May 2018: Continued demand, matched to tight inventory keeps driving sales price

The Devonport property market enters Winter after what could best be described as an active Autumn. The trend for property sales remains steady with 59 sales concluded in the 3 months to May. Tracked over the past 12 months the total of sales at 202 is exactly the same as May last year. The median sale price is up, reflecting the demand in the market with an 11% rise to $1.75m. This places the local market in line or slightly ahead of the wider Auckland market where sales volumes have started to pick up but where median prices remains fairly static. This reinforces the view that Devonport remains a suburb in demand with a steady pool of active buyers.

Devoport property market in May 2018 analysis.png

The available inventory of properties on the market rose slightly in May to end the month at 49, an increase of 7 properties from April. This was largely the result of a higher level of new listings coming onto the market, 74 new listings in the past 3 months. This is encouraging for those buyers out there, as it offers greater choice, something the market has been lacking for the past few months. However the seasonal trend is to see fewer new listings over the Winter months, so it will be interesting to see how the levels of available inventory levels look as we emerge from the Winter months and hit the Spring market.

 

HOUSE SALES

The median sales price for house sales over the past 3 months topped $1.9m representing a rise of 9% year-on-year. Sales volume for the 3 months totalled 47 which represent a significant increase of 16% when seen as a moving annual total of house sales as compared to the same time last year. A strong rise in new listings added to the available selection across all price ranges resulting in a total of 39 houses for sale at the end of May.

Devonport House median sales price to May 2018.png

UNIT SALES

The market for investment and owner-occupied units remains subdued. The level of activity is sparse with just 7 new listings coming onto the market in the past 3 months and just 5 sales. This time last year there were 17 sales. This slower market is having a consequential impact on the median sales price which remains static for the fourth consecutive month at $780,0000, down 7% on the same period last year. With just 5 units on the market for sale at the end of May heading into the winter months it is not likely that the market will bounce back anytime soon.

Devonport Units median sales price to May 2018.png