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Demand Exceeds Supply in the Auckland Apartment Market

By Daniel Horrobin

March saw a significant lift in the number of sales for our Ray White City Apartments business when compared to the same period last year. However, we must not overlook the prevailing circumstances we were faced during the same period in 2020.

That said, sales volume outperformed the number of new listings coming to the market during March, favoring our sellers as demand and competition remained strong. 

This demand ran over to our auction room also, which delivered an action packed success rate of 74%, with a number of auctions being brought forward as buyers moved quickly in an attempt to beat the competition. 

Among the buyer flurry, we experienced a good mix of enquiry for higher yielding investment apartments, including a lift in demand for lower priced, double digit returning leasehold apartments, a result of investors seeking high yields with little investment exposure.

The ever increasing First Home Buyer sector continues to grow for apartments as low rise, low risk affordable apartments offer some of the best value for money for those looking to get on the property ladder. This is an exciting move within the apartment market as we start to see first home buyer communities form within apartment buildings and local areas.

Rental demand remains buoyant and while we have seen some owners shift their rental price expectation slightly to attract quality tenants, local demand remains encouraging.

Whether you’re considering buying, selling, renting or looking for a safe pair of hands to manage your apartment for you, contact our team at Ray White City Apartment today for a chat. 

Competition Creators // Auction Wrap – 6rh April 2021

While the media speculation tries to alter our current basis, Ray White’s auction success continues to support sellers with an 82% clearance rate for Ray White NZ.

We reflect on what a week it has been among the Government announcements and what this means for our property market.

We remain strong with our auctions as numbers continue to increase with 257 auctions scheduled last week. Our data reflecting that sellers who choose to take advantage of the auction method of sale on average are seeing an increase on their sales price of nine per cent than their highest offer and this is also reflected in our auction day clearance rate.

The depth of our buyer pool remains strong with average active bidders on the increase to 2.6 while we see buyers still taking advantage of competitive interest rates. Transparency in the auction method allows buyers to bid and buy with confidence while identifying real time competition.

Ben East | Ray White NZ Auctioneer

Check out the full auction report here: http://tinyurl.com/yfg5n8bu

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