NEWSLETTER | JUNE 2023
NORTH SHORE MARKET UPDATE
An insight into what is happening in your area. MARKET GAINING STRENGTH Recent weeks have seen a consistent flow of commentary acknowledging the market is gaining strength. Taking a closer look at prices the North Shore median sale price declined significantly from July 2022 to March this year, over 18% down. Since March prices have stabilised with marginal change over the past 3 months. There is a surge in activity from determined buyers, particularly notable at auctions. This is supported by easing lending criteria and amplified with the current restricted levels of available listings. This stabilisation of prices, along with increasing auction success rates and the reserve banks assertion that the OCR has now peaked are all assisting in providing reassurance for kiwi’s (and a growing number of migrants) to have confidence in the market moving forward. As confidence rebuilds the market will continue to navigate some headwinds provided by traditional Winter trading volumes and the upcoming election in October.
As we move past the shortest day of the year, it is glaringly apparent that brighter days are ahead for the property market. According to the latest data, property listings across the country experienced a significant decline last month, reaching the lowest level for the month of March in 16 years. There are currently 1,165 properties for sale on the North Shore, which is down 61 from 1,226 to recent weeks, with the number decreasing each week. What does this mean for buyers and sellers? Read my latest blog by scanning the QR code below.
Carla O'Neil
Licensed Salesperson REAA 2008
P 0204 120 5961 E carla.oneil@harcourts.co.nz W www.carlaoneil.co.nz
If you are interested to know what your property might sell for in the current market, please do reach out and I can prepare a comparative market appraisal for you. I am currently running a promotion, all appraisals done in June and July go into the draw to win a restaurant voucher - details on the next page. Please reach out if you have any questions, I would love to assist. Until next time, keep smiling!
Carla