Medians are often quoted because they are more likely to be in line with current market values than averages. Medians give a middle of the road snapshot. Averages can be greatly distorted by extremely high or low values. For example: five sales at 150k, 200, 225k 250k and 600k produce and average of 285k. The median of these sales is 225k (two sales either side). Medians discount the high and low values of either end of the data. Of course, the more data gathered, the greater accuracy of the median as a valid benchmark.
Archive for September, 2009
The two properties offered under the hammer on Wednesdays on site auctions had different results.
124A Stout Street, Whataupoko (RV $380,000) was passed in at $350,000. While there was interest in the property during the auction, an offer made post auction was not accepted. It now has an asking price of $395,000.
26 Jackson Street, Kaiti (RV $178,000) was sold under the hammer for $200,000. Three bidders placed 30 bids in total before the property was sold. The owners were delighted with the outcome.
This Wednesday 23 September Walker Real Estate offers two properties for sale by public auction. Both are to be held on site. At 12.30pm 124A Stout Street goes up for sale. Built in 1948 and tightly held in the family ever since, the two level bungalow provides 4 bedrooms, double garage and an easy care 776 m2. Set in a sought after location, this offers an opportunity to move into a desirable neighbourhood in Whataupoko.
At 1.30 pm 26 Jackson St an attractive three bedroom 1970s bungalow in Kaiti will be offered for sale. This is an ideal first home or investment property.
Two properties offered under the hammer on Wednesday’s on site auctions were passed in. There was conditional interest only on 38 Andrew Street, which is now in negotiations. The property was purchased in May 2007 for $128,000. The owners had carried out renovations since purchasing.
35 Oak Street attracted 3 bidders reaching $272,000 and was passed in. A conditional offers was make by another party post auction. Negotiations are still in progress. The property was last purchased in October 2005 for $272,000.
104A Lytton Road was scheduled to be offered for auction on 7 October. The property was sold this week for an undisclosed sum.
The lack of new listings coming into the market has resulted in lower sales. The number of residential properties sold during August for Gisborne City was down to 33 sales. The median sale price was $280,000. This was due to the small number of sales rather than any significant lift in the market. The average days on market were back up to 50 days. This indicates older stock has been cleared out. For those folk who have been thinking about selling, now is an excellent time to enter the market, as there is less competition between sellers for buyers.
Click here to view actual sales
source: REINZ statistics – unconditional sales for August – Gisborne City
19 Russell Street sold yesterday (Wednesday) under the hammer at the auction, which was held on site. A crowd of 30-40 people gathered and after 38 bids were taken – the property sold for $356,000. The five bidders who actively placed bids were among other interested parties who were not in a position to buy.“The location, presentation of the property and the current market conditions were all factors that resulted in a successful sale” said auctioneer, Neil Walker. The property previously sold for $327,000 in July 2008.