Scott Dunn of City Sales says they are seeing sales moving at a good rate at the moment, in fact better than expected, but that rental marketing is slowing right down. The supply and demand dynamic for rentals is out of kilter, as there are 50,000 fewer students in Auckland and, of course no tourists. These groups form a high proportion of the basis
for the rental market in Auckland city. Add to that the fact that Airbnb’s are not viable at the moment and many hotels have shut down, and these units are all now looking for long term tenants. In short, not many tenants: lots of rental properties.
At the City Sales auction on June 24, all five apartments on offer sold, three of them under the hammer and the remaining two shortly after. This shows there is still good appetite from buyers to warrant methods of sale which draw on competitive interest.
Although the number of properties being auctioned is still increasing, the rate of growth is slowing as the market starts returning to normal. The latest residential auction results suggest the property market is settling back to normal trading patterns, with the rapid growth in auction numbers of the last few weeks starting to ease back and sales numbers flattening.
City Sales has been an active part of the Auckland CBD and apartment market since its beginnings, and their voice is opinionated, authoritative and influential, so for more information on selling a property, apartments Auckland and property managers Auckland please go to http://www.citysales.co.nz .
