Residential property auctions continued with their recent up and down pattern, with results from the latest auctions monitored by interest.co.nz being up on the previous week.
A total of 231 properties around the country were offered at the monitored auctions over the week of 5-11 August, up from 159 the previous week.
Of those, 125 were sold under the hammer, giving an overall sales rate of 54%, up slightly from 50% the previous week.
Price appears to remain an issue for many buyers, with just 35% of the properties that sold achieving prices above or equal to their rating valuation, compared to 32% the previous week.
Overall, the level of auction activity remains volatile from week to week, although the proportion of properties selling under the hammer appears to have lifted to around half from about a third a couple of months ago.
Unfortunately the volume of properties going to auction is so thin it's difficult to draw conclusions about market direction from the recent results.
Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the selling prices and rating valuations of those that sold, are available on our Residential Auction Results page.
The comment stream on this story is now closed.
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128 Comments
More people signing up for their financial death penalty. Their latest PPI shows that the USA is still not on top of their inflation and energy commodities keep on increasing in spite of the higher US dollar. More inflation and longer rates to come for New Zealand.
Yes, but the people were warned. From the Scroll, pages 1 and 2.
by Future | 7th Oct 22, 2:34pm
The Seal has been Broken. This is how the Scroll reads.
Interest Rates will continue to go Up from here and Stay Up for a Long Time.
Banks will sell Mortgages at 10% +. ( Double Digits ). The OCR Forecast Peak Goalposts will continually be Moved Higher and Higher ! 10% Interest Rates Next Year, Guaranteed !
My suburb of Auckland has thousands of rentals. But very few available to rent, the lowest I've seen.
So buying by firlrst homers is probably a good idea
HB it's next year now I thought you use to say this yr.
Have a closer look Colin Cameron.
I did HB upto a few weeks ago it was this yr. Just saying if TA was making those guarantees imagine the dragging across the coals he would get.
He's quoting himself from 2022
DGM showing increasing signs of nervousness as the housing market shows increasing signs of confidence……
This is a well-known inverse relationship.
Happy house-hunting to all readers here. 😁
TTP
Did you ask for the Green Tick to be removed Tim ?
What is the green tick thingy that has started to appear?
It's one of those weird status symbols that everyone has become enamoured by, like Facebook likes and number of followers.
It highlights you're a paying supporter rather than some freeloading pleb.
Hmm, not that keen on that. You shouldn't have to pay to take part in the comments. Some people may not be able to afford it but their opinion is still worthy. Judging by the people who have ticks you might even say some of the the non-ticks are more worthy of being able to comment on account of them not being a twat.
No necessarily free loading. I’ve been paying half the rate for many years now. Don’t be so quick to judge.
All their “guaranteed” predictions are just laughable and desperate now. Let them continue to wait for the bottom to buy.
USD on a tear for the past month, huge week against kiwi. What’s the reason given inflation is moderating in US? Is it more to do with weakening kiwi given recent commodity declines?
Risk sentiment. NZD drops when global equities fall.
How does that relate to housing and auctions. Wrong thread
Yvil, the constant harassment of other members is counterproductive to paid subscription. You're putting people off.
Oh! - I get it! If you pay for something, to get no ads, it makes you smarter and a better class of contributer.
Or, you could just get a free ad blocker.
Tell me, being a proxy shareholder do you gèt access to the P & L financials and wages data to verify the poverty of said organisation. And thus the reason for demands for said donations pleas.
Weaponizing ads as a to get income ( disguised as donationss)just doesnt feel right to me.
No doubt this wil be my last post.
Hang in there Mofo Fomo.
Just stay "Independent as Always" ( the motto for interest.co.nz )
The Covid Pass will be seen for what it is soon.
Nah. They can ban me. This site is to difficult to navigate, and wastes my time. Idjits can pay to post. Ill just watch.
Its all white noise with no net gain for anyone.
Its a time cost centre.
Name one post that has made a improvenent to society.
The insightful understanding from A Great, IT GUY
'Name one post that has made a improvenent to society.'
Can't think of any posts in particular, but I personally always enjoy reading comments/posts bellow the articles on Interest.co.nz to get a feel for what the community thinks. Discussing issues is always a good idea in my opinion and such discussions more often than not lead to improved outcomes for individuals and consequently likely to lead to an improved society overall. Or if not an improved society then at least to a more "informed" one.
This site is dedicated to "helping people make financial decisions" and the commenters help with that by offering their views which you can then do more research on if any of the comments trigger your interest, etc.
Agree, I've picked up lots of insights from the comments. One of the main reasons I come to be honest. To see how facts are interpreted and spun.
Wow i haven't been banned yet.
I still have seen no benefit to society. Just individuals egos.
Every body who visits this site gives $$$ to this site via the " hits generated " to the Google behemoth add machine.
Yvil, calling everybody free loaders is just dumb. I'd call them wise.
Giving money without knowing the fiscal situation of the organization is likè giving money to mike Hosking because he says he needs it, or to a phone scam , or investing in a organization without doing due diligence.
ROI, is debatable if you consider the ads you have to suffer I donate to get rid of them.
I hate Google and thier grèed
Interest.co wont ban you for this sort of thing. I've pushed the limits and have been banned in the past. However, it is the high level of tolerance that encourages me to be a contributor.
Comparing David Chaston and his team to Google?? David has asked for our help and we have responded like gentlemen. We live in a high trust society and we trust David.
Don't get me wrong. I trust these guys but not google, Ive known the internet before goògles over bearing dominance, and they should be paying more to inteeest.nz
Yvil, Are you the tick monitor, who gave you rights to scrutinise others free choice??? You've pissed off other commentators with your nagging comments.
You used to berate others for not relating their comments to the sub-heading "helping you make financial decisions". Choosing whether or not to purchase a product IS making a financial decision Yvil is it not?
Furthermore if I am bombarded by targetted adverts, isn't that also a benefit to interest.co.
And btw do you watch YouTube and do you pay to watch it.
Now, back to the topic ;)
Edit: where did the comment by Evil go. It deserved to get cancelled
Well said Flying High. Donation is a personal choice.
Wow that's possibly the first ever congrats you've handed me RP. Cheers
Except it's not really a donation as the site isn't a charity. Contributors, like yourself, understand that these things cost money and need to make money.
Zachary, you can call it what ever you like. What it shouldn't be is the cornerstone of an argument or division over who does and doesn't donate/contribute.
Where did that comment go ? and what did it say ? I missed that one.
Looks like Yvil's comment has been deleted. Like with others last night he started harassing Flying High this morning.
I've been "Flying" under his radar until now 🤣
It is all correlated if you can see how the parts of the system work together (inflation, currencies, interest rates, bank lending, recession risk)
All things considered the results look ok to me. Time of the year sitting here its 5.6 Deg C outside and more importantly an Election coming up its to be expected really. Yes current inflation and current interest rates for longer, the RBNZ is not going to raise to "Flatten the curve" so to speak.
Hi Zwifter, why don't you too click that "SUPPORT" button and help Interest out in exchange of your numerous comments. Surely you can afford it and the staff at Interest deserve it?
Yvil, AGAIN, the constant harassment of other members is counterproductive to paid subscription. You're putting people off.
Get real, everybody can be an ass! Ignore it! Dont highlight it and be an ass youself.
Yvil do you pay for YouTube or not? Why are you pushing this so hard
Last night you were disputing whether a regular commentator had signed up previously or recently. Get a life and be glad they have come around to your point of view
So you don't think Interest's articles and the staff working there are worth your 33 cents a day ?
If you dont pay for YouTube youre being a hypocrite !! The good book says not to be a hypocrite like those with religious zeal who stack up burdens for others Yvil. I'm sure you're familiar with that.
I'd add that interest.co writers are worth way more than 33 cents. But their motto isn't "helping you make financial decisions for interest staff"
Lets say Maccas had a choose to pay policy, how many would. The worst offenders would be those rich people in fancy suburbs.
Yvil I will pay if interest makes it mandatory that you have to have your correct name on the post. As alot on here dribble and complain but hide behind some pseudonym.
You're welcome to make your own website if that's what you want.
Maybe you could call it "uninteresting.co.nz", the target audience will be a bunch of likeminded old guys buying investment property in small towns and bickering about how nobody these days wants to work as hard as you do.
Didums struck a nerve have we. Just to point out most of my property is in a large city.
Beijing?
Nope just throwing a bit of banter around. Nothing personal, it's what gives the comments section some character.
I pay for YouTube, I highly recommend it. Mind you, I practically dwell inside YouTube. That said, I don't agree with pestering commenters. I feel slightly awkward about the big green tick, it's a little bit too big don't you think? An FHB facing big increases in mortgage payments shouldn't be pressured into subscribing for example.
I'd be happy to see the big green tick go but if this site needs more funds then they have to try doing something and see how it goes.
At this rate I think we will see the demise [of the big green tick] sooner rather than later..
You pay for you tube to get rid of ads and a few features.
I get no ads by using no google, samsung internet, ad block plus on a tablet that has nothing on it escept the internet... so if it is hacked i just reset it.
To easy
If a company like YouTube is going to improve its systems and pay its content creators it needs to make money. Your attitude is remarkably shortsighted and not in the least bit admirable.
That said, for people like Yvil and myself the cost is a relatively paltry one.
It sounds like Mofo has no concept of paying someone in exchange for getting something or getting paid for doing some work. Maybe he is on the dole ?
You imply anyone putting their hand in the taxpayers pocket is a lesser person. Let's talk about that then. Did your motel put it's hand into the taxpayers pocket during covid? Even when it was explicitly stated that one had to first exhaust other options such as injecting more capital or approaching lenders?
Its not about paying nor about ads, its about the control google has over everything,
FFS, they should be paying me for previosly stealing my data. But thanks to going google free and an ad blocker, the huge american thief gets nothing.
No ads on you tube, no ads on stuff... even my searchs dont show google prioritized sites first!
Just amazing!
Or leased his motel out for emergency accommodation...
Thumbs up for those who do not feel good about the Paid to Say Green Tick .
I upticked. It is distracting.
How do we know this site is on the fiscal edge?
To be clear I meant the demise of the big green tick!
Don't mind the ads on here. Only once I've had an issue with an oversized ad taking up 2/3rds of the screen, which David addressed very quickly.
I have a young family and every dollar left over at the end of the month is split into mine/my child's savings accounts. Also putting as much as I can towards the mortgage. So yeah, I'm a freeloader.
Thing is, Adsense revenue in the Finance sector offers some of the highest CPM’s in the industry.
I understand advertisers are possibly pulling budget and therefore the sub option, but don’t feel bad for not paying, people come here for the commentary which makes this site what it is, can’t see the financials so maybe reasoning for the push is a lot worse than I imagine.
Still on the fence about it.
Yvil the good little Hall Monitor.
Some of us like to stay "Independent as Always".
At The Ministry of The Prophet we believe in giving in secret. Mat 6.
"So when you give to the needy, do not announce it with trumpets, as the hypocrites do in the synagogues and on the streets, to be honored by men.
The Green Tick is becoming like the Covid Pass.
Papers Please.
It has nothing to do with "being independant" the words you're looking for are "being a freeloader".
You should be deeply ashamed that, with the number of posts you write, you don't value the Interest content enough to contribute something to them.
Yvil, you're behaving more like a dog who HAS "ticks"
For real, what is your true agenda here? To create division and therefore drive opposing individuals out of this forum? You are the only one here who has a problem with non-contributors. What gives you right to pass such judgement on others by labeling them as freeloaders or on previous occasions, bludgers?
what is your true agenda here? To create division and therefore drive opposing individuals out of this forum?
Wow
Just as commenters have the right not to contribute, I have the right to point out that the staff at Interest are worthy of a 33 ct/day contribution !
Yes, and you've certainly made your point on "multiple" occasions. DUDE - WE CAN HEAR YOU!
scratch....scratch...scratch-scratch-scratch.
"Priceless"
... and worth paying for!
✅
Hi Yvil,
Why don't you pay for all the commentators that haven't paid. You value the site and you're loaded sucking at the public taxpayers teat housing undesirables. Be a good Kiwi.
Maybe you guys need to start paying for my financial advice ? After all who gives away good advice for free ? How many really come here for the advice but really stay for the entertainment ?
Zwifter I come here to read what the majority are complaining about to then go out and do the exact opposite cause then I know I am on the right track. As most on here if they spent as much time trying to create something for themselves rather than wasting as much time on here or there social media will not be complaining
Well Colin, if I had listened to the DGM's on here 20 years ago I would be up shit creek without a paddle by now. Same old rubbish, houses are too expensive blah blah blah wait another year...
Unfortunately the volume of properties going to auction is so thin it's difficult to draw conclusions about market direction from the recent results.
That's pretty weird that interest.co monitors and reports
Thumbs up for those who have a pretty good idea where the direction is going.
Direction of the market ideas tend to be related to personal exposure
Yet more evidence that emotionally driven FOMO is confined to the minds of the naive. Low ball offers from early 2024, there is no hurry and patience is key. Term deposit rates are very attractive and a great opportunity to grow that deposit on a still deflating asset.
Class of 2020/21 Leverage School will have noticed the ground has now shifted beneath them. Homes are for living in and not speculating on.
Since 2020 its been nothing but excess fear. Housing, covid and health/safety. Caution is right and proper, along with individual responsibility.
and climate change fear
Homes are for living in and not speculating on.
This thread is about house auctions and not pushing political agendas Poppy.
In answer to your point and as I'm a tenant, I wouldn't trust a govt to provide rentals, we might have to coin the term "rental FOMO".
So back on the topic, if someone finds getting a rental too difficult, the logical step is attend a house auction and buy a house of their own
This thread header is about the auctioning of homes, not rental agreements.
by Hawkes Bay | 12th Aug 23, 6:58am - "Thumbs up for those who have a pretty good idea where the direction is going...
Sums it up really - don't you think?
Good too see the buyers are getting sensible and not paying the big bucks. Yes the values will keep falling with every passing month.
The agents are now talking to cashed up buyers and doing deals without even listing the property. But yes the price paid in these deals is a lot lower than the CV or the asking price.
Long way to fall for prices to be affordable. Wait and watch.
God save NZ
People are buying now which suggests it's getting more affordable... not bad given the banks are testing at 9% +/-...
And this will continue - as prices drop, we'll see sales drop down through the income/deposit levels, likely increasingly in FHB favour:
Prices drop: that deposit you've been building for the last 4-5 years blows past the usable threshold - you enter, buy, then leave the market.
Interest rates rise: increased payment requirements - not a problem as those currently most ready with a deposit are higher earners.
As the pool of these higher earning, deposit ready purchasers shrink, the demand pool shifts lower to those with slightly less deposit and lower earning capacity. Prices shift lower again, allowing the cycle to repeat.
With the vast majority of speculators side-lined due to falling equity (and that number increasing as prices continue to fall), the only thing currently holding the market up is the FHBs - and balance will be reached when there are enough deposit-ready, sufficiently-incomed FHBs for demand/supply to balance out. But with prices falling, I expect to see both supply and demand increase - why? Because most of those speculators are holding FHB-ready properties they outbid said FHBs on over the last decade, that they can no longer afford at normal interest rates.
History tells us the bottom is usually reached sub-3x HPI. We're still sitting above 6x, so there's a wee way to go yet, barring potential market interference by policy makers and how successful that interference is. Note also that price-to-build has no effect on this - new builds are a luxury item and I expect to see material prices drop to eventually match the reduced demand.
There will be buyers all the way down.
Sustained moderation.
Hey just noticed the green tick, how do I get one?
Haha, must be a supporter tick, thanks Interest will help when skim reading comments.
You need to be able to sign in with a PressPatron account.
The account costs$10 a month minimum and it supports this website. People should support things they get value from. I occasionally donate to Wikipedia and the odd YouTuber as well.
Good to see NellBell!
Test
Yeah on one hand I'd have thought that whether you choose to donate or not is your private business
On the other, if you decide to make 5 duplicate accounts just to post here it may not be worth paying $10 for each, so this might prove a good measure to weed out trolls
And if you really choose to pay for each, even better - these guys deserve it, it's a good financial news source
And most importantly, it helps Interest to survive and pays for the excellent staff.
by danicriss | 12th Aug 23, 9:07am - "whether you choose to donate or not is your private business" Exactly!
Yvil, we live in a democracy.
Sadly there are R.E companies on here that would be happy to pay for Multiple accounts with the Green Tick to manipulate the narrative.
It would be very cheap advertising compared to what they pay elsewhere.
Starting to see a few do-ups selling at reasonable prices. A rundown brick and tile unit in a halfway decent suburb may be worth considering if you are a first home buyer. Look for something that is cheap, is well below CV and can be made a lot nicer with just a tidy up, paint, anything you can do yourself.
Spruik alert.
...and one of the few on topic comments posted today!
Not starting to see any do-ups selling at reasonable prices. A rundown brick and tile unit in a halfway decent suburb is probably not worth considering if you are a first home buyer unless it is at least 20% below current valuation. Maybe if you can find something that is cheap, is well below current valuation and can be made a lot nicer with just a tidy up, paint, anything you can do yourself but otherwise stay well away.
DGM anecdata and advice for balance.
One unit in Birkenhead, Auckland, sold this week for 542k. Had a CV of 790k and a QV estimate of 720k. Possibly a bit too much of a do up for the FHB however these properties are likely to be sought after for the right price. It's usually the case during this part of the cycle.
I feel abit sorry for the DGM's here, they're going to be wrong again... another year wasted sitting on their hands rolling over term deposits going no where.
Didn't you post the very same comment in 2021?
Haven't you been saying the same thing since 1949...
Nah, that'd be my Dad - LOL! Good come back though :)
The Scroll from The Prophet has Proven 100% Correct.
Those that Listened have saved Hundreds of Thousands of Dollars in Lost Equity.
Term Deposits have Clearly gone Up. Property Prices Have Clearly gone Down.
Looking Forward to see if TTP has the Green Tick. Multiple Accounts cost Multiple Amounts.
The Popcorn just gets Tastier and Tastier.
I dont have any ticks (said as head twitches involuntarily)
HB ... Off topic comment
Are you absolutely sure you don't have "ticks"?🐕🦺
The vampiresquid REA industry are praying like hell, that their non-stop transparent attempts to reignite FOMO and promise to all in sundry "this time, no this time, promise, surely, really must be, is the bottom":......takes actual hold.
Tony Alexander has Guaranteed FOMO is back already........more likely to fall as flat out wrong and stupid, as everything else he said since 2021.....as he said that interest rates have peaked as the OCR hit 4.5% last year and many , many times since.
REA Vsquids and fellow travelers' credibility is a big fat 0
The housing market confidence is in shipwrecked and in tatters and likely to deflate another -15 to -30% before any smelly REA bottom is plumbed.
Yawn, let me guess, wait another year ?
Struck an open sore.....seeing your paper gains turn to fugazi vapour??
No, not wait a year, we are in a multiyear sticky pricing retreat in this new and increasing interest rate environment. Your old pals TA and AC are now soaked from pissssting useless spruiking commentating into the wind, to absolutely no avail.
- So 2026 to 2028 looks like a time for the smelly REA bottom to be plumbed........once the next -30% values are finally shed.
Market confidence has disappeared and sunk without trace.
Yawn, sorry wait another 5 years. FYI I'm saving $30K a year in rent.
Three areas: Wellington city, Canterbury region and Otago region, housing stocks are dwindling.
test
And in response to the green tick saga, some property investors have developed their own nervous tic.
The green tick is giving me a superiority complex. I can look down on people now... finally I know what it feels like to be a landlord.
Ha-ha-ha-ha :)
How about you just feel good about giving something little back to David Chaston, David Hargreaves, Greg Niness, Gareth Vaughn & Rebecca Stevenson for their great work ?
I concur Yvil. Long time supporter here. The writing on here is excellent, and the comments are enlightening, apart from the childish bickering, but it's still great value.
Shutup yvil, this is America. Dont tell me what to do. I love watching ads.
Oh, is that what you call it Yvil. Because you can be trusted to have no conflict of Interest .
by Nzdan | 23rd Nov 22, 8:58pm
I recall a few years back he turned up to the Interest.co offices and put on a morning tea shout. The aspirations go back a while.
Up
2
by Yvil | 23rd Nov 22, 10:02pm
That's right, maybe I'll do the same again for X-mas now that Covid is over. It was great meeting the team at Interest, I was impressed they didn't even take a proper break to have their morning shout. I thought they deserve it, don't you ?
Up
5
by Millennial_Woman | 23rd Nov 22, 11:10pm
Wow is this how the real estate lobby got into bed with our MSM?
Hawke Eye
Good recall
✅
Hahaha that's a good one Tom
My landlord looks down on me, he's 6 ft 5, My nickname was Little Joe, like the cowboy.
Flying High, do you own several investment properties yet rent the one in which your family live?
Eh?
Since you asked, we have one investment property now in a different city to where I reside. Sold the other bad investments and lost a sh1tload. Spent a year mooching between friends houses. Its all come good now. Must be Karma coming back
Oh that is it.
Interest.co.nz - could we please have a filter that hides comments from the Green Tick brigade? Thx.
All joking aside - I would happily become a paying contributor if you offered the facility to hide comments from specific users!
I'm a WordPress core contributor and build plugins for a living, I will genuinely develop this for you free of charge, it'll be pretty simple to build...
Look at Gisborne!
100% above RV.
Gisborne is the new Queenstown.
What makes you say "gizzy hard" is the new Queenstown, fhb could easily go wrong unless you know the area. Volatile demand
Gisborne does not even make it onto the Billboard most of the time. One trick pony town, and the logging has just blown out.
Good surf though.
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