Auctions dominate the market in Auckland

by Alistair Helm in ,


Auction iStock_000010524733Small.jpg

I read with interest the latest REINZ property data for sales in December with a mix of surprise and disbelief this week - focused on this statement:

“A key development during 2012 has been the growth in sales by auction, with the number of properties sold by auction growing by more than two-thirds compared to 2011.  The growth in auction sales has been particularly strong in Auckland where almost two of every five sales are now by auction.  The trend in auctions is evidence of the continued tightness of some parts of the residential real estate market where demand is increasing, but supply remains constrained.”

Total sales by auction growing by more than 66% and in Auckland 40% of sales as auctions!

REINZ auction sales data to Dec 2012.jpg

I found these numbers surprising and somewhat hard to believe. The REINZ has only recently been reporting sales by pricing type and I wondered if their data was inaccurate. The reason for my concern was prior data reported by Realestate.co.nz of earlier in 2012.

At the last period of reporting being March 2012, the number of new listings marketed as auctions was 13% nationally and 24% in Auckland. The data as presented below also showing the make up of auctions a year earlier in March 2011 by region of the country.

Could the representation of auctions in the marketing of property in Auckland have really risen from 24% in March to over 40% in December?

Unfortunately I do not have access to the data warehouse of Realestate.co.nz but the website does provide an easy way of counting listings by date and also by price type. Analysis of the numbers for just new listings coming onto the market over the first 17 days of January is quiet surprising in my mind.

Across the country in 17 days of the 3,621 new listings, just under 1 in 5 (673) were marketed as auctions, in the case of Auckland 424 properties were marketed as auctions out of 1,069 new listings - 40%.

New listings by price type Jan 2013.jpg

I am amazed at the extent to which auctions have taken off in the past year in Auckland, going from 1 in 4 of new listings in March 2012 to 2 out of 5 just 10 months later. Clearly the market is far more dynamic and property is selling fast and as a consequence agents are recommending this method of sale - the REINZ data is bang on, auctions are a key development in the NZ property market.


The iPhone holds a great asset for real estate marketing

by Alistair Helm in


The buzz is out there for the new iPhone 5 - some people are just experiencing the iPhone for the very first time without worrying what the latest phone has and how much better it is than the iPhone 4S, the iPhone 4, the iPhone 3GS, the iPhone 3G and of course lets not forget the original iPhone - how much progress has been made in this amazing piece of technology since it was launched just 5 years ago! 

However as fast as the versioning of new hardware, has come the new versions of the software; which despite the unforgivable experience with Apple maps has been welcomed as a step forward at each new release of the operating system iOS. 

The latest version of iOS6 holds a rich capability which I am sure will excite real estate agents and those involved with real estate marketing - Panorama imagining

Transient
Transient

I am grateful to Charles Arthur from the Guardian in the UK who brought this to my attention on the excellent Tech Weekly podcast and subsequent article in the Guardian. 

This new feature which sadly only works on the iPhone 4S and the new iPhone 5 allows the most ham-fisted individual to take beautiful panoramic images. Not the hugely distorted fisheye images or the nausia inducing virtual tour ones - no, just simple stitched continuous images that showcase up to 240 degree field of view.

So what has this to do with real estate? 

Well this could be the tool of choice for smart agents that want to be open and share the real streetscape of the property they are marketing or the inside of the rooms. 

I tried it out on my iPhone 4S and the image below is the result of a photo taken in the street of a recent sold listing. It is very much like Google Street View and could be a valuable way to update a Street View perspective of a property if the situation has changed, if for example renovations have been completed. 

Click to enlarge in a lightbox