Harcourts agent David Ding says the usual spring listings bonanza has yet to arrive in his patch of the real estate market on Auckland’s North Shore.
Ding sells in and around the Glenfield area but doesn’t expect listings to flood in until Auckland moves to Level 2.
Usually, the North Shore has about 1400 listings at this time of year but there are only about 800 currently – that means a 600-strong shortage of properties for people to buy.
But interest has been “crazy” for the listings Ding does have.
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One of them, at 46 Chatswood Grove, in Birkenhead, saw viewings booked out within hours of it being listed.
“We went live last Monday. By Monday evening we had already booked, gosh, a full two weeks of viewings.”
Other listings he has were signed up before the lockdown and people have been slow to ring for appraisals so far, he says.
“I think the perception of vendors in Level 3 is because we can’t have onsite auctions, we can’t have open homes and we still have lots of restrictions so there is a kind of hesitation of being on the market.
“But on the buyers’ side, the inquiry is huge.”
One property under contract in Bayview, which he did not want to give the address for, received an offer sight unseen – a first for Ding.
“They don’t even put subject to view, they just put in an offer, and the price is more than the asking price as well.”
While the market is slow, Ding says he can feel the energy from buyers and it’s powerful. “They are waiting. They are looking forward to seeing the new listings.
“I’ve got a couple of vendors who have already sold, they are desperate for the new listings to come in.”
An off-the-plan build in Sunnynook Road, in Forrest Hill, had over 350 inquiries in the space of a week. Photo / Supplied
People who have listed recently have included a couple who don’t want to be landlords any more, and others include people leaving Auckland.
“It seems a lot of people are actually going to Christchurch at the moment, I guess because the price is pretty cheap down there.”
That has become a trend for families, he says.
Where Glenfield is perfect for first home buyers, people who have bought there then started families are finding it hard to afford to upgrade their homes so are leaving town.
“I had one vendor who sold a property in Sunnynook, for I think it was $980,000, and he said to me ‘I can buy a huge house in Christchurch for that kind of money.’”
Steve Brennan, team leader with Ray White Forrest Hill, has been experiencing unprecedented inquiry during the lockdown.
A two-bedroom off the plan build on Sunnynook Road is already under contract for $960,000 - “I think we had over 350 inquiries in just over a week.”
A second property at the address was also seeing a lot of inquiry.
Part of the attraction was the location which is in a good school zone and near a busway and amenities, but also because people just want to secure something to own.
Brennan expects the market to go crazy when Auckland goes to Level 2 – but says then again it’s already crazy.
“I think we've done three contracts in Level 3. It's unprecedented demand. I've never seen anything like it really.”
