The greater Ponsonby market has perhaps surprised us on the upside over the last month with higher than expected buyer turnout at open homes, multiple bidders at many auctions and quality properties selling well under the hammer or not long afterward.
I make a point of attending at least three auctions each week in order to keep my clients updated on fresh sales in their street. What I have seen has confirmed my view of some recurring themes of successfully concluded sales in May and June:
• Original or sympathetically renovated villas, bungalows and terraces within the area continue to have strong appeal.
• Auctions are being utilised in the post-lockdown marketplace as a conduit for successfully concluding post-auction negotiations generally one to two days following. This is even happening with properties recently marketed with a different sale method.
• Vendors investing in solid marketing campaigns in conjunction with an auction campaign are usually selling their properties within a shorter timeframe compared to other methods of sale in the current market.
Auction, Priced or By Negotiation?
It is my view that in the current greater Ponsonby market a well-run auction campaign holds the strongest potential in most scenarios to effectively sell property. There are a number of reasons for this, however in times of increased uncertainty the auction process allows vendors to better verify unconditional market value, and buyers to validate where others also see value in the property in question.
There are three key factors to a successful auction campaign:
1. A skilled salesperson, formally trained in auction campaigns who can bring multiple bidders to the auction day.
2. Investment in an effective marketing package to maximise buyer reach.
3. A leading auctioneer who can conduct an auction in an exemplary
manner in all market situations.
New Zealand Sotheby’s International Realty are proud to utilise award winning Mark Sumich as our Auckland auctioneer. I have sold many properties in conjunction with Mark, who has an innate understanding of our area and is always happy to chat with my clients about auction strategies and advice.
The Winter Market
I mentioned last month that if you were considering selling, the current winter period represents a window of opportunity to list your property prior to spring when there may be a larger seasonal pool of properties for sale.
While it has been challenging to reconcile expert opinion about what’s in store for spring and beyond, we do know that buyers are currently very much engaged and focussed, with consistent clearance rates and pent up demand from pre-lockdown sellers who are now buying. Stock levels are seasonally reducing, so it is my opinion that sellers can have confidence going to market over July and August.