October & November saw the rise in listings, which normally occurs earlier in the season. Buyers responded, so sales volumes rose over November.  However, in general terms the North Shore Real Estate market continues to reflect the overall economy.  REINZ data shows that in the 12 months to March there were 209 sales in Greenhithe (by all companies).  In the 12 months to October, this had dropped to 145.  In other words, the renewed caution that has been apparent in consumer confidence and the retail market this year is mirrored in real estate.  People are paying off debt and  impulse buying is rare.  On the other hand vendors are not hugely discounting to sell or listing in large numbers.  Hence the market remains basically balanced (with a slight downward bias).  QV’s Residential Price Index for October shows that property values in the Auckland region are just beginning to level out, although they have dropped by 1.0% since March this year.  In contrast, values increased by 6.7% in the five months to March.  Consequently, values now sit 3.0% above the same time last year, but 2.7% below the market peak of late 2007.

 At Barfoot & Thompson we had a fantastic November, proving that correctly marketed, well priced properties sell well.  There is a large pool of buyers looking for the right property.  Thus often new listings can provoke a fast response.