The number of properties being auctioned declined for the second week in a row last week, suggesting auction activity has now passed its summer peak.
Interest.co.nz monitored 381 residential property auctions last week (12-18 March) down from 422 the previous week.
Auction numbers appear to have peaked at 441 in the week of February 26 to March 4.
The number of properties selling under the hammer also declined, to 138 last week compared to 167 the previous week.
That pushed the national auction sales rate down to 36% from 40%.
The sales rate remains weakest in Auckland where it ranged from 15% for properties in Manukau to 37% in Rodney, and strongest in Canterbury at 64%.
The Central Otago-Lakes auctions also put in a strong showing with an overall sales rate of 57%.
However the sales rate in Bay of Plenty has been taking a dip lately, dropping to 26% last week, down form 43% the previous week.
The table below gives the district-by-district results from the main auctions, but does not include regions where the auction numbers were extremely low.
You can see the individual results from all of the auctions monitored by interest.co.nz on our Residential Auction Results page.
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43 Comments
Wellington city listings are still at a peak, though interestingly there aren't a dramatic amount of new listings popping up*. It seems the high number is coming from houses not selling. Though auctions are a lot rarer here, and most are deadline sale or price by negotiation. Listing with a price is becoming increasingly common.
*Tuesday 3pm is usually when the big weekly dump comes though.
RV over $ 1 million : OMG , what has Mahuta put in our 3 waters ... crazy juice ! ...
RV $1.01 mil, estimates $0.92-1.02 mil, purchased (2019) $690k, inquire over $695k.
That's not pretty.
https://www.barfoot.co.nz/property/residential/manukau-city/pakuranga/828224
Passed in at $880K today. A house in need of renovation, placed between two major highways, with high voltage power going straight over the house. How much were they expecting?
Absolutely on track for a 30% decline in prices by December this year.
Housing market is slowing for a soft-landing......
Anyone who anticipates savage price cuts across the board is setting him/herself up for yet another big disappointment.
TTP
Anyone who dismisses the possibility of savage price cuts has not considered all possible outcomes TTP. Thats why I sail offshore with a liferaft.
TTP sails on the Titanic - she’s unsinkable…didn’t you hear?
DGM sounding very defensive today.
TTP
Don't worry TTP, I've got your back
Best get back up the mast and keep watch for the icebergs TTP - the rich think the ship is unsinkable and they’re relying on you as they believe you….hope HMS Reserve Bank is sailing close to save everyone when the mayday is declared again, like in 2020! 😂
Will you go down with the ship if it sinks or will you be jumping on the RBNZ life rafts with the rich, leaving the poor to suffer in the cold?
But what if HMS Reserve Bank is distracted this time with another emergency called HMS Inflation but can’t get to the Titanic in time? How long will the poor (renters and FHBs) be able survive in the water before anyone comes to help?
You are going to look even more of a fool than you normally do in 3-4 months time.
TTP - you are the gift that keeps on giving you naughty little boy Property Brokers price fixing - Google Search
... people who think the Kiwi property market is unsinkable are ignoring what's happened overseas ... in Ireland ... in the USA ... if a savage hard landing can hit there , why not here ?
NZ is spehcial
... as interest rates rise , my wife reports that a few of her friends are regretting paying so much for new houses in the Waimak district ... the repayments are biting hard ... $ 750 000 for a quickly slapped up 3 brm of cheap materials on a 300 m sq section is insane ...
Ah, but its never happened here and will therefore never happen here. Past performance is a guarantee of future returns.
Ah the Ashley Church logic which most of the sheeple believe.
One day the altar boys will realise what happened
Bahahahaha
yes,a soft-landing on a piece of long long white CLOUD
Bring your paddle Aotea Rowers!!
aaahhh, there's my contrarian indicator a.k.a. TTP. As long as he is posting, there is further to fall. As i say, when he is absent or mute, then wait 6 months and buy back in.
That would probably be the best market indicator I have actually ever heard !!!
Be quick...to run for the hills
Looks like the market just giving back a few years of a multi decade bull run.... it will bounce eventually of a 30-40% average dip IMHO.
Will be negative equity issues, will be developer failures, will be heart ache and opportunity. Just proving that the phrase "the housing market" has the word market in it and follows typical market cycles, although with certain characteristics....
Buckle up the market falls till it finds support.
Credit Support/Buyer Support/Interest Rate Support/Sentiment Support.
Black Swans include - War, De globalisation, supply chain failures, future covid variants, Geopolitics and a massive one, our relationship with China.
Any one heard of INFLATION
Its all been driven by tax free speculation supported by stupidity at the RBNZ. The gap back to any meaningful value that is supported by income is a long long way. So many black swans...all at once.
Popcorn...
Isn't this supposed to be peak selling season.. wonder what winter would bring to the housing market.. more chills!!!
... the Reverse Bank have stuffed up big time ... they've overcooked the housing market with insanely low OCR ...
To paraphrase the worlds best treasurer Paul Keating : " it's the crash we have to have ! " ...
Tim the point, your repeated 'cut and paste' soft landing comments are starting to appear more fearful. All those first home buyers who are leaking precious equity can hardly seek security from a fear ridden Poperty Broker.
Just think of all those Property Broker agents knocking on the door of TTP Tim Mordaunt. Please sir, can you top up my account this week, I have Audi car payments to make Tim, Go Away Peasant, but Tim you said to Fake it until we Make it, so I got the fancy car on tick to impress you and the public. If I dont care about FHB and Renters as you would have clearly seen from the Media then why would I care about you peasant ?
You seem to lack the capacity to comprehend the information that is being presented.
Nobody is "leaking precious equity"
Medians and averages have fallen but actual house prices currently continue upwards with a national growth rate of +0.6%. This is what a normal February growth rate looked like before the excesses of the last two years.
Nobody in these articles mentioning "prices" is ever talking about actual house prices and if you think they are, then that explains why your thinking is at best completely flawed.
Anyone who purchased recently still experiences increasing equity. House prices may soon fall but they have not done so yet.
... that's the spirit ... join the Egyptian swimming team ... deep in de Nile ...
Facts are facts. I'll be happy to believe it when the stats actually show it.
Change my mind. Prove it using data.
Median house price. Nothing to do with the market value of an individual house.
Not sure where you are looking. If you bought in Auckland in October 2021 you won't be getting all of your money back if you sell today. Prices have fallen.
Stated clearly in the latest REINZ report.
Over 32000 houses on trademe today the stock just keeps building up with higher rates coming you would be crazy to buy right now just wait everything will be on sale soon.some of the people on here have never seen a huge downturn and think it can’t happen well you are just about to see a major crash in this housing market.
Wishful thinking by many on here. Been there myself, prices just had to fall 25% with Covid, ended up going up 30% instead. 980 properties for sale in Tauranga now, still rising but only now back to normal. I would suggest you need to be region specific with numbers for sale now vs a year or two ago or its meaningless. If there is not a correction this time, the DGM's should give up. It could bell be a soft landing or more like a "touch and go" landing, blink and you could miss it.
Going by the upticks from the comment above yours shows where the market is going.
You reckon banks are going to lend if there is a major crash?
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