If attendance, bidding and sales under the hammer are any indication, the residential market is continuing on with a full head of steam. We are enjoying many days with 100% success. If you’re considering selling – it is hard to imagine a better time.

The Cyprus scenario gives further credence to the flight of capital worldwide in search of safe havens for investment. This is yet another factor that will increasingly drive the local property market and further exacerbate the shortage of supply in the Auckland area. We also note with interest some banks reducing mortgage rates this week.

The long spell of unbelievable weather seems appropriate, given the temperature of the residential market. They say it may rain this weekend. Our observation is that a change in the weather will have little effect on heat in the market, which continues to thrive on high interest rates, strong demand and shortage of supply. Consequently, Auckland’s median house prices are up 14.3%.