On average just over a quarter of the residential properties offered at auction have sold under the hammer over the last couple of weeks.
Last week (21-27 May) interest.co.nz monitored the auctions for 231 residential properties around New Zealand and of those 63 were sold under the hammer. That gave an overall sales rate of 27%, unchanged form the previous week when 258 property auctions were monitored.
Prior to that the average sales rate had been around 30%.
However the regional sales rates can still be volatile from week to week.
Last week the highest sales rates were achieved for properties in Rodney and Waikato at 62% and 44% respectively, while no properties were sold at the auctions monitored by interest.co.nz in Papakura and Gisborne.
The table below shows the district-by-district results.
Details of the individual properties offered at all of the auctions monitored by interest.co.nz, and the results achieved, are available on our Residential Auction Results page.
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13 Comments
Looking at B&T auction results for yesterday at the Central Auckland rooms and things look pretty grim. Only 2 out of 24 selling. The ones that did sell appear to have settled for a good 10% below the homes.co.nz middle estimate. Bids for other properties were few and tended to stop well below estimates.
It almost looks like prices are back to 2020 but even then it will be a bit of a struggle to sell.
Remove the ponzies main foundation, access to debt, and kapow the building is collapsing.
....and let the frothing at the mouth begin.
The more I pay attention, the less I think auction clearance rates are a good indicator. At least some agents are pulling auctions that don't have enough interest, thereby distorting the stats.
Yes the sales environment currently may be largely people who buy on condition of their house selling. Like the good old days. These transactions will help keep prices elevated for as long as people can sell their house they can then buy another. These transactions will not be done through auctions.
The cashed up will be waiting to buy later I would think. Few would have the courage to buy while they still have a house to sell. They wont want to risk having two houses if they can't afford it.
I've heard of people selling their house, putting conditions in as vendor that it's dependent on them finding a house to buy they are happy with. So chains from both buyer and vendor are possible now....
Yep, return of a normal housing market finally.
Take Waikato and Canterbury out of the stats and it paints a pretty ugly picture for Awkland
Bubble has burst every day more bad news happens to housing market. A lot of people sitting on million dollar box with no hope of selling lost deposit and in negative equity soon. The RBNZ pulled in so many with emergency rates who when they refinance it will cost so much more hopefully they made profit on way up.
The great RBNZ rug pull has begun.
The only people left buying at auctions must have flip top phones and no internet to not know whats going on.
This morning I have been comparing the sold prices of the properties that did sell at the B&T auctions recently with the estimates in homes.co.nz. My conclusion is that properties that do sell are still getting pretty good prices. Some even exceeding the estimates. I was a little surprised. There was certainly a sea of passed in properties but no sign of any distressed sales. Prices that looked a little low were mostly properties being sold by owners that had them a long time indicated by there being no sales history.
Choice properties in good areas fetched high prices. One exceeded the 2021 RV by over 10%.
Only the most desirable or rare places actually being successful at auction, you reckon?
Amazing when one looks at properties overseas at what $1m can buy in much larger wealthier and powerful economic countries like the USA, UK main centers etc. and then compare what NZ peasant farming economy can buy you in places like Auckland - an old tired, tarted up state house asbestos ridden shit box on an infill cross lease section in a ghetto gang war neighbourhood.
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