The month of June will be remembered for the extreme shortage of new listings. Just 10 properties were placed on the market for sale across the Devonport peninsula in the month, down from 26 in May and compared to the November peak of 32 properties.
This shortage of new stock is facing off against a steady pace of sales; which for the past 3 months showed no change from a year ago with 50 transactions in the 3 months to June. This situation of very low listings and robust sales has depleted the available selection for the active buyers, who are still very much evident in the market. This saw the month open with 49 properties available for sale, and 4 weeks later that number had fallen to just 35.
The median sales price over the past 3 months is down 2%, reflecting the underlying trend of property prices across the wider region which is best described as subdued. The median price of all property sales over the past 3 months was $1,485,000.
Total house sales of 39 in the 3 months to June was up 19%. The median sales price of these houses was $1,750,000 down 4% when compared to the same time a year ago. This fall in the median price is just the 5th time in the past 5 years that house prices have adjusted downwards, however this is consistent with the broader reports for property sale price across the North Shore and Auckland more generally.
The key driver of the market for investment and owner-occupied units in Devonport is the rate of sales. Just 3 sales have been recorded in the 3 months to June down a whopping 65%. The past 12 months has seen just 15 sales of units compares to a total of 43 sales this time last year. The impact of these declining sales has seen the median sales price slip 15% when compared to a year ago falling from $827,500 to the latest 3 months at just $700,000.
Please note however that such low level of sales can significantly effect median prices. The most recent 12 month median sales price of units was $780,000.