The early spring auction activity level was little-changed in the September 2-8 week.
But the sales rate rose to 54% and the number of properties achieving rating valuations at the successful auctions increased.
There were slightly fewer Auckland properties coming under the hammer, and slightly more outside the Queen City.
The Auckland clearance rate rose to 54% this week from 51% last week, with 38% of them achieving rating valuations (a good jump from last week).
Readers will know that the Barfoot & Thompson sales volumes in August came in better than earlier in the year, and that particular realtor noted sellers were needing to match buyer expectations to achieve a sale.
This latest auction data, which includes Barfoots, but also a wider range of agency activity, suggests auctions are moving back in favour in this market. But it also suggests, with 38% selling for the rating values, these sellers are getting some uplift at recent auctions.
There were notably more Christchurch properties brought to auction this week, and they too had a better sales rate. Like Auckland, a higher proportion achieved their rating values.
There are signs here that 'spring' started to bring out more motivated buyers.
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.
[Greg Ninness is on vacation.]
39 Comments
Easier week by week comparison with previous week showing. Can you keep using the same format in future.
https://www.oneroof.co.nz/news/complaints-fly-over-fake-container-house… Cool housing in Hamilton
Pa1nter, it's so easy being a critic. To criticize others forecasts and investment choices while not posting your own speaks volumes. It’s like being found wrong by others is the worst thing in the world.
Folks, at gatherings (especially involving alcohol), where possible drown out such people with good music.
Now Pa1nter, GET SOME SLEEP!
In a world that's awash with stories of fire and brimstone, it's easy to get lost in a spiral of negative thinking, lusting over the demise of others.
My personal investment advice is not to get lost in such a self defeating and fruitless frame of mind. Cultivate some marketable skills and knowledge in an area, seek out and be open to opportunities.
Sleepy time is over for the day Poppy, spring is here and there's plenty to do.
Someone of more fragile disposition would cite cyber bullying, another user chasing me round from thread to thread, poking fun at having to nurse a relative on their way out of the building, it's incessant, but you get these sorts of characters in life.
I could complain to the management, choose to make light instead, but point taken.
I tend to be a bit pessimistic so the results I am seeing, +50% sales, have exceeded my expectations. I expected to see more "bargains" and distressed sales. The vast majority of vendors that got reasonable bids, yet declined them, later sold their properties for significantly more as well.
Auctions are still a good way to start the process of selling a house.
Yay..
Congratulations to all the winners for becoming slaves of banks for longer and probably making sure their next generation goes into slavery to serve the banks owners.
There will be no innovation because everyone will be too busy paying the mortgages with what ever they could earn working in their non sleeping time.
God save NZ
Lord help us if the RBNZ have to lower interest rates. If people think property prices make sense now at 7% imagine what they will do if it goes back to 2%.
We watch a few overseas do-up programs on TV. Some places actually make Auckland look cheap. You don’t seem to get much in LA for $1 mil US for example.
People are transacting because they want or have too, many moving rural downsizing etc etc...... Its a fine balance any movement either way could see big price movements..... its not a market that allows FHBers easy access. Therefore its foundations are not strong. poppy/Pa1nter why not just have a pissing comp against a wall and save us all 20 posts to read each sat?
Try, if you can get figs, looking at sales rates on rolling 3-6 month basis for last 18 months. Market is made by sales not price rises. Sales on this basis are not rising. Not surprising given Auckland sales ran 50% above 15 year average for 8 months Jan 21 to August.
The houses (actually, dwellings) I've looked at that have been for sale in auctions suggest they represent a specific 'sliver' of the market. I.e. I don't think they're representative of anything except that sliver. Many are do-ups and reno's, some are to entice developers to pay more, etc. And quite a few seem to have had buyers that got seriously carried away on the day. I'll wait for the REINZ numbers for confirmation.
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