JULY 2023 | MARKET UPDATE

Andrew North, filling in for Rob Carter, with the July market update for the North Shore, Rodney and Waitākere markets.

The low stock levels that Rob talked about last month continue to be a factor driving buyers, particularly first-time home buyers who have been hesitant but now seem to be growing tired of waiting… they are now active.

Economist Tony Alexander talks about FOOP or fear of over paying exiting the market, with buyers and their behaviour suggesting we have left the bottom of the market, and if they don’t engage they could be faced with higher prices post-election.

The cost of money is still keeping the market in check, creating one of the most balanced markets I personally have ever seen. Translating this further, I see us entering an ‘opportunity for everyone’ market, where you can sell well and equally still buy well.

North Shore sees a median price of $1,212,000 up a modicum on the prior month. With the median days to sell also down by 6 days to 39. Sales volumes are up 11% to 240 – still well below traditional averages so we are not getting too excited just yet.

Rodney median price is sitting at $1,182,000 up a slight 2.8% on the prior month. However of interest, it took 13 days longer to sell in July up to 66. But the sales volume was up 46.7%…that’s 46.7% of 176 transaction.

Out west in the wonderful Waitākeres the median sale price was up 1% to $900,000. Days to sell taking 10 days longer at 52. But again volume of sales is up 6.9%…let’s call it 7% to 249.

In summary, it would appear that the recovery is underway. The first home buyer market is very active, and of course, that is where we see the cycle begin.

Rob will be back next month with the August data, which if I was a gambling man, would be predicting more of what we have seen in July.