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
Same same articles but no analysis as to why such low results.
That's a job for the comments section!
Maybe the sellers want more money then the buyers are offering
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
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.
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…
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.
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.
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
'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.
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
Northshore's out performing the rest in sales, are people taking advantage of the market and securing a good location for less?
More to do with the fact there are better auction operators on the northshore
You always seem very interested in North Shore, several investment properties there?
Me? Or Nifty?
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'...
The market is under going price discovery
Buyers will jump in when there is perceived "fair value"
It isnt anywhere near fair value.
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.
"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.
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?
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!!!
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.
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