Auction activity picked up strongly in the last week, aided by a couple of very large auctions conducted by Ray White, which each had more than 50 properties on offer.
Overall, interest.co.nz monitored the auctions of 315 properties around the country in the week from 27 January to 2 February.
Of those, 131 sold under the hammer, giving an overall sales rate of 42%.
Where selling prices were able to be matched with their rating valuations (RVs), 44% achieved prices that were above or equal to their RVs.
That wasn't a bad result considering that January is usually the quietest month of the year for real estate and many people would just be finishing their summer holidays.
At the final full week of auctions before the market shut down for the Christmas break in December, 512 properties were offered and 165 (32%) were sold under the hammer. So compared to that, the latest results aren't too bad.
However, we expect auction room activity to start cranking up in earnest over the next couple of weeks, which should give a good indication of where the market is headed in 2024.
The table below shows the latest results by district. 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.
•You can have articles like this delivered directly to your inbox via our free Property Newsletter. We send it out 3-5 times a week with all of our property-related news, including auction results, interest rate movements and market commentary and analysis. To start receiving them, register here (it's free) and when approved you can select any of our free email newsletters.
10 Comments
Yes - an okay clearance rate to herald the start of the auction year.
But there will be ups and downs through 2024. The road to recovery won’t go in a straight line.
TTP
So, in Summer it's been hovering around the 40's, in a couple of months it'll be in the 20's..
Many rolling over to Higher rates and we can see the stress is building on sellers
80-90% are already moved from 2.. to 7%
What are you talking about?!
Auckland Central suburbs still smashed re CV, only 14% made above CV.
Lots of stressed builders around, they will need to sell this year. Up here in Rodney not much selling by auction but good properties selling, know buyer of a $3.48mil sale close by.
Fed has confirmed that it will hold interest rates high past March, our RBNZ will do the same, no respite for any mortgage holder stress, plus the RBNZ no longer needs to consider unemployment levels so is free to increase interest rates to increase the downward pressure on inflation.
Tough times coming for some
The regions look to be doing okay, so much contradictory data out there you don't know what to believe in the end. The gap between Homes and One Roof is now a joke, somebody has got it wrong.
It’s basically flat. Even out the DGM and Spruiker rhetoric
In the same week last year 109 were auctioned and 27 sold. Sales rate 25% and 30% sold over RV.
AC is talking on Zb, oneroof show... Says rent increases will slow down. Thats a feature of national govts historically
Should help inflation to come down (my take)
Rents have already gone up, people on FB down here stating they are only just making ends meet as it was and now the rent just went up $50 a week.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.