Market Overview Quarter 2, 2012 (April-June)

It has been a very busy second quarter at Anne Duncan Real Estate, with an abundance of buyers looking to secure a home in Mt Albert and City fringe suburbs, especially character homes. Weve had fewer properties to sell than we usually do, which has generated significant competition amongst buyers and terrific auction results, surprising not only buyers and sellers but even real estate agents on many occasions. Of the 39 auctions we listed this quarter, 9 sold prior, 19 sold under the hammer and 8 postauction, and just two were unsold and subsequently withdrawn. Thats a 92% success rate! A few worth mentioning are: 1 Baldwin Avenue, sold under the hammer in our auction rooms for $1,275,000, with a CV of $760,000, 11 registered bidders and 177 inspections over the three week period. 25 Monaghan Avenue sold under the hammer for $1,086,000, with a CV of $670,000, 6 registered bidders and over 100 groups inspecting the property over the marketing period. 10 Grant Street sold for $1,215,000. Its CV was $870,000, 113 inspections were carried out and 6 registered bidders.

We have noticed that homes such as the above properties which are outside of Mt Alberts Golden Triangle of premier streets are never-the-less attracting equally good prices, buyers appear to be driven more by proximity to preferred schools, character and presentation of the property and aspect of the homes. As demand for the most central suburbs such as Mt Albert, Sandringham and Pt Chevalier has skyrocketed, we have also seen increased interest from buyers looking for more value for money in suburbs such as New Windsor and Avondale. 54 Methuen Road in New Windsor for example, sold under the hammer for $705,000 ($205,000 above CV), and attracted 135 inspections and 21 interested parties. With interest rates low and a shortage of available property in central Auckland suburbs, conditions are unlikely to change significantly in the City fringe as we head into the third quarter of 2012, although we hope that the usual Spring lift in listing numbers will occur, presenting buyers with more opportunities.

Anne Duncan AREINZ

A selection of sales in Mt Albert, Quarter 2 2012 (Anne Duncan sales in red)

Address 12a Alberton Ave 28 Alberton Ave 51 Alberton Ave 64 Alberton Ave 75 Asquith Ave 100 Asquith Ave 2/108 Asquith Ave 1 Baldwin Ave 6/21 Burch St 152 Carrington Rd 170 Carrington Rd 10 Duart Ave 1 Ennismore Rd 7 Fairleigh Ave 15b Fifth Ave 42 Fontenoy St 21 Grande Ave 10 Grant St 2 Harbutt Ave 4/7 Harlston Rd 49 Harlston Rd 74 Hendon Ave 4/23 Highland Rd 16 Jerram St 11 Jesmond Tce 9 Kerr-Taylor Ave 26 Laurel St 25 Linwood Ave 2/20 Lloyd Ave 4 Lorraine Ave 6 Lorraine Ave 72c Malvern Rd 18 Martin Ave Sale Price $510,000 $887,000 $930,000 $1,450,000 $869,000 $650,000 $362,000 $1,270,000 $412,000 $680,000 $570,000 $1,281,000 $553,000 $628,000 $791,000 $564,000 $920,000 $1,215,000 $730,000 $430,000 $665,000 $386,000 $464,000 $862,000 $728,000 $885,000 $686,000 $815,000 $580,000 $526,000 $484,000 $885,000 $720,000 CV $480,000 $860,000 $710,000 $1,120,000 $690,000 $610,000 $315,000 $760,000 $405,000 $540,000 $460,000 $940,000 $550,000 $510,000 $720,000 $480,000 $870,000 $870,000 $590,000 $400,000 $600,000 $340,000 $510,000 $640,000 $600,000 $840,000 $570,000 $670,000 $530,000 $380,000 $360,000 $850,000 $590,000 Address 11 Maybeck Rd 25 Monaghan Ave 3 Moreland Rd 14 Mount Royal Ave 1/15a Mt Albert Rd 1/25 Mt Albert Rd 93 Mt Albert Rd 27 Mt Royal Ave 3 Phyllis St 24 Phyllis St 6a Preston Ave 15 Prospero Tce 3 Range View Rd 9 Rawalpindi St 1/35 Rawalpindi St 19 Renton Rd 8/6 Rossgrove Tce 13a Sadgrove Tce 2/2 Seaview Tce 10/14 Seaview Tce 18 Springleigh Ave 29 Springleigh Ave 69 Taylors Rd 83 Taylors Rd 9 Thomas Ave 12 Vinter Tce 2 Violet St 28 Wairere Ave 8 Willcott St 11 Willcott St 1/17 Woodward Rd 5/43 Woodward Rd 11/43 Woodward Rd Sale Price $913,000 $1,086,000 $790,000 $808,000 $534,000 $391,000 $800,000 $750,000 $707,000 $720,000 $574,600 $370,000 $640,000 $670,000 $265,000 $632,000 $370,000 $1,325,000 $330,000 $340,000 $812,000 $617,000 $812,000 $1,050,000 $690,000 $579,800 $900,000 $880,000 $1,750,000 $1,230,000 $475,000 $180,000 $108,000 CV $850,000 $670,000 $860,000 $610,000 $435,000 $340,000 $750,000 $650,000 $590,000 $700,000 $510,000 $225,000 $600,000 $540,000 $225,000 $530,000 $360,000 $1,060,000 $295,000 $255,000 $600,000 $600,000 $800,000 $1,100,000 $560,000 $540,000 $800,000 $630,000 $1,150,000 $800,000 $335,000 $160,000 $110,000

Please note data here is primarily sourced from my own enquiries and from Anne Duncan sales. Disclaimer: This document is intended to provide the recipient with preliminary background information about a specific market based on the data available to Anne Duncan Real Estate at the time of preparation. Anne Duncan Real Estate does not accept any liability for statements made in or any omission from this document.