Barfoot & Thompson | Northcote

NORTHCOTE MARKET REPORT March 2020

barfoot.co.nz/northcote

Welcome to our SOLD – Northcote Market Report magazine for March 2020 Our magazine contains the latest available information regarding property sales in the local area along with details of market trends, stats and tips.

Aucklanders continue to have an almost insatiable appetite for property market intelligence, so each month we will share details of the trends in your area. This is just part of our commitment to continue delivering you the highest level of service.

We’ve been locals for decades so we know the area well. Our goal is to apply this knowledge for you so you’re able to make the most of the opportunity that today’s and tomorrow’s market presents.

Please do not hesitate to contact any of our sales team if you would like more information, we would be delighted to help you with your real estate needs.

Thank you and all the best for the coming month.

Steve Walsh and the Northcote team

Northcote branch P 09 480 8179 Northcote Shopping Centre E northcote@barfoot.co.nz Northcote, Auckland 0627 barfoot.co.nz/northcote

LATEST NEWS Exceptional Sales Numbers Have Limited Impact on Auckland Property Prices

Peter Thompson Director

The Auckland property market burst into activity in February, but not at the expense of stable prices.

and any signs that the virus might have on market activity is unlikely to appear before April’s trading results.

“Sales numbers in the month at 804 were exceptional and the highest in the month of February for five years but the prices at which properties changed hands were in line with where the market has been for the past few years,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“The average price for the month at $920,553 was down 3.3 percent on that for January but only 0.2 percent higher than the average price in February last year.

“Both the average and median prices declined markedly from the level they have been at over the past three months but were in line with those being paid at this time last year.

“The median price at $820,000 was down 7.3 percent on that for January and 2.4 percent higher than last February’s.

“Stable prices were a major factor in why so many sales were made in the month.

“Another factor contributing to the high number of sales was the excellent level of new listings that came to market.

At 1,640 this was a 50 percent increase on the average number for the previous three months.

“The prices buyers were prepared to pay met vendors expectations, and our clearance rate of properties at auction, and by direct negotiation, were close to the numbers we were selling at the height of the 1990s property cycle.

“At month’s end we had 3,670 properties on our books. This is a modest increase on where we have been at for the previous three months but still 990 properties down on where we were at this time last year.

“Another factor contributing to the average and median prices remaining stable was the growing influence of apartment sales. In February sales of properties for under $500,000 represented 16 percent of all sales.

In January sales of under $500,000 properties accounted for 4.7 percent of sales.

“Properties in the $1 million and $2 million plus price categories in February were significantly ahead of where they were last February and accounted for 30.8 percent of sales.

“There is every indication that the excellent start the market has made to the year will flow into March, which traditionally is the best sales month in the first half of the year.

“There are no early signs that the spread of the coronavirus is having an impact on property sales but this is expected, as property sales tend to take place over a 30 to 60 day period,

“The rural and lifestyle property markets also experienced excellent trading results in February with sales being double what they were in February last year.

“To the south of Auckland and around Pukekohe, there was strong competition for lifestyle properties in the $1 million plus price category.

To the north of Auckland, lifestyle listings around the Albany, Coatesville and Riverhead areas are low, and record numbers of people are being attracted to view new listings.”

Sales data

Northcote, Northcote Point & Hillcrest

February 2020

Average sale price:

$1,134,752

Highest sale price:

Median sale price:

Lowest sale price:

Median CV:

$2,050,000 $677,500

Total sales February 2020: 27 Total sales February 2019: 16 Total monthly sales are up 68.8% compared to the same period last year.

$1,100,000 $1,125,000

Sales $0-$750K: 5 Sales $750K-$1M: 7

Sales $1-$2M: 14

Sales $2M-$3M: 1 Sales $3M+: 0

Talk to us about Barfoot & Thompson’s number of days on the market for our different sale methods.

We DO make a difference.

This publication shows data regarding a wide selection of published residential property sales that have recently occurred. It includes information from multiple sources and published reports of sales made by most Real Estate agencies and may include private sales. Where data is not publicly available, an individual sale may have been excluded from the average results and tallies shown in this report. Every reasonable effort has been made to ensure the accuracy of the information. Barfoot and Thompson Limited (REA2008) accepts no responsibility should the contents of this market report prove to be incomplete or incorrect.

Market share and figures Overall market share

Barfoot & Thompson

Over the last 12 months, Barfoot & Thompson sold more property in our area than any competitor.

38.6%

For the period from 1st March 2019 to 29th February 2020, we sold 38.6% of all properties in the area – that’s more than 1400 sales made by Barfoot & Thompson!

Market leaders We sell across all price brackets and types of property.

Here’s proof why people continue to list and sell with Barfoot & Thompson.

Market share $0-750k

Market share $750k-1M

Market share $1-2M

Barfoot & Thompson

Barfoot & Thompson

Barfoot & Thompson

40.2%

39.4%

40.1%

Market share $2-3M

Market share $3+

Barfoot & Thompson

Barfoot & Thompson

24.6%

18%

Figures shown on this page include information from multiple sources and published reports of sales made by most Real Estate agencies and may include private sales. The area shown includes suburbs in the Auckland North Shore region (excluding Coatesville). Totals are cumulative, baselined on the 13th of each month for the available results made in the previous calendar month. Every reasonable effort has been made to ensure the accuracy of the information. Barfoot and Thompson Limited (REA2008) accepts no responsibility should the contents of this market report prove to be incomplete or incorrect.

Number of sales 1st December 2019 to 29th February 2020 compared to same period last year.

38

Beach Haven

51

22

Birkdale

38

38 39

Birkenhead

7

Chatswood

5

28

Hillcr est

34

20

Northcote

30

8

Northcote Point

12 0

10 Same Period Last Year

20

30

40

60

50

Last 3 months

Same period last year

Last 3 months

13.2% of properties in the Northcote area sold for $1.5 million or more over the last 3 months Number of sales over $1.5 million: 10 of 76 (Northcote, Northcote Point & Hillcrest, last 3 months)

Average sale price 1st December 2019 to 29th February 2020 compared to same period last year. $872,153

Beach Haven

$898,402

$836,845 $791,003

Birkdale

$1,052,262 $1,148,122

Birkenhead

$1,237,857 $1,337,700

Chatswood

$986,246 $1,004,735

Hillcr est

$1,071,750 $995,810

Northcote

$1,577,875 $1,657,083

Northcote Point $0

$200,000 Same Period Last Year

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

$1,800,000

Last 3 months

Same period last year

Last 3 months

Figures shown on this page include information from multiple sources and published reports of sales made by most Real Estate agencies and may include private sales.

The local area shown includes: Beach Haven, Birkdale, Birkenhead, Chatswood, Hillcrest, Northcote and Northcote Point. Totals are cumulative, baselined on the 13th of each month for the available results made in the previous calendar month.

TIME TO SELL! OFFERS & NEGOTIATION TOP TIPS Why working with Barfoot & Thompson can help sell your home.

In our recent editions we have discussed the steps involved in selling your home from getting ready to sell right through to the ins and outs of Open Homes. This month, we explore what to expect when the time has come to look at offers...

Remember we have more information and a range of videos to help you make the very best choices on our website, barfoot.co.nz barfoot.co.nz/sell/selling-guide

Now it gets exciting!

Your home has been noticed and buyers want to proceed with an offer.

As we all know: where there are offers, often negotiation is involved!

How an offer is made, along with the particular terms and conditions on which a sale depends, will be determined to some extent by the method of sale you have chosen. In every case, your Barfoot & Thompson Salesperson will be there at every step to guide and assist you - and liaise between you and the buyer.

Auction When selling by auction you will have set terms and conditions of sale together with our auction department and your solicitor. This is recorded in an agreement that will be sent to interested parties during the marketing campaign so they are fully informed before auction day.

Sometimes, an acceptable offer is made before auction day, which may lead to the auction being brought forward, this is referred to as a pre-auction offer. In this scenario, the acceptable offer serves as the opening bid, while other interested parties are given the opportunity to bid upward from there.

During the weeks leading up to the auction, a buyer might ask for a variation on your terms and conditions. For example, a party may ask you to agree to a different possession date, should they be the highest bidder on the day.

This is formally documented and signed off by both parties well before the auction; and the decision to agree or not is always yours.

For detailed information about all of the steps and what to expect on Auction day head to our website – we have dedicated pages for both buyers and sellers including videos from our salespeople and top auctioneers.

What can I expect on auction day?

Sellers guide to auctions barfoot.co.nz/sell/selling-methods/ guide-to-auctions

Buyers guide to auctions barfoot.co.nz/buy/ways-to-buy/ auctions Watch: youtu.be/Vh_Y3RukE6s

Tender If you have decided to sell by tender, your salesperson will present you with offers at the set day and time the tender closes. The terms and conditions in the agreement as well as the offered price will help determine which offer you would like to accept or whether you would like to negotiate further.

Once the property has sold under the hammer, you and the purchaser are asked to sign the contract documenting the sale, which will then be distributed to your and their solicitor for processing. Arrangements for a deposit are made (usually by cheque or by bank transfer the same day), and the remainder of the purchase price is due on settlement day. Should the property not sell at auction, then there is room for conditional buyers to enter the arena and an agreement can be negotiated.

Negotiation

Offers are private and confidential - they are for your consideration, for which you are allowed to allocate a time frame of five working days. The terms and conditions in the agreement, as well as the offered price will be determining factors in your decision which offer you would like to accept or negotiate further.

Once an offer is accepted, you will sign it and the agreement will be distributed to the solicitors for processing. If the agreement is contingent on conditions, then the purchaser has a number of working days specified to satisfy these. When these conditions complete, the agreement becomes unconditional and the property is sold. During this period your sales person as well as your solicitor will be working together with the buying party to facilitate the sale at every step.

If you have decided to sell by negotiation offers can be presented at any point. As with auctions and tenders, offers are presented in writing on a sale and purchase agreement.

You will look at the terms and conditions in the agreement, as well as the price in order to determine whether you would like to accept or negotiate further via a counter offer.

Once the offer is accepted, you sign a final document and the agreement will be distributed to the solicitors. If the agreement is contingent on conditions, then the purchaser has a number of working days specified to satisfy these and the agreement becomes unconditional once this completes - meaning your property has sold!

Sometimes an unconditional offer is made where the only aspect left to negotiate is price. This is called a ‘cash unconditional’ offer and once both parties agree on the price, the property is sold.

more info: Remember we have a wide range of information for buyers and sellers including many videos and step by step guides. Head to our website for more or contact one of our team directly. We’re happy to help. barfoot.co.nz

RECENT SALES The following pages show a summary of sales in Northcote, Northcote Point & Hillcrest made by all selling agencies during February 2020. Our sales data includes information submitted by the selling agency and may include some private sales.

Where details of a particular sale may not have been able to be fully verified, it may be omitted from our reports.

Please do not hesitate to contact any of our sales team if you would like more information, we would be delighted to help you with your real estate needs.

Every reasonable effort has been made to ensure the accuracy of the information presented. Land and floor sizes are approximate, sourced from REINZ, Auckland Council or other public sources and may contain inaccuracies. Barfoot & Thompson Limited (REA2008) accepts no responsibility should the contents of this market report prove to be incomplete or incorrect.

Northcote February 2020 19/57 Gladstone Road Sale price $699,000 Land Size n/a

CV $650,000 Floor size 130

Bedrooms 2

CV $1,450,000 Floor size 180

Bedrooms 3

CV $1,400,000 Floor size 240

Bedrooms 4

14 Howard Road Sale price $1,450,000 Land Size 1199

1A Lake Road Sale price $1,210,000 Land Size 406

102B Onewa Road Sale price $968,000 Land Size 555

CV $1,225,000 Floor size 112

Bedrooms 3

1/9 Paruru Avenue Sale price $677,500 Land Size 1/2 SH 675

CV $880,000 Floor size 88

Bedrooms 2

1/30 Raleigh Road Sale price $955,800 Land Size 809

CV $1,130,000 Floor size 182

Bedrooms 5

29 Raymond Terrace Sale price $1,100,000 Land Size 675

CV $1,230,000 Floor size 260

Bedrooms 5

98A Sylvan Avenue Sale price $1,005,000 Land Size n/a

CV $910,000 Floor size 170

Bedrooms 2

1/16 Woodside Avenue Sale price $1,480,000 Land Size 1/3 INT 1872

CV $1,320,000 Floor size 210

Bedrooms 3

Northcote Point February 2020 22 Beach Road Sale price $1,260,000 CV $1,050,000 Land Size 1/16 INT 1860 Floor size 110

Bedrooms 3

6 Beach Road Sale price $1,735,000 Land Size 460

CV $1,425,000 Floor size 160

Bedrooms 4

2/80 Onewa Road Sale price $950,000 Land Size 1/2 SH 676

CV $1,125,000 Floor size 200

Bedrooms 4

103 Queen Street Sale price $2,050,000 Land Size 840

CV $1,700,000 Floor size 190

Bedrooms 3

2/44 Richmond Avenue Sale price $1,645,000 Land Size n/a

CV $1,350,000 Floor size 180

Bedrooms 3

This publication shows data regarding a wide selection of published residential property sales that have recently occurred. It includes information from multiple sources and published reports of sales made by most Real Estate agencies and may include private sales. Where data is not publicly available, an individual sale may have been excluded from the average results and tallies shown in this report. Every reasonable effort has been made to ensure the accuracy of the information. Barfoot and Thompson Limited (REAA2008) accepts no responsibility should the contents of this market report prove to be incomplete or incorrect.

Hillcrest February 2020 54A Alton Avenue Sale price $1,386,000 Land Size 407

CV $1,310,000 Floor size 245

Bedrooms 5

CV $1,260,000 Floor size 180

Bedrooms 4

7 Alton Avenue Sale price $1,436,000 Land Size 835

7/13 Eban Avenue Sale price $855,000 Land Size n/a

CV $1,040,000 Floor size 170

Bedrooms 3

CV $1,340,000 Floor size 160

Bedrooms 4

20 Eban Avenue Sale price $1,560,000 Land Size 852

253A Glenfield Road Sale price $855,000 Land Size 1/2 INT 994

CV $830,000 Floor size 90

Bedrooms 3

1D Hillcrest Avenue Sale price $700,000 Land Size n/a

CV $690,000 Floor size 130

Bedrooms 3

27 Lynden Avenue Sale price $1,100,000 Land Size 675

CV $1,100,000 Floor size 100

Bedrooms 3

2/18 Mannering Place Sale price $684,000 Land Size n/a

CV $670,000 Floor size 98

Bedrooms 2

11A Monarch Avenue Sale price $900,000 Land Size 359

CV $1,040,000 Floor size 230

Bedrooms 5

Hillcrest February 2020 90 Monarch Avenue Sale price $1,245,000 Land Size 832

CV $1,170,000 Floor size 190

Bedrooms 4

2/35 Moore Street Sale price $760,000 Land Size n/a

CV $820,000 Floor size 118

Bedrooms 3

87A Stanaway Street Sale price $1,282,000 Land Size 308

CV $1,100,000 Floor size 220

Bedrooms 4

1/22 Velma Road Sale price $690,000 Land Size n/a

CV $500,000 Floor size 80

Bedrooms 2

This publication shows data regarding a wide selection of published residential property sales that have recently occurred. It includes information from multiple sources and published reports of sales made by most Real Estate agencies and may include private sales. Where data is not publicly available, an individual sale may have been excluded from the average results and tallies shown in this report. Every reasonable effort has been made to ensure the accuracy of the information. Barfoot and Thompson Limited (REAA2008) accepts no responsibility should the contents of this market report prove to be incomplete or incorrect.

Meet the team Steve and his wife Ash were born and raised in Northern Zimbabwe where they lived and successfully farmed until the political upheaval in the country caused them to move with their children to start a new life on Auckland’s North Shore.

Steve began working for Barfoot and Thompson in September 2001 and became Branch manager at Northcote in September 2012.

Steve leads an energetic, multicultural team of sales agents and a dynamic property management division.

The team at Barfoot & Thompson Northcote are as diverse and forward thinking as the community they live and work in.

Steve Walsh Branch Manager 027 561 9862

Barfoot & Thompson is the only real estate company in Northcote shopping centre and boasts a team that really reflects the local community. Fresh thinking and multi-cultural, staff at Northcote are consistent top achievers within Barfoot & Thompson’s Auckland-wide sales network.

The team have a passion for Northcote, and focus on delivering the best results for people buying, selling or renting in and around this accessible North Shore suburb.

By drawing on Barfoot & Thompson’s excellent marketing tools and resources, its intuitive and smartphone friendly website and its in-house auction experts, the team are well equipped to help you get the best results possible.

Northcote and neighbouring Hillcrest are among the Shore’s most accessible and attractive residential suburbs. You can still buy a full site at an affordable price, and the area boasts great schools, shopping, cafes and restaurants, historical taverns and a raft of recreational activities including beautiful local beaches and a golf course.

The area has a mixture of properties including traditional 1950s bungalows, modern family-sized homes as well as new substantial designer houses, built to capture city and harbour bridge views.

Property Management team

Cindy Tizard Property Manager 027 480 1610

Teresa Shen Property Management New Business Manager 021 346 633

Winnie Zhang Property Management Assistant 027 579 6195

Residential Sales team

Pip Breslin 027 446 0888

Jason Cai 021 980 801

Simon Cai 021 627 716

Stephen Heywood 021 944 450

Hong Yan Ji 0204 422 666

Kiki Li 021 182 8933

Anna Lie 022 100 9588

Selina Liu 021 034 9401

Jim Liu 021 222 0918

Raymond Liu 021 330 389

Martin Park 021 818 038

Lin Qiu 021 886 313

Michael Shen 021 212 6676

Ray Sun 027 477 7778

Rebecca Wei 021 933 838

Emily Xin 021 045 6878

Michael Zhao 021 082 31343

Jonathan Zheng 021 159 8168

Skye Zhou 021 031 9959

Cicy Zhu 021 438 048

AKTSM19

Deal with the company that does the most business.

There’s a reason for it.

Barfoot & Thompson Northcote Northcote Shopping Centre, Northcote, Auckland 0627 Residential Sales 09 480 8179 Property Management 09 418 3056 Email northcote@barfoot.co.nz

barfoot.co.nz/northcote