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Trending downwards

Victoria Day – Ray White Pukekohe

Despite a diverse city of property types, locations and prices, the relative weakness across Auckland was evident everywhere in October, with values falling across the board, from -1.3% in both the North Shore (average value $1.52 million) and Franklin ($980,000) to -2.2% in Papakura ($1 million).

On the longer term annual measure, the smaller outer areas of Rodney, Papakura and Franklin have held up better, with average values in these areas remaining above the same time last year. Something that can’t be said for the more populous areas closer to the central city.

On 5 October the RBNZ considered a 75-basis point OCR lift and it will almost certainly not only consider it this month but likely settle for it, especially following the recent inflation figure and assuming another strong labour market result on Wednesday.

Mick Goodall from Corelogic stated this week that “Perhaps of most interest when the Monetary Policy Committee next meet, and publish their OCR decision on November 23, will be their forward guidance. Not only for the OCR, but also for GDP, the unemployment rate and house prices too”

“All banks have revised their house price forecasts down in the wake of the latest data and if we assume an -18% fall from peak-to-trough, that will take the average price to $855,000, still a lot higher than March 2020. The average value prior to the pandemic hitting our shores in Feb 2020 was $723,000. To get back to that value would necessitate a -31% fall – not something anyone is forecasting, yet.” Days on the market reflect the ongoing trend of people wanting to make an offer before selling and adding to the uncertainty so an increase of 10 days year on year has resulted taking the average out to 44 days.

There are more listings available at the end of October at 26577 in comparison to the same period last year where houses available for sale sat at 15217. This means buyers have more choice and they are preferring to take their time to make the purchasing decisions. Th number of houses sold in October 2022 was 4892 down from 7486 – a 34.7% drop on October 2021 but also down 4.3% from the previous month.

On a more upbeat note - We have seen a lift in enquiries and a noticeable increase from first time home buyers which is great to see.

Thinking of buying or selling in the current market then ask someone who has the finger on the pulse of the local market please give Victoria a call she is the key to your next adventure.

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elocal Digital Edition – December 2022 (#260)

elocal Digital Edition
December 2022 (#260)

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