We finish 2020 on a ho-ho-ho-high note for most suburbs we work in. The activity has been fast and furious across the market for months now – from the long lines of potential buyers at our open homes to an extraordinary number of bidders registering for auction on properties, plus some pretty impressive bidding strategies, with a marked difference in those who have recently missed out on property and those who have just entered the fray.
Auctions have unanimously led the way, comprising 73 percent of listings by sales method in November, with an 83.9 percent clearance on the floor. The average number of registered bidders per property approached five, and auctioned properties are selling twice as fast as properties offered by the set date of sale. Incredible stuff.
Outside of the auction arena there has been a surge of multiple offer rounds, with the offers often being a big distance apart, seldom similar, depending on the buyers’ needs.
First-home buyers are still driving the market, with many gaining assistance from the bank of mum and dad to go that extra distance and boost their buying ability. There is no slow down for these buyers – they are fiercely determined to secure their own home.
Greater Ponsonby has gained incredible momentum compared to last year. Sales numbers are way up, along with the medium value hovering at around 30 percent for month on month and year on year – a not entirely surprising statistic for this desirable central city area that delivers something for everyone, with a range of values predominately in the $1.5m to over $3m.
Ray White Ponsonby is very well positioned in this market – especially since its acquisition of rival real estate business Custom Residential last month, which now gives us much greater market presence and more opportunities for our local buyers.
Other highlights in the marketplace have occurred on the City’s doorstep, in the Eden Quarter, and in particular Mt Eden, with a demand for the double-Grammar zone and some fabulous large family character homes. The number of sales in these areas continues to increase year on year and the medium value remains steady. We have enjoyed good market share here for many months now, especially in the high-value, top-end of the market.
At the other end of the market, city-centre apartments are a great alternative to start out the home ownership journey, and the number of sales in this sector continues to rise month on month and year on year – yet the medium remains affordable.
There are also still many affordable suburbs as we move west to Green Bay and Titirangi, where we have a buying range of late $800,000's to around $1m acquiring an enviable lifestyle close to the beaches, with good size sections and easy access to transport.
Across on the North Shore, prices have jumped almost a quarter (24%) in the last 12 months. Sales volumes have been huge, with only 13% percent of the recorded transactions falling under $800,000. Consequently first-time buyers on this side of the harbour are now routinely paying between $800,000 and $1m for their first home.
From every one of us at Ray White Damerell Group, we wish you a very Merry Christmas and Happy New Year. Thank you all for being on the journey with us during 2020. We have enjoyed working with you to provide you with meaningful facts and information to support you in your thinking around your real estate considerations and decisions.
We will be on call over the festive break, so please do not hesitate to call if you have any real estate questions or requirements.