Last Tuesday’s blog post featuring the exciting Pump Track at Grey Lynn Park has imagery that could be said to be a great illustration of the current market. Momentum is carrying the market along at the moment over the ups and downs we have experienced in the last 6 months.
New figures released this morning from Core Logic make interesting reading. While national figures show around 8.1% growth in the past year and 1.2% in the last 3 months, the bulk of the increases were seen in areas outside of Auckland. This is in areas such as Whangarei, Tauranga, Nelson and Hawkes Bay.
In some areas of Auckland prices are said to be “stagnant” while small rises (up to 1.2%) are seen in others.
This echoes what we are experiencing in our own market niche in the inner western city fringe. Some properties are achieving strong prices while others are taking longer to sell. Core offerings such as villas always engage emotionally and therefore are more likely to achieve a premium. Rental style properties are more difficult due to investors finding the 40% deposit more difficult. Homes in multi-unit developments are competing in a crowded market, leading to more buyer choice.
Our conversations with home owners continue around the best way to take advantage of the current market conditions. If you would like to chat whether selling, buying or just thinking remember it’s our job to help. One of the things we have enjoyed over the last couple of months is having the time to engage in better conversations within the real estate community.