Millwater & Milldale Property Update
With Mike Pero Real Estate Millwater
Many of you will have heard the general media commentary recently about the boom in house sales nationwide. Millwater and Milldale have not been immune to this and we have seen strong sales numbers over the last three months. As previously mentioned, these numbers are probably significantly impinged by the relative lack of property on the market, a condition that is likely to continue through into summer and probably well into 2021. We continue to see new listing numbers at lower levels than experienced in recent years, even during the normally-buoyant spring listing period. While we are seeing a small upswing of activity, this is well below the level that is needed to satisfy the current buyers wishing to move to the area.
On the subject of buyers, we are often asked if there has been a huge increase in returning Kiwis wanting to buy property in the area. To date this has not been our experience; there have certainly been more of this buyer group, but there have been equal increases in other groups also, with investors, downsizers, and upgraders all well represented. We have heard that returnees make up a higher proportion in other areas and this is most probably leading to displacement from those areas, with those vendors then buying in Millwater and Milldale.
On the subject of Milldale, we have included sales statistics for this market for the first time. There is significant progress happening in the area with rapidly increasing numbers of residents, houses being completed daily, and sales of property also rocketing along. It appears there are very few sites available with demand again outstripping supply, confirming that new housing in the area remains popular as always. Works continue at pace on the roading infrastructure, with the main access into the subdivision off Pine Valley road reaching some significant milestones. Pricing in the area, which started at a slightly more affordable level than Millwater, has already crept up with larger sites and larger homes now starting to feature more regularly in the sales numbers.
In Millwater, the low listing numbers and higher buyer activity is leading to some very high prices being achieved. The median and average prices are possibly not reflecting this fully just yet, with a higher proportion of townhouse and apartment sales still distorting things a little. Interestingly, sales at the higher price levels (over $1,400,000) are also still going very well. We are still seeing the selloff of some property that has been on the market for some time, keeping the average days-to-sell high. If sales with a days-to-sell of 160 days and over are eliminated, then the average actually drops to around 45 days.
So, in an environment with a stable majority government, seeming control of COVID-19, historically low interest rates that are likely to go lower, and increasing returnee and immigration interest from overseas – it seems probable that interest in house purchases will continue to increase in the short term. With this increasing buyer interest and low levels of stock, we expect to see some further increases in local prices between now and the end of summer.
There is a suspicion that the economic impacts of shutdowns, lack of international tourists, job losses and business failures will start to fully kick in sometime in the New Year, at which point there may be some more pressured sales starting. To what extent this impacts on the local or overall market remains unknown; however, our advice remains the same. If you are thinking you may need to sell at some point, make the decision early. If there is a negative swing in the market it could be fast and brutal, so selling while the market is hot at least eliminates the worry of getting a good price for your property.
We are always happy to talk this through with anyone who has concerns around this and we will be offering some special assistance packages to anyone who has to sell as a result of job losses or business decline.
Till next month; enjoy the warmer weather, be kind and safe.
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