October Market Update

September was a very busy month for the REAL team. Highlights included negotiating over a dozen sale and purchase agreements, organizing and hosting the Hospice House Tour and attending the New Zealand Real Estate Conference in Auckland.

We are honoured to be the lead sponsor for Hospice Mid North and to have raised over $47,000 from the House Tour fundraising event. The weather put on a perfect Far North Spring show and a terrific day was had by all who attended. Many thanks to the home-owners for entrusting us with the care of their homes while over 300 people enjoyed walking through them. Also, a big shout out to the many sponsors and businesses who donated goods and services to support the day.

We have heard from one visitor who came from Melbourne that she will be back for next time and from others that they felt privileged to be part of such a welcoming and supportive community. It is without doubt the people of this community that make Kerikeri a special place to live and who provide the experiences that keep attracting more visitors and new residents.

In other news this month, the Official Cash Rate (OCR) dropped 0.5 percent and the banks have quickly followed suit by lowering their fixed term interest rates. Economists are predicting further reductions next month and there are early indications that this is creating more activity as buyers get off the fence.

Wellington and Auckland, where a lot of people move to Kerikeri from, are reporting increased activity but most people are still cautious about price increases as there are a few bumps in the road for New Zealanders still ahead.

The volume of sales around Kerikeri through September 30th 2024 is ahead of 2023 by around 5%. 5 of 16 house sales in September were over $1million. Inventory levels are high with around 71 weeks of properties available at current sales rates. There are fewer properties being advertised than at the start of the year and we will monitor this as people list their properties through the rest of Spring into Summer. Days to Sell are averaging over 120 days with some homes taking significantly longer. Only 2 bare land sales recorded as the focus remains on purchasing existing homes versus building new ones.

No change from last month with median prices in Kerikeri down about 15 to 20% from their peak levels of September 2022 and price declines appear to be flattening out. We have achieved several multiple offers this last month which continues to be the priority for our top selling sales team.

The team took time away from selling to upskill this month, attending New Zealand’s first real estate conference, NZREC, in Henderson, Auckland. With a great line up of speakers and real estate coaches we all brought home some practical strategies to incorporate into our business and benefit our clients.

Come and talk to us about how we can help. Our advice is free and so is our coffee.