Rodney North Market Report
The latest report out of the Real Estate Institute of New Zealand shows that the market is still relatively buoyant although it has either leveled or dropped back slightly in some areas.
Nationally, residential sales numbers for January 2016 were up 4.3 percent on January 2015 figures. North Rodney, for the same comparable months, showed a fall in sales numbers of 26.5 percent in residential sales while the rural/lifestyle section showed no change at all.
In the Maungaturoto area, both residential and lifestyle sales numbers were marginally down from January 2015 to January 2016.
During the period January 2015 to January 2016 there was an 18% rise in the number of sales over $1 million compared to the previous year. Actual figures went from 360 to 423. During this same period 20,065 dwellings sold by auction, representing 22.1% of all sales, an increase of 45% on the previous year.
North Rodney, like the overall Auckland market, has experienced declining sales numbers over the last couple of months, mainly due to an increasing large group of potential sellers who are unable to find suitable new properties. This is a reflection of the very tight listings position in the North Rodney and Auckland region and increasingly tight listings across the rest of the country.
Interestingly, we attended a real estate function in Auckland earlier this week and the buzz around the room was that many agencies are experiencing a flood of new listings coming to the market. It may suggest that many potential sellers are now seeing that this is the time to make the most of the current market. They know, that in time, it will shift and conditions may not be as attractive for them.
What this means is that buyers are now getting more choices and vendors will need to be more competitive to attract those buyers. While we are not seeing this trend in our marketplace at present, sure as night follows day, the effects will ripple out towards us in due course.
In a report prepared by ASB Economist, Kim Mundy recently, it was revealed that fewer people are expecting house price gains to continue which could be the reason potential sellers are now more ready to make a move.
It was also revealed in the latest ASB Housing Confidence Survey that, the majority of respondents expect interest rates to remain unchanged over the next 12 months, so there could be some great conditions aligning to ensure the real estate market continues to perform well over the foreseeable months.
The residential sales for Rodney North were well spread with Warkworth having six sales, Algies Bay, Omaha, Snells Beach and Wellsford having three each and the balance of six spread evenly across the marketplace.
Of the twelve rural/lifestyle sales, Wellsford had the majority with four and the others spread from Ahuroa to Pakiri. Eleven of these properties were less than 5 hectares in size.
It is interesting how attractive to buyers, small towns in the Kaipara District have become over the last year. Towns like Kaiwaka, Maungaturoto and Paparoa have a renewed vibrance about them and even Ruawai has become more popular. This will only increase as the drift out of Auckland continues. Kaiwaka, on State Highway 1 has never seemed so bustling as it is now as you drive into, or through. New businesses have opened up and appear to be well patronized, when one takes the time to stop and observe. It’s really wonderful to see these towns reinventing themselves and prospering.
Number of Residential & Rural Sales 2015 – 2016
Residential Sales for North Rodney – A selection of recent sales
Residential Sales for Kaipara District – A selection of recent sales
Disclaimer: Market statistics based on settled sales recorded with CoreLogic NZ where sales from ALL sources are recorded. In preparing this document we have used our best endeavours to ensure the accuracy of all the information provided. We accept no liability or responsibility for any errors or inaccuracies and recommend that all recipients make their own enquiries to verify any information given.