Drew's News

You’re reading the first issue of Drew’s News for 2019. And this Summer is turning out to be a cracker!  

Personally, I have found this year is off to a great start, with happy vendors from sales made already and many new listings. No doubt the new listings are because we are moving into the busy time of the year for Real Estate sales and vendors like to take advantage of that.

Slight dips. Longer sales.

We have read from various reports that the market in 2019 is likely to be similar to 2018. This was basically, for Auckland at least, a case of prices holding with slight dips, houses taking a little longer to sell and more choice for buyers. 

There are however the potential for some clouds on the horizon. What effect these will have going forward will be interesting to see. One thing we can say is that I will give you the news from the coal face along the way. 

What’s going on behind the scenes?

A good overview of these potential clouds was articulated by One Roof Editor Owen Vaughan, where he said “Auckland’s property market barely shifted in 2018, but behind the scenes there was a lot going on that could have an impact on future values: a foreign buyer ban, changes to the bright-line test, KiwiBuild, and lots of talk about a capital gains tax and property market crashes (in Australia).”

“But you wouldn’t see that in the figures. The dramatic surges that typified the city’s market during the boom years have given way to softer conditions, characterised by plateauing levels of house price inflation and subdued activity. Values in most of the major metros have stabilised, but growth is still strong in smaller regional markets. The question is: how long will that growth last?”

Even spread. Zero growth.

Core Logic’s most recent report stated it this way, “Both the quarterly and annual growth rates for average Auckland property values continue to fluctuate around zero, as they did for pretty much all of 2018. The spread across Auckland on a 12-month comparison is reasonably even, with growth ranging in a tight band from -1.1% on the North Shore to 1.2% in Manukau.

So that’s all to report for my first newsletter for 2019. If you know someone thinking of selling then please let me know, and remember, advice is free and mistakes costly.

Kind Regards,

Drew Miller

The Realist Agent - Your Hot Source for property on The Shore