Recent Home Living Property Culture The Team
Recent Home Living Property Culture The Team
Property

What A Difference 12 Months Can Make

31-May-2018
Written by Matthew Bourn
A week or even a day in real estate can be a long time. However, winding the clock back 12 months, who would have foreseen the changes we are currently experiencing within the marketplace.

For 3 years the Upper North Shore property market has been starved of properties for sale, which has resulted in property values exponentially increasing, evidenced by a minimum entry level home costing well in excess of $1,000,000 and the average 4 bedroom home nearing the $2,500,000 mark.

Fast forward to the first quarter of 2018 and we are experiencing a softer market. Buyer numbers through inspections have certainly decreased which naturally results in a smaller buyer pool and ultimately less competition. This is evidenced by the recent low auction clearance rates of 64% and days on market increasing to over 30, an increase from the low 20’s 12 months ago.

Looking into the crystal ball our prediction is that we will continue to see a stable market with some small ups and downs along the way. As always, should you ever need any assistance with your property needs, please feel free to call any of our talented team members.

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