There was a small lift in activity in the auction rooms last week with slightly more properties on offer and more selling under the hammer.
Interest.co.nz monitored the auctions for 153 residential properties around the country last week (3-9 September), up from 146 the previous week.
Of those, 53 were sold under the hammer, up from 37 the previous week.
That took the overall sales rate to 35% last week compared to 25% the previous week.
The improvement in the sales rate was most noticeable in Rodney and the central suburbs of Auckland, both of which had sales rates above 40% last week, and in Canterbury where the sales rate jumped up to 56% last week compared to 36% the previous week.
It's too early to say if this is the start of the usual spring bounce in residential sales activity, but it may be a first tentative step in that direction.
Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the prices achieved for those that sold, are available on our Residential Auction Results page.
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36 Comments
53 sold at auction for whole of New Zealand in one week a number of them flats almost given away🎉
Fair suck of the sav!
That's up over 43% from last week. The Bottom must be in..... And maybe it is.... for turnover figures. But I doubt it is for price. If those continue to fall, turnover could increase.
When or if hit rock bottom there's only one direction from here ☝️that's not a one finger salute in case you are wondering
Speaking of going Up... following the review of the district plan, my mates lake view property has been rezoned high rise by the city council. Naturally he is thrilled I think. It goes to show it is not all doom and gloom out there.
Nope. After it finishes falling, which could be some time, it will be 👉🏼 for several years as the irrational exuberance of recent times has vapourised and the market licks its wounds. Lots of paper equity wiped out, lots of cold hard debt remaining….
That 👉 motion and stability would satisfy most I'm sure. Who needs the up and down rolling, not me definitely. However do not forget the one little factor of latent inflation. Minimal inflation is built into the economic modelling for a sound structure
Is a slight rise of "not much" news. Yawn.
Correct. I think people forget that it's very unlikely prices rise straight away after a downturn. I suspect there will be a long flattish period for a while before we see any gains again.
You can frame it however you want....
Is there no minimum age for people to comment on Interest?
Yeah, come on oscar87, did Yvil give you permission to include him in the video at 8 seconds dancing with the "Wage Subsidies" caption?
Unless you buy (invest in) this website and put a restriction on it!
Yet on the other hand everyone complains that schools aren't teaching young kids financial literacy
I could see Yvil cringe watching it..
People are still turning down good bids at the auctions.
Spring has arrived. It'll be a mad rush, those who buy into the market now will reap rewards more than those who waited out.
TTP
Residential landlords in NZ will need lots of broke ass migrants to band together and rent their properties.
People are underestimating the housing induced exodus from Auckland and Wellington to the South Island (mainly Christchurch) and overseas (mainly Australia).
The word is out that NZ is in decline and a bit scammy towards foreign workers.
Or also known as dead cat bounce to DGMs
"@iceman" well done on keeping your cool on today's REINZ article. Keep up the good work.
p.s. You don't need to reply to comments with @username, this isn't Twatter, the website performs a hanging line indent under the comment you are replying to.
@NzDan thanks for the tip, just easier knowing who is replying to who when there are multiple people replying.
This headline is just like a negative one, it's just today's news to me. But again, I just don't agree that we'll have the wishful 70% drops and hence keep saying talk to me in 18 months or so.
Life would be pretty boring if we didn’t have a resident desperate Spruiker or two like yourself.
@house mouse life must be amazing to be a DGM 😉
Life must also be amazing when you view people who want financial and social stability in their country of birth as doom gloom merchants :-)
@independent_observer is that you? Nice. I’ve never said that - my only argument is that we’re not going to have a 70% crash that you so desperately want. But gotta love how you lot jump up and down about it in excitement, ignorant of the fact that a 70% crash will be disastrous to our economy and negatively affect even non home owners. But you’re smart enough to understand that :)
a 70% crash will be disastrous to our economy and negatively affect even non home owners.
I clearly remember the spruikers and investors shouting that a 20% crash (or correction if you like) would be disastrous to the economy and that we'd all be starving by then. Now, as we're clearly on our way to the 20% mark, people still have jobs and there's reason to believe that most people's lives will just continue ticking along. Will this be true for a 30% crash too? 40%? Where exactly will things start to fall apart?
Anyway, those "doomy and gloomy'' investors who said the sky would fall at a 20% crash will probably be proven wrong. It will be interesting to see at what point things go awry if that is on the cards, but it might be much later than most investors believe.
Chicks dig a DGM.
Life is in fact awesome, unlike spruikers always living in misery...
@Dgm LOL I’m living on great life. Slight dent to the equity but she’ll come right.
But are you in any way concerned about the increasing crime, child poverty and ill health, and deterioration of our communities? All issues which are linked to higher housing costs and lower ownership rates.
@slaphead, OR is that all linked to unskilled immigrants/people who get a free pass into NZ and youth who have no incentive to work? It’s the biggest elephant in the room that everyone conveniently don’t want to talk about. That’s the main difference between Aus and NZ. And their capital cities housing markets aren’t much better. But I wonder why DGms will blame everything on high house prices just in NZ. Go figure.
Re: hanging line indent:
Does anyone else hook the fingers of their left hang around the left edge of the screen, align their thumb with the comment of interest, then scroll up with the mouse to find what it was a reply to?
Just asking for a friend who is not very computer savvy, obviously. Thx.
I normally align my mouse cursor with the edge of the comment and scroll up with the mouse wheel,
I do analogue, you do digital.
No seriously, your way is way better, thanks - I should have thought of that 3 years ago and avoided the fingerprints on my screen.
4 auctions monitored last week in the whole Waikato? That's only a small fraction of the total. How are those selected for monitoring?
Bay Of Plenty...zilch...really? hmm...Maybe they saw the GS report....lol
The Tauranga figures are just from Eves. Was there. A couple of low ball bids. No action as you can see. Around the corner at Harcourts they got a couple away. Back at city centre the local council is still scrambling to find more land to build on. They'll be infilling the lower parts of the harbour shortly. Maori will make a fortune.
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