Auction activity still very subdued

Fewer properties on offer, a third overall sold under the hammer at last week's auctions

Property / news

Fewer properties on offer, a third overall sold under the hammer at last week's auctions

20th Sep 22, 9:50am by Greg Ninness

Auction activity slumped again last week after a small rise in the number of properties being auctioned the week before.

Interest.co.nz monitored 133 residential property auctions last week, down from 153 the previous week (3-9 September).

The sales rate dipped very slightly to, with 44 properties selling under the hammer at last week's auctions.

That took the sales rate down to 33% from 35% the previous week.

Overall auction activity remains in its winter lows, with about a quarter to a third of properties selling under the hammer in most districts, and about half of the properties offered at the Canterbury auctions selling under the hammer.

Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the selling prices of those that sold, are available on our Residential Auction Results page.

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22 Comments

by SND | 20th Sep 22, 9:58am 1663624711

Same same articles but no analysis as to why such low results.

by Zachary Smith | 20th Sep 22, 11:00am 1663628444

That's a job for the comments section!

by IT GUY | 20th Sep 22, 10:01am 1663624886

Maybe the sellers want more money then the buyers are offering

by Speedmax | 20th Sep 22, 10:14am 1663625669

Yep, simple as that.

Vendor expectations still lagging reality, which just means there’s further to fall as they slowly accept the situation, by which time market’s fallen further. Auction clearance rate is therefore a good predictor of price direction, and as long as it’s <50% the direction remains down

by rastus1 | 20th Sep 22, 10:33am 1663626803

Poor old biddy next door, signed up for Rymans and no turn ups at open homes. Meanwhile two other empty properties sit in our street.

This ‘correction’ has barely started.

by IanME | 20th Sep 22, 10:38am 1663627106

Ashley Church

“How can the real numbers be so much at odds with the media narrative? To answer that you’d need to ask the other commentators – I can only call it as I see it.”

I would agree with him if wasn’t actually arguing in the opposite direction…

by Jesse1 | 20th Sep 22, 11:31am 1663630284

Soon he will be talking about how great the 10 year returns are and how there is nothing to be concerned about blah blah. It's sad desperation.

by Averageman | 20th Sep 22, 12:26pm 1663633574

Agreed. I hear from several places that banks are tightening the screws, so a few more OCR announcements combined with the desperation of Agents and lets see what happens. So far similar to the GFC, agents moving into starvation or new job mode, while sellers deny reality.

Bring on the mortgagee sales.

by theglc | 20th Sep 22, 10:11am 1663625479

Waitakere is consistently at the lower end of these auction results, reflecting how overpriced that area is.

Could be a chilly summer for Vendors out that way

by GV 27 | 20th Sep 22, 10:49am 1663627747

'Waitakere' is a big spread. There's certainly a few Hobsonville Pt prices that are still at least 20% higher than the current market suggests they should be, and a long way to fall if things keep progressing downwards as they are.

by Brock Landers | 20th Sep 22, 11:35am 1663630529

There hasn't been a gang shooting on my street for three or four months now.

Clearly the bottom is near. Beware the DGMs above and below.

TTP

by Nifty1 | 20th Sep 22, 10:15am 1663625718

Northshore's out performing the rest in sales, are people taking advantage of the market and securing a good location for less?

by Matt_09 | 20th Sep 22, 10:37am 1663627075

More to do with the fact there are better auction operators on the northshore

by HouseMouse | 20th Sep 22, 12:57pm 1663635476

You always seem very interested in North Shore, several investment properties there?

by Matt_09 | 20th Sep 22, 1:27pm 1663637256

Me? Or Nifty?

by Chairman Moa | 20th Sep 22, 10:25am 1663626339

Right now the NZ housing market is humming Tom Petty's Free Falling

Now I'm free

I'm free fallin'

Yeah, I'm free

Free fallin'...

by albinodog | 20th Sep 22, 10:42am 1663627320

The market is under going price discovery

Buyers will jump in when there is perceived "fair value"

It isnt anywhere near fair value.

by General Comment | 20th Sep 22, 10:41am 1663627307

Analysing results is so much easier when there's so few to assess.

Tumbleweeds at the Hawkes Bay auctions. What isn't shown in these stats is the properties that didn't sell were passed in without a single bid.

The property that sold (3 bed, 2 bath, average area in Hastings) went for below estimate range, albeit above RV. The sale price was $170K over the previous sale price of the property in Feb 2020, and had at least a new bathroom and a character-deleting on-trend paint job throughout, i.e. 51 shades of grey over the natural timbers. Once fees, costs, and possibly brightline are paid for, there's not a lot of fat left.

The biggest surprise was the lifestyle property in a highly sought after road that didn't even get a cheeky offer.

by taimaiakka0 | 20th Sep 22, 11:18am 1663629504

"Overall auction activity remains in its winter lows, with..."

Are we not in middle of Spring when housing activity was supposed to Jump but is it a way of saying that even in Spring, housing activity is as low as was in winter.

by Caughtinthemiddle | 20th Sep 22, 11:26am 1663629994

Winter was a reasonable excuse / reason being offered for the "subdued activity".

Spring has sprung and the stark reality is we are in the middle of a full blooded correction. The central questions are for how long, and how deep?

by HouseMouse | 20th Sep 22, 1:01pm 1663635674

One would hope that this crash would spare us of the Church’s and Alexander’s of this world. Somehow I doubt it. Those guys have an almost religious, devoted following which OneRoof must cater for! No matter how wrong those guys are!!!

by Rob Reid | 20th Sep 22, 8:15pm 1663661715

This is all my fault. If I had just taken a ferry out to Waiheke Island with a $4m bulge in my pocket I could have purchased a bach and swung that market from 0 to 100%, single-handed. Regrets, I've had a few.