There was no sign of a post-school holiday pick up in activity at Barfoot & Thompson's latest auctions, with the number of properties offered almost unchanged from the previous week.
Barfoot & Thompson took 89 residential properties to auction in the week of 15-21 October compared to 88 the previous week, which was the final week of the school holidays.
Auction activity often perks up after a school holiday break but that doesn't appear to have happened this time.
While the number of properties on offer didn't change much there was a significant dip in the number of properties that sold, with 24 selling under the hammer at the latest auctions compared to 34 the previous week.
That pushed the sales rate down to 27% compared to 39% the previous week.
All of which suggests the market remains in the doldrums, for the time being at least.
Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the selling prices of the properties that sold, are available on our Residential Auction Results page.
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44 Comments
Add the sound of a specuvestor on oxygen sucking air through a ventilator...
Hang in there. Pleased to see you're still with us😁
Yes I am hanging in and hanging around a bit longer. Thanks for the encouragement. And thanks to my big nose which is able to smell money and draw oxygen at the same time
Its plausible that its fear that you can smell, not money. You're likely suffering from deniability syndrome. Has Pa1nter whitewashed your windscreen?
love this: www.noagent.co.nz
Came across a two months old post.....
Whip up some cream along with the fear you want to stoke Cafinazzi
Would you sell your property now if you didn't have to?
Yes. Then buy back in again for a fraction of the price in 2 years. People could freehold a home for their Brothers and Sisters with the proceeds.
Short the housing market. Just as long as the wife has bought into the whole idea. Otherwise she might get sick of the periodic inspections, moving house after 12 months or seeing her favourite paintings in storage boxes because the landlord won't let her hang them.
May find it hard to buy back into the market when she takes half the cash with her after she finds a man who still owns a house.
Yes, it would be a true test of the type of person you married. If unsure then stay in the house, and enjoy that superficial marriage while watching your asset vaporize -80%. And she would leave anyway because you never seized the opportunity.
Wow NZ dan did this happen to you, if she done a running because you don’t own a house better off anyway.
Didn't happen to me at all. We own a beautiful 1/4 acre 4 Bed 2 Bathroom slice of paradise across the road from our daughter's school and a 5 minute drive to my wife's work. I have to endure the 4 hour a day return train ride into the office twice a week, although that's fairly negotiable.
NzDan
I have heard of owners who sold up, to time the market, repaid the mortgage and then could not borrow later to repurchase. Cough yvil cough cough
The inability to borrow will be a major driver of property/asset prices. Here is a domino effect - Banks may require a business borrower using his home to borrow against may be required to top up equity if price reduces below equity requirement - 80% perhaps lower! New business 's are frequently funded using home mortgage - look forward to a significant reduction in new business formation and existing business's due to recession due to reduction in publics reduced discretionery disposable income thanks to inflation and interest rate rises. Grunter & Ardern I am looking at you!
Did that scenario happen to you rumpole
"Grunter & Ardern" 🤣
The question depends entirely on what you were wanting to do with the sale proceeds.
We have liquidated all of our NZ assets in the last 6 months. Including our house. We probably missed out on about 30-50k on price achievement from the November peak.
This was done primarily for lifestyle reasons as we’re consolidating our assets in Australia.
Having said that, We’ll be able to buy the same house again in a years time for 100k cheaper. It’s on the slide here too. Depending on how things play out the timing of transactions could put us 5 years ahead.
Smart Move.
The success rate also depend upon the seriousness of the seller to sell the property.
Only vendors who are ready to meet the market are able to sell.
Some ( very low percentage, may be one out of the lot of 10 or 15 being auction in that room) may get sold out at decent price (not very cheap but should be good price in this market) and rest of the vendor trying to get similar price fails and while waiting for that price may after a month or two realize that the earlier price that the property was fetching was also a premium compare to what they are being offered now after a month or two specially when market narrative is rapidly changing/ falling every month.
As the Great St Landers once said - Why buy today when it will be Cheaper Tomorrow ?
Such simple words, yet loaded with Mystic Wisdom.
Going by the latest auction results people are wising up to The Great St Landers of Cheaper Tomorrow !
Wise words, valuable usually only once a decade.
Not great odds, but self assuring for some.
Wise words, valuable usually only once a decade.
Not great odds, but self assuring for some.
You sound like a disciple drawing wisdom from the likes of Granny Herald where the secrets of the property cycle are revealed.
But what if what some of those Dalio types are true and we're at a pivotal moment in history? If it is the reality, you'll be wishing you'd turned off the TV, cancelled the Granny Herald sub, and buried your head in the relevant books.
Pa1nter is merely pointing out that historically betting on falling house prices has been less fruitful than betting on rising house prices. I have seen this situation a few times in my life when people are confident they are going to do well from selling and buying later. Never worked out that great but you never know, maybe this time.
Hindsight applied to the last 25 years he’d be 100% correct
If you cant actually see the storm coming at this stage then there is no hope for some anyway.
I sold in January. Settlement Sep. Agreed an extension in July till June 23 with some more deposit given. Really felt it was shorting and was nervous for a couple of months while sprukers spruked
Still got fixed rates for a couple more years. Interest cost less than rent. The further along on this, the less likely it feels that it's stopping soon.
Got two timings wrong when buying my first and then the upgrade, but no harm. This one will have the most impact for reduction in debt. Really don't mind if we miss the bottom.
Rates up again. Opinion split between 75bps and 100 in November. The market is spooked.
If the opinion is split between 75bps and 100bps in November, rest assured that Mr Orr will go for 75bps.
No doubts whatsoever.
Go Soft, Go Late. That way they can keep Interest Rates High for Long.
As The Prophet said in the Scroll.
"It is NOT about High Interest Rates to Fight Inflation. It IS about High Inflation to Justify High Interest Rates. Ponder on this before the Seal is Broken on the Second Scroll. "
These sayings of the prophet are getting mighty boaring.
"These sayings of the prophet are getting mighty boaring"
Don't you mean boring? Are you referring to the Prophet or to profit?
He must of meant profit ! Because The Prophet only brings good news. Unless of course that person is highly leveraged, is an Agent, needs property prices to go up, or has narcissistic agendas to fulfil, then I guess its bad news, and the new Buzz Word is boring.
Do you think he displays all his Monet on the wall too?
No, boaring. I say what I mean and mean what I say.
HW2, do you find it difficult communicating with humans?
You elevate yourself
See the start of mortgagee sales prop up..
The drunken bender of free debt is over, but seller are blind to the truth.
Agents know the truth #nosales #noincome.
Down a mill from peak over the last 12 months. Could be down another mill this time next year? But it's the third mill in 2024 that could take us out. By then I should be nearing grateful for a socialist government? Or not!
Cat Owner; So Mr/s vet how is our cat?
Vet; So Mr and Mrs Schrödinger, I have good news and bad news.........
the buyers are there and not there........ they smell fear and are looking for bargains.
Eight bidders lined up for a bungalow in Auckland’s Mount Albert last week in a sign that the city's real estate market is emerging from the slump.
The four-bedroom home on a 697sqm section on Harbutt Avenue had attracted three pre-auction offers and ended up selling for $2.103 million - more than $300,000 above CV
Over 3000 dollars per sq metre of land area. Is that development material, surely not owner occupier
Edit: yes it does appear to be an occupier buyer. I was thinking the home was on other side of New North Rd toward Owairaka Rd.
Values still heading north ... sold 16percent above recent CV
you only have to find one bigger idiot
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