Nelson Suburb of STOKE is strongest housing slump survivor in NZ

Hold on a minute, that’s the suburb I live in. What can I say?

Colour me impressed, however I will admit when people from other parts of NZ tell you there local RE experience in relation to home prices, you sit back, look at your local Stoke Real Estate market and ask yourself “another blip on the radar, perhaps?” Regular readers here will know from my commentary that this blip has repeated itself often over at least the last 6 mths. Now the figures are out!

The Herald on Sunday reports that in comparison, Central Auckland copped the heaviest hammering.

It seems many times over the last few months when I have written about “how busy we are” or how prices for homes locally are holding up (re my recent quoting of % of sell price ach’d compared to listing price) that nay-sayers come out of the woodwork.

Well, love to hear what they will say about this now.

The main reason I decided to include that % difference between asking & selling was because frankly, locally I am tired of buyers from out of town, usually the big smoke, telling me “well I just lost $50,000 on selling my place, and so therefore I’m going to attempt to recoup it by offering $290,000 on this advertised $340,000 property.”

As a Real Estate Marketer I am tasked with educating interested parties, especially buyers, the state of our local market. But once confronted with how strong it is, they still doubt, and place silly almost ridiculous offers. Of course that is their prerogative.

What the article illustrates is that in some parts of NZ those silly offers may have got further, but the report in todays Herald on Sunday does make one thing patently clear to me, NOT in STOKE!

In the depth of Andrea Milners article comes the following……

While most homeowners have watched their home values slide since the market peak at the end of 2007, Stoke, Pukekohe and Wellington Central defied the downturn, enjoying gains. Papakura’s median has stayed the same, and Auckland’s Mt Albert has seen only 0.1 per cent shaved off.

So hand in hand with Supply and Demand, will be any effects from Immigration & Unemployment. So I’m sure the Herald will be just like me, and will watch keenly how the rest of 2009 pans out.

Just in case you also missed it, Gareth Kiernan, MD of Infometrics, also rated Nelson on top in his latest regional property market indicator.

He compared average sales volumes, days time to sell and prices over 73 suburbs, for the 3mths to May.

His results were…

“The five top-scoring areas are Richmond in Nelson, Auckland’s eastern beaches, Titirangi in West Auckland, Albany on Auckland’s North Shore and Eastern Wellington.”

And here’s another view from residents originally from further south, in an article also published today in the Herald on Sunday.

For more info on Stoke, go here.