around managing the auction process – with each strategy tailored to the unique circumstance surrounding every home we sell. These teams are achieving an increased number of pre-auction sales and, if properties are not sold under the hammer, the correct strategy normally achieves a sale very soon after the auction.

Passed in 29%
Sold 68%
Sold prior 4%
2 Average number of
registered bidders

Our listings by sale method

February 2018

This is a market in which a skilled team will achieve the best results when using the auction process to sell a property. Our highly experienced teams of salespeople and marketers have a clear understanding of the benefits of auctions, and spend a huge amount of their time ensuring we are at the forefront of the industry. It’s not surprising, therefore, that Ray White Damerell Group’s success rates at auctions are some of the best in the industry. And as long as our achievements show the benefits of auctions, the majority of prudent and informed sellers will continue to choose this method to market their homes.

52% AUCTION
13% SET DATE OF SALE
35% SALE BY NEGOTIATION

Monthly Trend

Auction listings
Set date of sale
Sale by negotiation

Suburb Overview

February 2018

This map gives you an overview of total sales and median price across the Greater Ponsonby area. Hover over the yellow dots for the statistics on each suburb.

The Rental Market

With thousands of Uni students descending on Auckland looking for digs, Greater Ponsonby is a prime target because of its proximity to the CBD and public transport, the allure of the night life, plus there’s an ideal stock of housing – large four-bedroom villas, which are great for sharers. Add to that all the maintenance work our team is currently carrying out in preparation for winter – there’s a reason why they call it Mad March!