Millwater Property Update
With Mike Pero Real Estate Millwater
There is really only one number in this month’s statistics that matters: the number of sales. That is a massive number in Millwater terms; the highest we have seen since 2015. Large sales numbers like this in Millwater are almost always a precursor to increases in prices and, while the median for this month don't necessarily reflect a huge jump in prices, there is some hidden detail that matters.
Of the 29 sales for the month, 10 of the them were over $1,400,000, including 6 sales of $1,600,000 or over. This is the highest volume of sales at this end of the market that we have seen. There were also 11 sales in the sub-$1,000,000 range, reflecting a larger-than-normal number of townhouse sales during the month. I have no doubt that the volume of sales would have been even higher had there been more choice for buyers, particularly in the $1,100,000 to $1,300,000 range.
The near-balance of the two sales groups on either side of the median has seen the median remain relatively static, while the monthly average (not published here) has come up to one of its highest points in 18 months. We are expecting to see next month’s figures reflect some price appreciation in the market, albeit on slightly lower sales volumes (as a result of low supply, not demand).
The upshot is that there is now a drastic shortage of quality property on the market in Millwater. Current listing numbers are very low, with new options only trickling onto the market. Potential sellers are citing a lack of options on the purchase side of the equation as being the main reason for an unwillingness to bring their property to market; a response that seems to be echoed all around Auckland and the country. So, we seem to have a lot of people being frustrated in their desire to move house.
The immediate future looks to be more of the same; a shortage of quality property on the market, meaning good to great pricing being achieved. It seems likely that this will continue until there is a change in buyer sentiment, probably around the time when we start to see mortgage defaults and sales, or a significant upturn in listing numbers.
We are hopeful that there will not be too many mortgagee sales in Millwater; however, we are likely to see an upturn in sales that, while not forced, are necessary. Job losses and business closures are likely unavoidable at this point, but the positive news right now is that those affected can sell their properties and not take an additional hit on that as well. There is always the possibility that this will change, so we suggest that if a sale is likely to be necessary in the future, the safe bet is to take advantage of the buoyant market now.
If you are considering a move at any point in the next 12 months, we would love to hear from you sooner rather than later. We may be able to help you towards a much better outcome and this is one of those rare situations where good advice can be free.
021 665 423
About Mike Pero Real Estate Millwater
Grayson and Sarah live and work in Millwater and know the market extremely well. Their clients attest to their enthusiastic and professional approach as well as the high value proposition that the Mike Pero Real Estate brand provides.
Clients appreciate that because they are locals they not only have an in depth knowledge of the current market but also strive to make a fabulous impression by delivering optimum results.
“We are proud to be the business owners of Mike Pero Real Estate Millwater, servicing the area from Millwater to Long Bay and across to Albany."
- Grayson and Sarah
Contact us at Mike Pero Real Estate for more information on residential sales in the Millwater area.
"The dream team strikes again. For the second time we have had the pleasure of having Grayson, Sarah and the team at Mike Pero Millwater market and sell our property. They made the process easy and took care of all of the details for us. The professional photos were fantastic and made all the difference for our online marketing. Second to none, real estate professionals we would recommend to everyone."
Shane & Nicole Woods | Prospect Tce and Skipjack Pass
"My sincere thanks go to Grayson Sarah and Vanessa from Mike Pero for achieving the successful sale of my property in Millwater. Grayson is happy to spend as much or as little time with you as you require to find out all about the exciting but sometimes stressful process of selling a beloved home. No question went unanswered from him - or Sarah and Vanessa for that matter -and they work so well as a team. I would highly recommend them to anyone thinking of selling their home as not only do they achieve great results they have your best interests at heart."
Kathryn Deakins | Blake Greens
"We have used Sarah and Grayson from Mike Pero Millwater on three occasions to sell our homes. On every occasion we received good market information and the final result exceeded our financial expectations. Appointments were always kept and phone calls always returned without delay. Open home feedback was prompt and accurate.
Grayson and Sarah helped us finish creating our retirement fund in under 5 years. We are really happy we were loyal to a fantastic team who always exceeded our expectations."
Mark and Donna Bradford | Madison Terrace, Bartlett Drive and Botanical Drive
Grayson and Sarah were brilliant from the get go - the transparency and communication, including regular updates helped us feel connected to the marketing plan with the end goal always in mind. We felt like we were dealing with real people that understood us and our family needs. Being a part of Maddren Homes and in the business of building/selling homes, professionalism and quality are important to us and with Grayson and Sarah we felt we got looked after every step of the way. They were professional and approachable and we were constantly kept informed - we felt like our home was always a priority and they were focused on achieving a great outcome for us, which they did! We’d recommended listing with Mike Pero, as we would again in a heartbeat. We wish them every success. The kids were rapt their playhouse was even sold. The Anderson Family | Outlook Terrace