As we head into autumn, the Auckland property market continues the stable and steady pace we’ve seen in recent months. Month on month prices have increased, but at a more moderated level and vendors who are realistic about sale prices are achieving good results.
There’s been a definite shift in the pendulum in favour of first home buyers and interest has risen in homes under the $700,000 price mark. On the flip side, investor numbers have decreased over the past year, due to market restrictions and the effects of the new Government.
As we head into the cold months, activity has increased. Sales volumes are up 45% on February’s levels and the days to sell have decreased by a substantial 13 days over the same period. While the median price is up 3% month on month, it is slightly down a couple of percentage points from a year ago.
When you dig deeper into these numbers, you can see this is partly due to the fact that the mix of properties has changed. Compared to March 2017, the under $750,000 price band had 4% more sales this March, while the $750,000 to $2 million band had 5% fewer sales.
The current situation is relatively drama free, without the spikes and highs of previous years, but a stable market with less peaks and troughs isn’t a bad thing at all.
Source: REINZ, March 2018 results
Supporting our communities is a big part of who we are and what we do at Professionals and being able to utilise our skills to help others is just an added bonus. This year, we’re incredibly proud to be supporting The Big Hoot as an Owl Sponsor and Auction Partner.
The Big Hoot is a celebration of owls and artists from all around New Zealand and the world. This public art trail is raising money for the Child Cancer Foundation, helping to support children with cancer and their families. As a partner of the Foundation since 1994, Professionals Real Estate Group has raised $4.6m for this very worthy cause, and we’re excited to be part of this latest initiative.
The flock is made up of 47 giant owls (1.65m) that have been designed by well-known, and up-and-coming artists, plus 60 owlets (90cm), many of which have been designed by Auckland school students.
You may have seen the eye-catching owls in the CBD, in your local parks, public spaces or shopping malls. We have our own Professionals owl located at Manukau’s Southpoint Mall. Created by artist Erika Pearse this owl is inspired by well-known Maori legend Pania of the Reef.
We’re counting down to 29 May, where we’ll auction the giant owls in Auckland, putting each owl through its paces under the hammer.
You can find all of the owls using the trail map within the Big Hoot 2018 app – available from the App Store or Google Play. Hard copy trail maps are also available from select locations. Or visit www.thebighoot.co.nz for more information.