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Monthly Update | March ’22

By Hannah Williams

Average NZ house prices have risen by 163% since ten years ago. Auckland prices are up 167% – a powerful insight often lost in the noise of media negativity over recent months.

We continue to make the point – a helicopter view of real estate matters. Not just for those who purchased in the heat of last year’s activity who may feel they overpaid, but also for those looking to sell now who may think they missed it. Kiwis are blessed with one of the most dynamic real estate markets in the world – one that rewards time and consistency.

We are encouraged by recent results in our auction rooms with clearance rates that continue to outperform our competitors by a significant margin. For example, earlier in the month an Otahuhu property attracted a jaw-dropping 196 bids before the hammer came down.

This week, 55 bids produced an amazing $1,676,000 result for the elated owners of 23 Wyllie Road in Papatoetoe. Congratulations also to their marketing agent, Shane Hodgson, for achieving 27% above the new CV level. Quality properties continue to attract keen buyers and competition is where the magic happens.

On the topic of CV’s (Council Valuations), the updated valuations were released this month after several delays due to the Covid lockdowns.

The new values are based on the most likely selling price if the property had sold on 1 June last year. Meaning if we use the aforementioned Wyllie Road as an example, you can see how market value has shifted since then. To that point, if you want to know how your new CV compares to current market value, any one of our agents are ready and willing to help (Call free 0800 040 600).

A proud moment this month for the AT Realty Group which comprises Ray White Manukau, Manurewa, Mangere and Mangere Bridge. Awarded #1 Business Growth and #1 Auction Business across the international brand, together with a host of homegrown Elite and Premier agents, it is a testament to the incredibly hard work of our entire team and their desire to serve with care and excellence.

For owners thinking about selling, take advantage of the Autumn season before winter kicks in. Also, there are initial indications of renewed buyer confidence after the government announced a range of tweaks to the cumbersome CCCFA, which was a key factor in the downturn. A needful and timely development indeed.

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