A Market Of Two Halves
The ‘tug of war’ between market forces remains, yet evidently, the surge of momentum strengthens entering the Spring market.
Determination & confidence from buyers is resulting in some outstanding sales with a notable increase in auction success rates & auctions brought forward. However, sales volumes remain suppressed due to the lack of listings. With 260 North Shore sales in August, it was the second lowest August volumes this century, just ahead of 2008 during the Global Financial Crisis.
The North Shore median price has tracked upward consistently, albeit minimally for the past 5 months to reach $999,000 in August.
Although there has been a reduction in sales, the activity & confidence in the market is undoubtedly increasing entering the Spring market. Days on the market remain relatively consistent at 44, prices creeping upwards, buyer confidence increasing along with Auction success rates all providing reassurance around the current market. The shortage of current listings providing an opportune time to list and stand out with less competition in the market.