Understanding the ‘neighbourhood’ market trends (i.e. at a micro-market level) is more useful to anyone trying to buy and sell in these suburbs than the national/regional statistics.
Bucking the trend are the Eastern Suburbs! Median prices on the whole for Orakei, Mission Bay, Kohimarama, St Heliers, Glendowie, Remuera, Meadowbank, St Johns, Stonefields and Wai-O-Taiki Bay have increased 3.4% as compared to last month and almost 30% as compared to same time last year. I note, however, that the 30% increase in median price is very likely due to a larger proportion of lower-priced stock sold last year during this time. Regardless, the resilience and desirability of the Eastern Suburbs’ property market (as I have continually pointed out), as compared to the rest of Auckland, are not in doubt.
Median days to sell has followed the trend across the wider Auckland region in that properties are getting sold faster as compared to August last month but still taking a while longer as compared to same time last year. This is probably because sellers are now in tune with the market and do understand that sometimes it takes a while to find the right buyer. And as I point out below, the right buyers will come if the marketing is done right.
Open home numbers in the Eastern Suburbs are slightly down in the past few weeks as compared to earlier months but that is likely due to families going away during the school holidays.