February 2019 - The market is awash with property for sale

As a buyer, what you most want to find is choice. The property market in Devonport is currently a haven of choice. As we enter autumn there are more properties for sale than we have seen for many years. A record level of 79 properties are currently on the market for sale. That represents a staggering 75% increase compared to this time last year.

A fresh new selection of 71 properties were listed over the 3 months of December, January and February. In the month of February alone there were 40 new property listings.

This rich shopping list of options is certainly attracting buyers, who are noticeably active in the market. Evidenced by the number of people attending open homes, which have been incredibly busy during February. However, all this activity and abundance of stock is not leading to higher sales.


Overall Market Summary

Devonport Property NZ - Feb 2019 summary table of the property market.png

A total of just 38 properties were sold in the 3 months to February. This was down 14% as compared to last year at a median price of $1.43m which was down 10% as compared to last year.
This sluggish pace of the local property market is replicated across the rest of Auckland as the pressure of bank lending restrictions continue to bite and buyers become more cautious. Having said that, the fact is that the right property, well-marketed, continue to sell. In just the past 2 weeks 2 properties sold within the first 7 days on the market. The key to success in this market is the right presentation of the property, matched to a smart marketing campaign and strong negotiation skills of the agent.

Devonport Property NZ Feb 2019 Total property sales and price variance 3MT.png

Houses

Drilling deeper into the latest statistics shows that the somewhat unexpected spike in median house prices in January of $1.82m was as predicted an anomaly. The 3 months to February saw the median sale price of houses return to the December level of $1.6m, representing a 12% fall compared to this time last year.

Devonport Property NZ Feb 2019 House median price 3MT.png

Units

The January report heralded what was seen as a rejuvenation of the market for investment and owner occupied units, this on reflection now seems somewhat premature. That flush of life quickly petered out with sales and prices falling this month.

Devonport Property NZ Feb 2019 Units sales and price variance 3MT.png