Monthly Market Update | July 2019

Robert Carter – General Manger

Market indicators continue to point towards confidence moving forward. In July North Shore prices remained steady and volumes increased. At Harcourts Cooper & Co, our monthly auction success rate increased to 68% with an average of 2.2 bidders per auction.

The recent reduction to a record low official cash rate has added to the confidence provided by the abolishment of a proposed capital gains tax.

Investors are making their way back into the market along with increased demand from first home buyers.

Whilst we have seen a 13% increase in the number of CCC’s issued this year compared to the prior year, Auckland continues to have a housing shortage as a result of the accumulated shortfall in housing that built up due to many years of under building.

It’s like a game of 2 halves with current listings. Key factors for achieving a successful sale are the marketing & promotion, price expectations & sales method, the presentation of the property and agent & agency representing the owner. When the aforementioned factors are favourably combined, we are typically achieving great results. However, if a property has one or more of these not effectively managed or additional obstacle/s for buyers to overcome it is sometimes resulting in the property taking longer to sell.

With Spring just around the corner, signs are positive for an active market with opportunities for the astute.