NEWSLETTER | AUGUST 2023
NORTH SHORE MARKET UPDATE
An insight into what is happening in your area. IS THE "FEAR OF OVERPAYING" EXITING THE MARKET? The low stock levels continue to be a factor driving buyers, particularly first-time home buyers who have been hesitant but now seem to be growing tired of waiting, are now actively transacting. Economist Tony Alexander talks about FOOP or "fear of over paying" exiting the market, with buyers and their behaviour suggesting we have left the bottom of the market, and if they don’t engage they could be faced with higher prices post-election. The cost of money is still keeping the market in check, creating one of the most balanced markets we have ever seen. Translating this further, we could be entering an ‘opportunity for everyone’ market, where you can sell well and equally still buy well. North Shore sees a median price of $1,212,000 up 0.7% on June 2023. With the median days to sell also down by 6 days to 39. Sales volumes are up 11% to 240 – still well below traditional averages so we are not getting too excited just yet. In summary, it would appear that the recovery is underway. The first home buyer market is very active, and of course, that is where we see the cycle begin. Last Stand at Long Bay
Carla O'Neil
On the 3rd August, our Milford Branch Manager Kristina Marmont and myself made our way to the Barfoot auction rooms as we planned to assist purchasers who were based in Tauranga to bid via the phone on a property in Long Bay. Unbeknownst to us there was a New Zealand Herald reporter in the room. The journalist summarised how the auction unfolded in his article. It was an incredible auction and we battled it out, resulting in our client securing the property and ecstatic with the result.
Licensed Salesperson REAA 2008
P 0204 120 5961 E carla.oneil@harcourts.co.nz W www.carlaoneil.co.nz
Needless to say there were 7 disappointed bidders in the room and 3 conditional buyers waiting in the wings, hoping the property would pass in. It goes to show that working with the right agent and branch can result in an outstanding outcome. If you'd like to read the New Zealand article, simply scan the QR code below to take you to my LinkTree page where you'll find the link - this particle auction is the last one in the article. Happy reading! If you have any questions regarding the market, recent sales in your suburb or wanting to know what your home is likely to sell for, I would love to assist. Please feel free to call me anytime. Until next time,
Carla