There was a small decline in activity at the latest residential property auctions as the market nudged into the first week of winter.
Interest.co.nz monitored 185 residential property auctions around the country over the week from 27 May to 2 June, down from 192 the previous week.
Of those, 64 properties were sold under the hammer, down from 70 the previous week.
That left the sales rate almost unchanged on 35% compared to 36% the previous week.
Of the properties that sold, exactly a third achieved prices that were above or equal to their rating valuations, down from 37% the previous week.
Overall, auction activity remains subdued, and the figures suggest that if activity declines further over winter, it's likely to be a slow decline rather than a steep one.
Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the selling prices and rating valuations of the properties that sold, are available on our Residential Auction Results page.
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33 Comments
If I predict further property fall, many will consider me insightful.
No wonder why some people fill up the comment sections with the doomed prospects of the property market and how it will go down further.
I find you insightful, windswept and interesting, for making such an esteemed position. You are up there with the likes of Buffet. Many riches will befall you, women will want to be you and men will want to be with you.
There, that felt better. Now let's do that back and forward a dozen or so times a day for the next 2-3 years.
by Pa1nter | 3rd Jun 23, 7:25am "women will want to be you and men will want to be with you"
lol! Is this becoming a hook up site?
I'd consider you insightful if you said something tangible or thought provoking. There is probably another website for philosophical, cryptic, wooosa attention seeking posts. I predict the market will continue to slide through winter... there you go.. that's how it's done.
....you need to be a little more thought provoking. Add a triple percentage point decline!
You are correct, if you comment on this site people will judge that comment according to their own views and opinions and yes, there are bound to be some that find it insightful. Thats pretty much how this works. Welcome.
Did you write this while asleep?
Jump the fence to this good side, get a warm welcome
Meanwhile, over at Newshub:
Related video: Now could be the time for first-home buyers to strike. The latest CoreLogic House Price Index shows the downward trend in property values is finally coming to a halt.
I've seen far less dangerous and more credible claims censored as misinformation before. The other week it was the Reserve Bank promising that mortgage rates had peaked. It's almost criminal.
"Now could be the time for first-home buyers to strike" If taken out of context, this is probably the best advice!
"Nooo, ahah... we meant go on strike..."
The downward trend coming to a halt, meaning they are still falling at the same rate? Still falling the fastest they have been so be quick!
As I have said before CV in Auckland was 5 months prior to the peak. So, although some achieved cv this still represents a drop from peak.
It's not that people don't want to buy it that they can't finance the still bubbly prices. Ticket clippers...winter is coming.
Can finance it, or don't want to make huge financial commitments in this environment. Real estate's an emotional decision for many, rather than a financial one.
Unless there's a large upside to sentiment it doesn't matter so much what prices are doing.
Very often it’s can’t finance it.
One only has to play with a mortgage calculator to understand that.
Punch in 500,600, 700k mortgages and see what that looks like over 20 or 30 years at 6.5%. Put in a test rate of 8.5%…
To form a bottom, we need agreement between sellers and buyers re price, ie sale volumes will go up. We may well be seeing the capitulation stage now. It's not going to happen in Winter in Auckland. Buyers may start testing the market Sept/Oct/Nov, but its March 24 IMHO that we might start to see stabilisation... it will depend on how the economy global and domestic looks by then. Nothing points to a bounce FHBers will have friends who have just lost 200k+ they will need to see stabilisation. An there is an election which impacts sentiment a lot... FHBers probably not green voters.
At some point growing NZ population by 100s of thousands is going to create demand for somewhere to live.
I think just more overcrowding and other symptoms of how poorer a nation we have become. Accommodation here is still unaffordable. Only on arrival, dream filled migrants discover just how unaffordable the basics are.
Haha, and they'll refuse to work their little tushies off, and instead use their time wisely complaining about how they can't afford anything.
Yes, feeling exploited, Australia starts looking very attractive indeed. Your modus operandi is to sometimes argue to the contrary just for the sheer hell of it :) You conveniently ignore the elephant in the room - NZ cost of living.
I guess the difference is I dont see that as a specifically NZ problem.
While your point is an obvious and convenient one, lets not be distracted from the fact that if one is resident in NZ, its more likely to be seen by the individual as a NZ problem.
Sure.
But then it means people think the issue is merely an issue of local governance.
There's far deeper ramifications when the very system subscribed to is the issue
I've got 2 children living in Melbourne, the rent is extortionate and property prices are going up, not down. And the cost of living is comparable to NZ, I've just been there and checked it out.
Not like the 5 pound poms straight onto the docks...bloody hard back then
Assuming they numbers remain high, and that's a big assumption, at what price point will these newbies be looking to buy. Will they be looking to buy at all. I'd suggest the majority will be looking for low cost rental rather than the million dollar "investment property" that makes up a large portion of the for sale.
If that is the case then auctions would be hot and sales and prices going off.
Immigration figures are not To be trusted and do not reflect who are becoming house buying NZ residents and who are just passing thru to Australia, renting existing stock. Or shacking up with reĺlies etc.
Immigration stats show its Indians and Philippines that are the bulk of new residents that are being fast tracked into essential residential status residency.
Population growth has slowed with higher deaths /lower births and the fact that across NZ auction sales are down, new builds sales are down, section sales have stopped and stock is not selling suggests the down wards spiral has a long way to go.
Even Homes.co " RE influenced " data and $ales price expectation graphs graphs have revealed huge declines that have increased ithe last week.
Almost right, ITGUY ... This is better:
To form a bottom, we need agreement between sellers and buyers - in equal numbers - re price, ie sale volumes will go up.
Until the numbers are roughly equal, we'll see no bottom. This is why a property crash can drag on for years.
WTF. Agreement between who, when and where.
Every sale in every area is different.
Auckland rich areas with sort after location is always in agreement... Now look at Kaikohe and ask when will they ever be a sellers market like remuera..ya dreamin!
Winter is coming and this will be a long and long winter for housing market.
The ones who bought in the last few months while the values are still falling down were the desperate ones with some extra cash. Now they are also out of the market, so just watch how the gravity works on a stone when there is no support underneath.
The 7% interest rates are no joke, that is $7000 interest only per year only a 100k mortgage. To earn that 7000 interest only is 10000 of actual income before taxes.
Good luck to these crazy prices in this poor country and life long bank slavery. ✈️✈️🕊️🕊️
Attention property investors. Please buy up a storm - I am looking for somewhere to rent - North Shore.
Cheers.
Great time to buy if you've got the moolah, there's some willing sellers out there. If this isn't the bottom, it's very close.
Builders going to the wall and high interest rates, a perfect storm. Some big projects underway, canny buyers will be looking to purchase nearby.
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