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Kris Cunningham
Sales Consultant

+64 29 767 6801
+64 9 486 8277

Cindy Zhang
Sales Consultant
+64 21 2356 338
Stan Cheung
Sales Consultant
+64 210414905
Rebecca Jones
Executive Assistant
+64 9 486 8282

Dear {{names}},

Happy Labour weekend, I hope you’ve managed to get away with your families, or at the very least get out and enjoy this beautiful weather that we are being blessed with this morning - let’s hope it stays this way all weekend!  I may even have to get the water-toys out for the first post winter blast!

As we approach the final few listing weeks of the year, we can expect to see a surge in new stock hitting the market - we have 6 properties ourselves launching in the next 2-3 weeks, and the office is busy as well.  The big question - will their be demand?  And what will the market look like once the OIA changes come into effect on Monday. More on that below.

In This Week’s Market Wrap
- Monthly Wrap - September Results
- Auction clearance rates
- OIA Changes (Foreign Buyer Ban) starts Labour Day
- Off Market & Coming Soon

Market Performance - September 2018
Volume of Sales - Well actually month to month the volume of sales plummeted as a result of very low listing levels in July.  Year on year though, it was a reduction of 4% on the Shore which isn’t as bad, because we actually saw the same thing happen last year. Although this time last year there was a pretty big thing going on in NZ which was effecting the market, and the country for that matter.  This year - not so much. It will be very interesting to see what sort of demand we have post the holidays and Labour weekend as we close in on the final stretch toward Christmas.

Median Prices - Well, I have to report the same as last month unfortunately. Whilst we did see a resurgence in median prices on the Shore back up to around $980,000, this is still down year on year.  So let’s focus on the positive news, across Auckland prices remained flat and stable, and across the country we are still seeing growth at around 6%.  I still don’t believe there is any arguing that on the Shore prices in some respects have slipped slightly in some areas and price brackets, but the sky certainly isn’t falling.

Days on Market - This actually tightened as a result of lower stock levels, or should I say, lower levels of new stock coming to the market. It cut back to just 38 days in September which is pretty good.  I imagine it will slip out again with all the new stock coming to the market these next few weeks.

Stock Availability - Stock availability is continuing to climb with properties in the mid 1700’s now available on the Shore on realestate.co.nz.  This is comparable to the summer months and to be expected for this time of year.  Again the big question, will we see a resurgence in demand.

Cooper & Co Auctions
Over the past two weeks, Harcourts Cooper & Co have called 70 Auctions, selling 30 under the hammer at a rate of 43%.  Which is a reasonable couple of weeks. We even achieved 65% three weeks ago, which was pretty amazing.

Barfoot & Thopson called 71 Auctions over the past 2 weeks, they sold 14, in total, under the hammer.  That’s a clearance rate of 19%.

The current combined 4 week average of both companies sits around 38% - which isn’t too bad, and is held up off the back of 4 strong weeks in a row from the Harcourts team.

Overseas Investment Act Changes
The new overseas investment regime comes into force this Monday 22nd October.  From this date, overseas people generally won’t be able to buy residential land/property in New Zealand unless they have a residence class visa and intend to live here.  There are some exemptions for Australian & Singaporean people. If you want to know more click here for a good tool that helps determine eligibility.

Every residential land sale will require a ‘Residential Land Statement’ which asks purchasers to confirm their eligibility to buy.  Everyone, including New Zealanders, will need to complete the statement before their conveyancer can complete the transaction.

What does it mean for Buyers Now? Real estate agents now need to check eligibility BEFORE you purchase.  At Harcourts we will be asking you to complete a ‘Purchaser’s Acknowledgement Form’ BEFORE signing a contract, or bidding at Auction.  I’m assuming other brands will be doing something similar.

How will these changes effect the market? I’m just going to re-write what I’ve already said before and let’s see if I have to eat my hat in the coming weeks.

Remember Chinese Buyers have been out of the market for some time, so in comparison to how strong they once were it’s fair to say the market is already operating with relatively normal levels of local interest.  So we can’t see any drastic change being achieved by these changes as they are essentially, too little too late, yet a great topic for the politicians.

The reality is that the day to day business of real estate will continue – and the great news is that these new changes in legislation give great security and surety to our sellers. Will it affect volume and price? Possibly – but in a country where we are consistently short on stock for purchasers and where normality in seasonal selling cycles seems to have returned – life will go on – the market is the market is the market.

And I’m sorry but those young and first home buyers hoping for a correction to increase housing affordability - this just isn’t going to do it.

Coming Soon
We have plenty of new listings in the pipeline and coming soon, be sure to check out our website for current listings, or get in touch about anything detailed below.

Takapuna - A sunny semi-detached townhouse (next week)
Mairangi Bay - A luxury 5 bedroom home of over 400sqm of solid masonry construction, right in the heart of Mairangi Bay village. (2 weeks)
Northcote - A large 5 bedroom family home (2 weeks)
Sunnynook - A nicely renovated 3 bedroom home (2 weeks)
Forrest Hill/Milford - A renovated entry level 3 bedroom home (2 weeks)
Mairangi Bay - A fully renovated one level family home on the flat (3 weeks)
Takapuna - Mixed Use Opportunity, great home or office
Sunnynook - A brand new family home on a freehold site

That’s it from me, if you have any questions as always just give me a call, otherwise enjoy your long weekend and if your away or heading away, please be safe on our roads.

Kind Regards,

 

Kris Cunningham & Team
Residential Marketing Specialists on the Beautiful North Shore
029 767 6801  Licensed REAA 2008

Harcourts Cooper & Co Milford
Licensed Agent REAA 2008

To stay up to date on a daily basis with my new listings and auctions, please like my facebook page at facebook.com/ShoreProperty
We are now also on Instagram!  Check us out here
instagram.com/kriscunningham_realestate/
 

Kris Cunningham, Cindy Zhang & Stan Cheung are all Licensed Sales People under the REAA 2008

 

very difficult to make a call on
 
 
 
 
 
Just Listed!
 
 
 
 
 

We have a couple of fantastic listing with their first open homes this weekend.  10 Rangitoto Terrace in Milford a simply gorgeous family home, and 66 Jutland Rd, Takapuna, a prime development opportunity.  For more information please click the images below.

 
 
 
   
 
 
   
 
 
 
SOLD!
 
 
 
 
 

It was a busy wee run for us in the final weeks before the school holidays, with nearly $12m in property unconditionally sold. We have a selection of those that we sold in the last week below.  As always a huge congratulations to our happy vendors and purchasers!

 
 
 
   
 
 
 
Harbour Hospice Donations
 
 
 
 
 

After a fun and successful night at our Hospice Quiz Night Fundraiser, our 'Front Up For Hospice' fundraising page currently sits at $13,363.41!!  Wow, thank you to all those who have helped make that happen!
We would love to get that across the line of $15,000 so please hit the link below to make a small donation to Hospice Harbour - every little bit counts and amazing charities like this cannot operate without our support. 

Please donate here.

 
 
 
   
 
 
 
Open Homes This Weekend!
 
 
 
 
 

If you are in the market for a great home be sure to get in contact with us to check these out!

11.00 - 11.30am | Sat & Sun | 66 Jutland Rd | Takapuna | VIEW
12.00 - 12.30pm | Sat & Sun | 10 Rangitoto Tce | Milford | VIEW
1.00 - 1.30pm | Sat & Sun | 93 Bayside Dr | Browns Bay | VIEW
2.00 - 2.30pm | Sat & Sun | 41e Chester Ave | Greenhithe | VIEW
10.00 - 2.00pm | Sat & Sun | 110 Kitchener Rd | Showroom open for 110Milford | VIEW
 
By Appointment:
100 Shakespeare Lane | Milford | VIEW

View all our listings at kriscunningham.co.nz/listings

 
 
 
   
 
 
 
Market Snapshot
 
 
 
 
   
 
 
 
Dwellings Sold
 
 
 
 
   
 
 
 
Days On The Market
 
 
 
 
   
 
 
 
Sold Under The Hammer!
 
 
 
 
 

 
 
 
 
Latest Listings!
 
 
 
 
 

Please see below for all of our latest property listings. You can easily find what you are looking for by clicking on your preferred locations on the map below.  Of course if you require further information on any property, or would like to have a look through, please do not hesitate to give me a call.

 
 
 
   
 
 
 
Upcoming Auctions This Weekend
 
 
 
 
   
 
 
 

Disclaimer: The information provided in this email is sourced from third parties and whilst we have endeavored to ensure that all the information provided is true and accurate, we accept no responsibility or liability in respect of any errors contained herein.

 Harcourts Cooper & Co Milford MREINZ | Licensed Agent REAA 2008

 
 
 
   
 
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Harcourts Cooper & Co Milford
128 Kitchener Road, Milford, Auckland 0620
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