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06 November 2024

Since the Reserve Bank announced a further reduction of 0.5% in the Official Cash Rate, on 9 October 2024, I seem to be noticing a lot of real estate sales signs with sold stickers on them. I’m not sure whether the market is responding positively to the news of the OCR drop. It’s too early to tell. We will be in a better position to report what’s happening in the market, once the statistics from October are in. But my feeling is that things are looking up for property owners.

The photo below represents that optimism for Aucklanders. Avinash from First Realty took this photo last week when he was out and about. Drop me a line if you liked it. You can reach me at 021703567.

Market sentients in a positive place

As per the latest REINZ 2024 property report, the data shows a 5.4% decrease in the Auckland median sale price, and a 11.8% decrease in the sales count compared to the same period last year. Compared to the previous month, the Median Price is up 2.1%. REINZ reports that market sentiments have moved to a more positive place, which has contributed to a confidence boost for first-home buyers and investors.

To view the full REINZ report, click here.

Auckland median sale price movement over last 5 years

Graph is based on statistical data published by REINZ.

Property Investor Insights September 2024

Economist Tony Alexander shares his insights in his latest Property Investor report, which compiles the response he has received from 348 property investors. The results show the following:

1. A record net 22% of investors have said that it is difficult to find good tenants. A year ago, a net 24% said it was easy.

2. Very few investors thinking about purchasing a property are considering developing a project themselves.

3. Plans for raising rents continue to decline.

4. Bank credit is however perceived as becoming more readily available.

You can read the full report here.

For Rent

237 Sturges Road, Henderson, Waitakere City, Auckland 0612

$650 Per Week

 3 Beds, 2 Bath

18 September 2024

FOR SALE

30C Godley Road, Green Bay, Waitakere City, Auckland 0604

Price By Negotiation

4 Beds | 3 Baths | 1 Car

Green Bay offers a peaceful, family friendly atmosphere with access to beautiful parks like Craigavon and Green Bay Beach. The suburb has excellent schools, local shops and a strong sense of community. Its proximity to both nature and Central Auckland makes it a desirable place to live in Auckland.

Near new family home perfect for growing or extended families. Two levels with lower level consisting of open plan living, dinning and kitchen which features stone bench tops, stainless-steel appliances, and gas cooking. There is also a double bedroom and a full bathroom on this lower level.

On the upper level is a master bedroom with ensuite and walk-in wardrobe plus another two bedrooms, plus a study and a full family bathroom. The study is big enough to be used as a bedroom. Other features include double glazing, heat pump, laminated flooring, quality carpets and tiled bathrooms. Internal access garage with laundry and bonus single phase car charger for EV. Easy-care section.

Digital door lock, doorbell camera with intercom and security alarm.

Two-minute walk to Green Bay Village, and zoned for Green Bay Primary and Green Bay High.

Interested? Contact Mohijit at 021 703 567 for more details.

OCR Affects Market Sentiments

As per the latest REINZ 2024 property report, the data shows a 4% decrease in the Auckland median sale price, and a 6.8% decrease in the sales count compared to the same period last year. Compared to the previous month, the Median Price is up 1.1%. There are no numbers or facts to back this up, but the REINZ reports that the change in the OCR has caused a rise in general confidence among buyers. The sizeable number of properties available for purchase is also contributing to that confidence among buyers.

To view the full REINZ report, click here.

Auckland median sale price movement over last 5 years

Graph is based on statistical data published by REINZ.

Property Investor Insights August 2024

Economist Tony Alexander shares his insight in his latest Property Investor report. The results show the following:

1. Respondents report that banks are becoming more willing to advance funds.

2. Worries are growing about the falling away of net migration flows.

3. A record net proportion of landlords now say they are finding it difficult to secure good tenants.

4. 21% of the respondents are looking at buying an investment property in the next 12 months.

You can read the full report here.

For Rent

3 Falkirk Street, Blockhouse Bay	41 Renata Crescent, Te Atatu Peninsula
$685 Per Week	$690 Per Week
3 Beds, 1 Bath, 1 Car park	3 Beds, 2 Baths, 1 Car park