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Residential auction activity remains at low levels around New Zealand

Property / news
Residential auction activity remains at low levels around New Zealand
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The number of properties being offered at the auctions monitored by interest.co.nz continues to bounce around at less that 200 a week, while the overall sales rate remains under a third.

Last week (2-8 July) interest.co.nz monitored the auctions of 175 residential properties around the country, up slightly from 163 the previous week, but down from 201 the week before that.

Of those, 47 properties were sold under the hammer, giving an overall sales rate of 29% last week, down slightly from 31% the previous week.

Most of the auction activity remains in Auckland where interest.co.nz monitored the auction of 117 properties last week and the overall sales rate was 25%, less than half the 57% sales rate achieved in Canterbury which had the second highest level of auction activity in New Zealand.

Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the prices of the properties that sold, are available on our Residential Auction Results page.

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13 Comments

REINZ HPI is next week Greg?

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1

It should be by the end of this week. However it must take longer for them to put a positive spin on things now that their go to year on year gain might have fallen into negative. 

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12

I like that Kiwi Tim...positive spin.

Now everyone knows how the lobbyist work including agencies as all have vested biased interest and manipulate and read dats to suit their narratives unfortunately for them, now the situation is so hopelessly bad that are unable to manipulate - only can manipulate the extend of damage, trying to hide the actuall carnage.

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5

Completely agree. And I should also clarify when I said positive spin, I meant from their point of view not the majority of kiwi’s. 

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3

All of Aotearoa, wheres that? 

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3

It used to be Great Barrier Island on old maps

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Weird comment.

I like the name Aotearoa. Besides the cultural aspects, it has quite a pleasing symmetry to it, and a generous vowel-to-consonant ratio. Ticks all the boxes, really.

That said, the initials "NZ" look cool together. We should totally keep our top-level domain.

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3

If the market keeps falling at the rate it is, things are going to look incredibly bad by December..... no stats will have any bias on them by then.

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3

(good) stats don't have bias,  Its the commentary that has bias, and that will always have the bias of the writer(s) to some extent.

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2

possible, although the chefs at RBNZ may get extra creative when cooking the CPI this week.

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1

Got rung about a property that had been ''sold'' last week, as I'd been through it. It was for sale again. Mmm.

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0

Market declining no matter what spin anyone puts on it! One point I would make is that the  B&T auction process is very different to that of the other brands and not really geared to delivering the best results in a tough market. I think if you split the stats between agencies you’d see the difference in those with a more involved auctioneer process rather than the factory style of B&T 

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