New Zealand's largest real estate agency sold just over half the properties it took to auction in the week from 11-17 September.
Harcourts auctioned 108 homes around the country and 58 of them sold either under the hammer or shortly afterwards, giving a sales clearance rate of 54%.
The biggest concentration of auctioned properties was in Auckland where 45 went under the hammer and sales were achieved on 20 of them, giving a clearance rate of 44%.
That was followed by Christchurch where 39 properties went under the hammer and sales were achieved on exactly two thirds of them (66.6%).
At the Auckland auctions prices ranged from $480,000 for a two bedroom apartment at Flat Bush, to $1.71 million for a house at Northcote.
In Christchurch prices ranged from $327,000 for an earthquake damaged house on a large section in Saint Martins to $1.2 million for a house in Merivale.
Photos and details of the properties that were auctioned and the prices achieved on the ones that sold are available on our Residential Auction Results page, where you can also check out the results of Harcourts' auctions in Queenstown, Wellington, Palmerston North and Taupo.
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15 Comments
Quite likely that auction clearance rates will now trend upward - given the (probable) National-led Government. Confidence in the housing market will almost certainly pick up a little.
But I don't expect house prices to increase as much as if a loose-spending Labour-Green government held the Treasury benches.
The likelihood is that house prices increases will be pegged back to relatively modest levels over the next 2-3 years. But, as always, some regions (such as the inner-city suburbs of Auckland and Wellington) will do better than others.
I don't think Winston going with National is probable at all. He has far more common ground with the left wing parties, and he campaigned on "had enough". He's been on the same side as Labour/Greens for nearly the last decade, there's far less bad blood there. Plus National pushed him out of Northland, he'll be bitter about that. And National leaking info about his super overpayments. Plus he might think that he can dominate Jacinda more easily than Bill. He will go with whoever gives him the most power. And he will likely have the most power in a left wing government because of their respective representation numbers.
House prices will fall regardless of who is in government. NZFirst will be reining in immigration, and potentially banning foreign ownership or applying taxes/disincentives to foreign investors. They might even force a capital gains tax to help fund continuation of the pension as it stands, and hoping to make up for the lack of investment in the pension fund for the last 9 years.
I have no idea what "the bookies" are going on aside from a lack of understanding of MMP. A lot of people seem to be interpreting these results from an FPP perspective. Truth is the right wing bloc made less than the left wing bloc. The special votes will swing it another 2 seats in favour of the left. The reason why there's not two right wing parties (can't include ACT) is because the boomers who predominantly vote right still think about our election system from an FPP perspective. My money is on a left wing government. I'll bet you $1. Hahaha.
Check out how close the different parties are to each other. https://www.politicalcompass.org/nz2017
Their assessment of TOP is way off though.
The last comment is correct! sadly, given their statement of:
"in the short term people are afraid of change. The current bunch of politicians are mostly focused on the short-term goal of getting re-elected, so they avoid the tough decisions. Half the time they propose policies that won't even achieve what they say they will.
I agree that there is a fundamental lack of understanding regarding MMP. It's very disappointing to hear self-proclaimed experts in the media giving FPP answers to an MMP question. MMP is about multiple parties with overlapping spheres of interest forming coalitions. Like it or not, if a coalition can command a majority, it has every right to form a government. MMP is a bit like life, if you can co-operate with others and accept that you won't get your way every time, then you're more likely to be successful. As a country we are still very immature in our understanding and operation of MMP.
Having said that, I wouldn’t bet 1 cent which way Winnie will go.
Yes, interesting assessment of TOP. Oddly enough that's about where I'd have put Gareth Morgan having been familiar with him back in the day when he was a professional economist.
I read elsewhere that TOP need around 81K of the Special Votes to get across the 5% threshold. No idea whether this is a correct estimate, but interesting that no one is mentioning that. Wouldn't that be something if none of the so called 'expert' commentators in the MSM even contemplate it - and it gets 'dropped' onto them.
Totally agree . Nz first would have a better long lasting future to with labour and after discussions with his party I’m sure that the labour Jacinda and greens positivity will win oven national and there limited shelf life left. Labour peters and greens could put nz back on track for a great future. All national did was two terms of nothing and a third term of tricky the market and people’s greed by creating a massive bubble. The correction can’t be stopped but labour and peters should be the team to clean up this mess because they sore threw if from the beginning
I think Winston will go with National, in my opinion a Labour/ Greens/ NZ First colaition would finish NZF off in 2020. What are the chances this 3 pronged coalition would last 3 years? And if they do last 3 years what is the chance we have a recession? Even under National I think a recession in the next parliamentary term is 50/50. The majority of NZ First voters in a poll preferred NZF with National rather than Labour. The poll would have been a landslide for National if it was do you prefer NZF in coalition with National or Labour + Greens. I think NZ First would be out of parliament in 2020 if Winston sided with Labour/ Greens given their voters preference coalition wise. And in 2023 at 78 years of age Winston would likely be too old to engineer a return to parliament for NZ First. Deep down I think Winston knows this and NZ First is his political legacy. If I was National I would play hard ball with NZ First and call his bluff.
Winston is far more likely to go with National at the end of the day. But entering into negotiations with Labour/Greens will give him extra bargaining muscle with Bill English.
Winston will end up with a good deal for himself. And we'll very likely have a National/Peters coalition.
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