The number of properties being auctioned continues to grow but the sales rate eased back last week.
Interest.co.nz monitored 441 residential property auctions over the week from February 26 to March 4, which was the highest number in any week so far this year.
That is not surprising, with March usually being the busiest month of the year for residential property sales.
Of the 441 properties marketed for sale by auction, sales were achieved on 148, giving an overall sales rate across the entire country of 34%.
Canterbury remains the most buoyant region for auction sales with a sales rate of 66%, with sales being harder to achieve in the rest of the country.
After Canterbury the next highest sales rate was Rodney in the north of Auckland on 46%, followed by Waikato and Bay of Plenty which were both on 39%.
Auckland remains the area with the highest level of auction activity, but it is also the region which has had the biggest decline in sales under the hammer over the last few weeks, with an overall sales rate of just 27% at the latest auctions.
The table below shows the sales rates in the main areas of auction activity around New Zealand.
Interest.co.nz also monitored auctions in Taranaki, Hawke's Bay, Gisborne and Taupo last week although their numbers were too low to provide meaningful statistical data.
Details of all of the individual properties offered at the auctions monitored by interest.co.nz and the results achieved, are available on our Residential Auction Results page.
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21 Comments
Auckland's slide is baked in.
The only debate is where and when the bottom will be. Any takers for greater than 30% drop from the peak for non-apartments?
Hi Caughtinthemiddle.
Yes I am definitely a taker of a 30% drop from the peak for non-apartments ! And that is by December this year.
Agent says there is a shortage of housing.
There are so many builds finishing and coming on the market or becoming occupied that is hard to imaging a housing shortage for too much longer in Akld.
Wont be long before ee'll have to import another 50K rich people
Correct, Tee.
In aggregate, there remains a sizeable shortage of housing.
Thus, house prices won't drop by anywhere near the $$$ that the Doom Goblins here fantasise about.
TTP
TwiddleThePrice is careful to never put any hard numbers in his ramblings. It's all just bluster and nonsense.
https://www.trademe.co.nz/a/property/residential/sale/manawatu-whanganu…
Any ideas why this has been on the market since August last year (when the music was still playing) and can't sell... a penthouse apartment in Palmy for $800k+... surely it's what everyone wants?
..a penthouse in PNorth. That could be a Tui Billboard.
"Luxury living" right there in the description. LOL
Cheap and ugly carpet, low-tier furniture, Palmy North... Peak luxury!
I remember Paul Whitaker, who was the top salesman for TTP decided to do his own development of townhouses. Property Brokers claimed it was the best development with the most expensive chattels to date. The market changed and the bank took it over. Salesmen trying to be developers is never a good idea.
"Don’t tell me what you think, tell me what you have in your portfolio" Nassim Nicholas Taleb.
TTP, It really is a brilliant quote
Tim your beloved Palmy North listings are through the roof
Bahahaha
Agent is either misinformed or lying, though that's nothing new
Have a look at this graph from RBNZ from last year
https://www.rbnz.govt.nz/news/2021/08/house-prices-above-sustainable-le…
Basic laws of economics dictate what happens when supply exceeds demand
Would expect last years totally artificial gain to subside. Whether its more than that is anyone's guess with a key driver being how much of a difference new finance restraints will have. Some were stacking debt like mindless junkies in order to avoid paying tax, with with no margin for error on their cashflow. Tax that they now have to actually pay.
From a cashflow perspective, how's dem advo's...?
Auckland leads the trend in NZ, so whatever happens here will eventually pass on to smaller cities in the next 6 months.
Agree, although more likely to be 6-12 month delay.
There is no such place as Waitakerie.
New Zealand has also been misspelled.
.
We bought nearly 3 years ago and have seen obscene growth to even the most conservative estimates of our property value in that time. Even a large "drop" in house prices wouldn't take you back more than a couple of years of recent price growth. I really hope this easing of ridiculous price growth continues and we see a long and gradual retreat of prices, although I don't see it happening. The most concerning thing for me after moving over here from Australia is that many, many people can't afford to buy even a market entry level dwelling with a double income. That isn't fair and it isn't right. It means the system is fundamentally flawed. The consequences for this equity lending extravaganza is going to be felt for decades. We're even looking at purchasing an investment property for our kids, not because we have cash lying around, but for their sake we can't afford NOT to get their foot in the door. It will take a brave government to disassemble this rort where you can buy a second, third or tenth property for $0 upfront, but you need over $100,000 in cash to get your first.
A 30% drop takes prices back to about 2017.
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