Residential auction activity crawled along at a low level in the last week of the school holidays, with interest.co.nz monitoring 164 property auctions around the country.
That was down from 174 the previous week, although the sales rate held up, with 61 properties selling under the hammer.
That gave an overall sales rate of 37% last week, up slightly from 34% the previous week.
However even allowing for the fact that auction activity is usually a bit quieter during school holidays, the latest figures suggest spring is late arriving in the auction rooms this year.
Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the selling prices of the properties that sold, are available on our Residential Auction Results page.
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50 Comments
Perhaps New Zealanders are battening the hatches in order to ride out the storm.
Current house is just fine for now.
Upgrading to a bigger house will require less debt after prices have fallen further. Folk are probably waiting for more sensible pricing.
Many are also realising that there are much better options a short flight away.
✈️ ✅
Goodbye Brock - enjoy living in the land noted for its crocodiles, snakes and used car dealers.
TTP
Leaving behind the land of earthquakes, snake oil salesmen and dodgy property broker people
He wasn't referring to your neighborhood
Short , or long fight ... doesn't matter ... most of the world has vastly cheaper houses than we do
... it's easier , a short list , of places that have dearer houses than ours ... and , they're in densely populated hi tech jurisdictions closer to essential trading partners ...
Really depends on what you want.
I've heard Macedonia is just lovely, and very cheap. But, the plight of your average Macedonian is worse than the plight of your average Kiwi.
Same for Turkey, Mexico, many parts of SE Asia.
Great if you have first world money though.
Aussies like getting a promotion I guess.
You'll pay dearly for that promotion unless you stay onshore for it, or get a remote role paying more in your local dollar. People think US wages are a steal, until they realise they will then have to pay for almost everything else they need everyday, and at top dollar eg rent, mortgage, schools, health insurance and co-payments, land tax, and the list goes on for all the other everyday costs where many are smaller or non-existent in NZ or OZ. They all add up when you have to pay for them directly out of that salary increase. I know as my partner was being headhunted before the big C hit and when I started doing the sums I couldn't see how we would be dramatically better off for all the effort of uprooting and moving.
Not to mention the toxicity of the physical US and UK environments these days. Lack of investment and environmental regulation has sewage deliberately pouring into British rivers and beaches, and American companies have been able to pollute their land, water and air for a century or more with minimal if any checks. Oh and don't forget their future environments are both heating up while their water supplies are dwindling rapidly.
The future is bleak off New Zealand's shores. The following is the map many elite are working off when they push us all to eat less meat, own less land, farm less ourselves etc. They know where they need to push us all(those of us they don't plan to sacrifice that is) and where and how they need to invest to stay above the masses.
In Melbourne rn, but things won't be looking so great in 6 months I feel confident to tell you now. The market is...not looking good, unless you plan to rent out a property to AUKUS in NT.
Honestly don't know why people in NZ move house so often anyway. The shift could just be to renovate, update that kitchen and bathroom and a new coat of paint and new carpet.
Have you noticed the price of renovating kitchens and bathrooms?
Renovating is a nightmare, especially now with shortages of labour and everyone hiking up prices on building fittings and materials. Price hikes were terrible, getting builders on site every day very difficult. Have done a couple and my plan now is to buy something that has been completed at the right price, I will be waiting six months or so.
Most of that has always been the case though.
I can't renovate my house into a better school district. Or an area that is safer than the one I'm in now, which is rapidly becoming a congested nightmare.
Fine for a FHB who can on-charge travel or WFH, but it was a starter home for us on a modest section and we've outgrown it as a family.
The pendulum has swung house prices falling quicker than they climbed in emergency low rates fiasco, with rates climbing and inflation at historically high levels house price’s will just continue to fall if you buy now changes are this time next year negative equity will be your position.
When the Great St Landers was first canonized for his teachings of "Why buy today when it will be Cheaper Tomorrow " I knew instantly the enemy would go into full Panic Mode. And they have.
As Deacon DDDDebt Points out below.
by DDDDebt | 18th Oct 22, 9:25pm
https://www.instagram.com/reel/CjzP5nZO9VV/?igshid=YmMyMTA2M2Y=
‘Tony the comb’ is now getting angry and saying people are stupid to wait for another 5% fall in value
If you followed Tony you would already be in negative equity another 5% drop by end of year more likely.
Possible to copy/paste what he says here? I don't have Instagram.
Following Tim or Tony 🤡, what's the difference? Its understandable you'd be feeling pretty foolish if you did! 😭
Many sellers are being realistic and as they say - Ready to meet the market so selling at best available bid on Auction.
If have to sell, do it now or if can hold than wait for years.
Thanks great advice. Sell now and buy back similar in two years so that agents get double commissions. Though where live in between.. rentals?
I noticed a sale where the vendor made a $500,000 loss on a purchase last year, in South Auckland. Losing 1/3 in a year is huge. It was likely bought for development, as RC was approved.
Play stupid games. Win stupid prizes.
I don’t worry too much about developers, they operate on 30% profit margin, precisely because it’s such a high risk activity, so just swings and roundabouts.
Here is something to worry about.
Home buyers potentially paying $500 more per week in interest repayments.
https://www.nzherald.co.nz/business/home-buyers-potentially-paying-500-…
Imagine what 10% Interest Rates Next Year , Guaranteed would look like !
We don't need to imagine, we can run the numbers...
Let's look at the scenario of the hapless recent first home buyers Wiremu & Hinewai, who last year rushed out and bought a lousy Fletcher terrace house in "Waiata Shores" a.k.a Greater Papakura. Their friends, family, the media and an internet dropkick known as Printer8 were all telling them that house prices only ever go up and that they "won't regret it" once they get the "wherewithal" to buy into the housing mania.
The bank told them, no problem, with a combined income before tax of $180,000, here's a mortgage for one million dollars.
Wiremu & Hinewai will now be facing interest charges of 10%, or $100,000 p.a. of their after-tax income to rent that money from the bank. The precipitous drop in house prices has vapourised their life savings, they owe more money to the bank than their cubicle is now actually worth.
Even with both of them working, they don't have enough money to pay for all their bills. The house goes to mortgagee sale and they are left bankrupt and penniless.
Renters are the Winners !
Probably borrowed money for deposit of family members, I have seen this many times on here people who don’t have a clue encouraging people to buy when it’s obvious a housing crash is upon us.
Printer8 and his kids were just talking up the market so they could offload to hapless other Kiwis, weren't they?
This is a bit OTT. People with $1 mill mortgages will need to be pretty high income earners, and many would have witnessed significant household income growth this year.
Are you being sarcastic ?
Rubbish. I had the bank trying to push a million dollars of debt on me just on the basis of my single salaried income last year.
All will have witnessed massive household expense growth this year.
Stress tested mortgage or stressed out borrower
Is the cat still away?
May be in last two years, he had done number of transaction and made heaps and is ready as was aware to take the hit, if and when it happens. Overall may still be rolling in millions even after $500000 hit - MAY BE
better to be funding 500k loss then a 1.5mil site ...
... selling properties by auction is still a thing ? ... wow ! ... who'd bother ... the " correction " is baked in , FOOP rules ...
FOOP definitely rules, since the speculators are in deep POOP
Thanks for the laugh
There is no need to pause on this journey of success, tomorrow is another beautiful day!
TTP
... today is a beautiful day in the Waimakariri ... sun is shining ... 3 waters are running fine ... NZ Couriers are delivering gifts from China ...
Life is good , gooderer even ... very goody goodest ...
A lot of talk about this on the radio this morn,seems they will extract the water,put it into huge bladders and ship offshore...what was that argument against about "stealing our assets" ...seems to me more chance of a local mayor and a few business mates and an 'anonymous' offshore entity are more likely to steal our assets;
https://www.stuff.co.nz/pou-tiaki/300712391/weve-said-no-uproar-at-comm…
Maybe people are beginning to realise RE agents, bank economists, property speculators and politicians are not astute financial advisors with their best interests at heart.
misplaced post
Most selling very close to RV, a few outliers.
looking forward to the massive increase next week when the schools have gone back ...
Massive increase in properties being passed in?
What's wrong with Bay of Plenty? Did the Auctioneers accidentally wear clown outfits?
Wonder how quite the auction rooms will be once summer ends
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