NEWSLETTER | MARCH 2023
NORTH SHORE MARKET UPDATE
An insight into what is happening in your area. ACTIVITY REMAINS SLOW IN THE MARKET The Real Estate Institute of New Zealand’s (REINZ) February 2023 figures show a lesser rate of decline in annual median prices and sales counts, with stock levels returning to normal levels. The prevailing economic headwinds already facing the property market were further hampered by the Auckland floods and then a week later Cyclone Gabrielle along with Auckland Anniversary and Waitangi weekend. It is fair to say it was a disrupted & bumpy start to the month. There is no shortage of headlines to tell you that prices have declined - across Auckland that decline is 15% year on year. It should be noted that whilst there are definite year on year price declines the pace of decline has slowed decidedly and in fact data for our 3 core markets showing month on month price increases in February. Given the disruptions associated with February’s trading and the low volumes it is too early to make conclusive assumptions, but is fair to question if this could be an early indication that prices have bottomed out? Another distinct change is the time it is taking to sell a property now sitting around 60 days – time frames we haven’t seen since the Global Financial Crisis. Hence for those looking to sell it is vital to make your property stand out. With more choice available for buyers’, presentation & promotion become more important along with realistic price expectations. The median price for the North Shore for February was $1,230,000 - an 11.5% decrease, whereas the median price was $1,390,000 the same time last year. There does remain strong demand for good properties. We have daily stories of properties with multiple offers, several this week with over 5 offers presented. Along with some fantastic success stories in the auction room. For the month of February, Harcourts Cooper & Co conducted 49 auctions of which 19 sold prior or on auction day, 11 sold within 14 days post auction and 3 currently under offer.
Carla O'Neil Licensed Salesperson REAA 2008
P 0204 120 5961 E carla.oneil@harcourts.co.nz W www.carlaoneil.co.nz
Next month we will release the quarterly results for the area. As always, I am here to help. Please reach of if you have any questions relating to the market, recent sales in your suburb or if you're wanting to know what your home is likely to sell for, I would love to assist. Until next time, keep smiling!
Carla