There was a jump in the number of homes being auctioned last week although there was little change in the overall sales rate.
Interest.co.nz monitored 185 residential property auctions around the country last week (17-23 September), up from 133 the previous week.
Of those, 66 properties sold under the hammer, giving an overall sales rate of 36%, up slightly from 33% the previous week.
The national auction sales rate seemed to settle at around a third over winter and so far shows no sign of budging from that.
However the pickup in sales last week was nationwide, with nearly all regions posting a boost in auction numbers.
It would be normal to expect a lift in real estate activity over the next couple of months but what that means for sale rates and prices, we will have to wait and see.
With the auction sales rate continuing to hover around a third, it appears buyers are remaining cautious for the time being at least.
Details of the individual properties offered at all of the auctions monitored by interest.co.nz are available on our Residential Auction Results page.
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26 Comments
Weather certainly on the improve, accidently left the heatpump running and it switched over from heating to cooling the other day while I was outside sunbathing. Spring is in the air the market will pickup.
Waiting for price data, but from my research and activity in the market I suspect the rate in price declines have slowed immensely. Expecting a long flat period post that bottom. Inventory in Auckland slowly declining too, although many said the opposite would happen in spring. Wait and see!
Which direction is the cost of money heading?
Do you have any real experience in the market or are you an armchair expert? 🤦🏻♂️ To answer your question, how is unemployment and how many distressed sales are currently there?
..... it soon will be. Global recession coming.
Oh yeah, Iceman will rescue the finances of the distressed and misinformed.
I bet you’re that guy who screams recession during every dip and from the time the pandemic began. How’s that coming along for you?
Tim, is that you? 🤡
I'm with you R-P. We have a blood bath coming.
One has to be either blind or so leveraged into needing another outcome that their brain won't let them 'see' what's about to crush them.
I don't follow much lately as I'm trying to get my business going.
But other half is Welsh and we were chatting about pound tanking while the fed increased rates. My business trades in States in USD and we have company based in UK. So USD is looking good for me.
But I've been reading on here that if US rates go up, then NZ rates are sure to follow. People can correct me if not.
So if our interest rates increase isn't that bad for borrowers just a guess.
You do realise those metrics are lagging indicators right?
Wake up dude, you're not in Ice age anymore
Was waiting for the notorious DGMs to add their armchair expert comments!
Maybe better you get back hibernation, will be better for your health..
Alright, ant.
Iceman you seem upset again today, go and see a financial advisor. People on here are just pointing out facts it could help you before the crap hits the fan.
You’re a clown mate. Just imagine if I took advice from you folk LOL
Iceman honk honk no wonder you make financial errors to much time at the circus.
@dtrh My residential and commercial portfolios are doing quite fine thank you, no mistake here, but lots of learnings along the way. I’m guessing you’re a lot smarter though.
That's delusional in view of the economic data returned over the weekend.
More trying to get out as going forward seems to getting worse.
57% more houses sold at auction compared to the previous week is a surprisingly big improvement. (69 houses sold last week vs 44 houses sold the previous week)
Yes, it's good, I've seen a home go for 45% below peak price too. All these weak hands folding now and buying in will leave those who are patient with more choices and better deals next year.
Anecdote: over 10 houses for sale on my ~100 dwelling street for sale this year. Desirable neighbourhood, great local school and plenty of families + parks etc.
The houses were all empty, and large - talking to the neighbours, it seems the empty nesters who moved on from their family homes, or investors who bought them out already, are selling up.
OneRoof estimate for the area has dropped back to pre-2018 prices, with a rental yield of < 3%. and -13% capital growth.
So far, only 2 unsold (both simply overpriced compared to the rest of the neighbourhood), with the more recent listings selling a lot quicker.
Looks like vendors are getting a little more realistic.
Bubbles are a little premature!
I was thinking the same.
Good to see some action at the auction, but reading what's about to happen doesn't look very pretty. Let's hope they're wrong again.
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