High chance for vendors to get best price
Nearly the end of August 2020 and safe to say, the past several months have been unusual locally, nationally and internationally. This is also true for the property market, where we have seen some of the highest median sales prices across the country for the month of July – the highest for July for the past 4 years in fact. While in Auckland, “the median house prices increased by 11.5% to $920,000 up from $825,000 at the same time last year”, says REINZ CEO Bindi Norwell.
As the supply of properties remains lower than the demand, the result is that those who are in the position to buy are experiencing more competition. Meaning, the vendors have more potential to get the best price for their homes under the hammer in this market. This also means that we have seen a decrease in the number of days to sell. In comparison to the same time last year, the average days to sell in Auckland are now down to 34 from 43 in July 2019.
The COVID-19 situation is one at the front of all of our minds. Our office doors may have to remain closed in Level 3, but we are continuing to work from home in this time and have the ability to conduct 2 private viewings per property, per day. We are also able to do appraisals and list properties all while following the COVID-19 Level 3 Guidelines.
Please take care during this time.
We have done this before, and we will do it again.