The market at the moment is hot and can at times surprise you. Some houses I expect to sell overnight don’t, while others you don’t expect to sell quickly do. This just confirms that I can’t see the future and I don’t believe any of us can.
Currently 8 out of 10 houses sell under the hammer at Barfoot and Thompson, which is a fantastic result. This means one or two don’t sell on auction day/night. A house recently didn’t sell on auction day but sold later in the week with several offers resulting in a great selling price.
Most houses are selling extremely quickly with many getting more than expected. This makes for happy vendors, however on the flip side these conditions are also creating some frustrated purchasers who must find another house to buy. Markets always ebb and flow as supply and demand is constantly changing and supply seems tight in Te Atatu Peninsula and West Auckland in general.
The West Auckland average sale price shows a one month gain of $57,155 or $1905 dollars per day. That’s incredible gains but the pace will lessen at some stage as momentum like this may not remain in the long term.
Market Update August 2016