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 growingtiredofwaiting,arenowactivelytransacting
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 facedwithhigherpricespost-election
Thecostofmoneyisstillkeepingthemarketincheck,creatingoneofthe most balanced markets we have ever seen Translating this further, we could be entering an ‘opportunity for everyone’ market, where you can sellwellandequallystillbuywell
NorthShoreseesamedianpriceof$1,212,000up0.7%onJune2023.With themediandaystosellalsodownby6daysto39 Salesvolumes
are up 11% to 240 – still well below traditional averages so we are not getting too excitedjustyet.
In summary, it would appear that the recovery is underway The first home buyer marketisveryactive,andofcourse,thatiswhereweseethecyclebegin.
Last Stand at Long Bay
Onthe3rdAugust,ourMilfordBranchManagerKristinaMarmontandmyselfmade ourwaytotheBarfootauctionroomsasweplannedtoassistpurchaserswhowere basedinTaurangatobidviathephoneonapropertyinLongBay 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 andwebattleditout,resultinginourclientsecuringthepropertyandecstaticwith theresult
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 auctionisthelastoneinthearticle. Happyreading!
If you have any questions regarding the market, recent sales in your suburb or wantingtoknowwhatyourhomeislikelytosellfor,Iwouldlovetoassist Please feelfreetocallmeanytime
Untilnexttime,
