Auction rooms remain in the doldrums

Property / news

No sign of a spring breeze to lift auction activity off its current lows

31st Oct 22, 1:52pm by Greg Ninness

Auction rooms around the country remained becalmed last week, with almost no change in either the number of properties being offered or the number selling under the hammer.

Interest.co.nz monitored the auctions for 187 residential properties around New Zealand last week (22-28 October), compared to 186 the previous week.

Of those, 61 sold under the hammer, down a smidgen from 63 the previous week.

That took the overall sales rate to 33% compared to 34% the previous week.

So it was steady as she goes but there is still no sign of a spring breeze to lift auction room activity, which remains at very low levels.

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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48 Comments

by Chairman Moa | 31st Oct 22, 2:09pm 1667178570

God himself could not sink NZ housing boom, but Adrian Orr might've cracked it!

by Carinaz | 31st Oct 22, 2:12pm 1667178770

Chairman Moa, beg to differ as the belief is that in NZ even the God could not sink the housing bonanza.

Adrian Orr or politicans may crack it but will put all their might behind the scene to support it. No intent otherwise not impossible to attack inflation.

Ask Mr Orr what happened to his now famous LEAST REGRET Approach.

by Cur8or | 31st Oct 22, 3:25pm 1667183125

I think he'd say that he has no regrets.

by HW2 | 31st Oct 22, 3:42pm 1667184144

No Regerts.... idiot

Like the TV ad

by J.C. | 31st Oct 22, 3:11pm 1667182265

God himself could not sink NZ housing boom, but Adrian Orr might've cracked it!

Kaumatua Orr might not be God, but he's the connection to a higher spiritual realm.

by Averageman | 31st Oct 22, 3:26pm 1667183164

They keep pushing auctions because its in the Agencies financial interests. I would only do one it the agency/agent agreed to take all the risk/costs.

by DTRH | 31st Oct 22, 2:03pm 1667178202

Now over 12650 on trademe in Auckland stock building up and house price’s tumbling interest rates going up to next level will also push price’s lower.

by Retired-Poppy | 31st Oct 22, 2:10pm 1667178639

Key word of the day "doldrums"

Being that it's supposed to be the peak selling season, no Spruiker can spin it here differently.

Oh no, hang-on, maybe they can perform more renditions of past "fading" performances🤕

by HW2 | 31st Oct 22, 4:03pm 1667185430

I've been checking the watchlist on my share trading platform 👍

There is a distinct "spring in the air" mood with green shoots popping up everywhere.

TAKE NOTE: The sharemarket is a leading indicator for the economy and property market

by ZeroCredibilit… | 31st Oct 22, 4:48pm 1667188122

That bear rally is just on the whispers of a potential FED pivot. I think we will see green "chutes" instead as investors try to slow the fall.

by HW2 | 31st Oct 22, 5:24pm 1667190257

Green chutes. Clever!

by Retired-Poppy | 31st Oct 22, 5:48pm 1667191737

Green shoots huh - 👏👏👏

Are those growlux lamps expensive to run?🌿

by IT GUY | 1st Nov 22, 9:12am 1667247143

Tomatoe time.......

by Caughtinthemiddle | 31st Oct 22, 6:04pm 1667192640

If wishes were horses......

by Smudge02 | 31st Oct 22, 2:06pm 1667178385

Yes the trade winds are now but a distant memory. And whats that ahead on the horizon, the easterly trade??? No I fear not, its a Force 12 hurricane right on the nose.

by J.C. | 31st Oct 22, 3:12pm 1667182369

Yes the trade winds are now but a distant memory. And whats that ahead on the horizon, the easterly trade??? No I fear not, its a Force 12 hurricane right on the nose.

This is consistent with a "butterfly flaps its wings".

by Rob Reid | 31st Oct 22, 9:00pm 1667203251

Hasn't really been a butterfly, though, has it? Unless it was a swarm of gigantic butterflies armed with sledgehammers smashing interest rates to the ground for a decade.

by Carinaz | 31st Oct 22, 2:07pm 1667178448

Basically, only houses that are well presented and in good location (Highly desirable) and attracting minimum two genuine bidders are being sold at decent price (Neith premium nor too cheap) - rest all are Sc$%#d.

Housing Market is down but not yet out. The fall is not as should have happened by now as too much money still in the system.

Next leg of fall, when it happen will be painfull as till now only froth has been cleared but the cup is still full. (If it happens - It should as all data / indicators points towards a crash, unless the myth that Housing market in NZ, is a one way street is correct).

Wait and Watch

by HW2 | 31st Oct 22, 3:50pm 1667184656

REA Carinaz would you like a new listing?

by FCM | 31st Oct 22, 2:15pm 1667178913

Once interest rates only start with a 7 or 8 then it's going to be a hard sell. I wonder how many agents have left the industry.

by Slapheid | 31st Oct 22, 2:19pm 1667179188

I miss ikimpaul's comments, especially her analysis of the Hutt Valley market.

Any reason why she is still on the Naughty Step?

by Mrs The Point | 31st Oct 22, 2:58pm 1667181503

There is no return from the naughty step around here.

Only the Prophet can be resurrected. Will we receive a new scroll for Christmas?

by Carlos67 | 31st Oct 22, 3:03pm 1667181813

The only "Scroll" most people on here are trying to interpret is the embossed one while sitting in the bathroom.

by Brock Landers | 31st Oct 22, 3:23pm 1667183004

So... what did you manage to interpret Carlos? Need a bit more fibre in your diet?

by Carlos67 | 31st Oct 22, 3:02pm 1667181724

Can always start another account but I think some people would do what I have done in the past and just walk away from some "Forums".

by HW2 | 31st Oct 22, 4:05pm 1667185510

She must have realised the market is not as dire as prophesied. I cant wait to see how many down-spruikers are falling off the comments section. I prophesy, at least one quarter

by rastus1 | 31st Oct 22, 3:08pm 1667182138

Naughty step or just lost interest?

by balance | 31st Oct 22, 2:59pm 1667181543

If the investors are gone and there are no profits to be made, and the only buyers left are FHB. This has a lot of down to go I suspect. I asked a while ago when the government would intervene and told it would be very unlikely. Lucky the ANZ has made so much profit it can support people in negative equity :)

by J.C. | 31st Oct 22, 3:14pm 1667182485

Can the ANZ do something about the negative wealth effect as well? Methinks not.

by interesting1234 | 31st Oct 22, 3:20pm 1667182818

"Sorry Mr John Key, your Aston Martin will take a month for your WOF check to be completed"

"That's preposterous! This is a VTNZ drive in WOF station!"

"Hmmm well that's a pickle that is... yeah.....tough biscuit indeedy....'tell you what, if you slip me and each of my boys here us a few grand each I'm sure we could slip you in just before the lady there with the 1995 ford laser that just drove in. Then again you could go to another garage but times are getting tough, and I'd say you'll find they all have the same issue. You could also do it yourself, buuuut we know you don't like getting your hands dirty"

by Rob Reid | 31st Oct 22, 9:07pm 1667203656

Exactly - NZ, the land of millionaires who can't get stuff done for them because work doesn't generate "passive income".

by Nifty1 | 31st Oct 22, 3:24pm 1667183061

I suspect some are holding off for National to get in... Will 7 property Luxon follow through though...

by Averageman | 31st Oct 22, 3:28pm 1667183288

If your 2-3% specu loan is expiring there or there about's, I would agree.

by willamonte | 31st Oct 22, 3:34pm 1667183676

Why do people keep banging on about his houses? I see people in the news who have twice that and are half his age. I have an aunt with over 10 in Auck, shes a doctor, no one questions it. I know a labour poly who's bought two since getting to wellington 5 years ago.

by Nifty1 | 31st Oct 22, 3:43pm 1667184234

Is a doctor responsible for leading the country and introducing or repealing legislation?

I wonder how having 7 properties could influence the decisions you make as a Primeminister...

by GV 27 | 31st Oct 22, 3:47pm 1667184471

You do realise that Luxon had a far more lucractive career before politics that could have enriched him many times over whatever levers he could pull to boost his wealth via the seven properties he owns, right? Like that would be a tremendously stupid use of his time.

This is one of the most ridiculous and laziest talking points and you'd think he was the first MP to own a residential rental property from the way some people carry on.

by Nifty1 | 31st Oct 22, 4:04pm 1667185492

It's hard to beat having the power of being a primeminister, certainly a good way to pull many levers to increase your wealth & influence...

by Nzdan | 31st Oct 22, 5:26pm 1667190371

True, a bit like campaigning on fixing the housing crisis. Doing nothing about it when elected, and quitting your job early to get a job on the board with the biggest benefactor of said housing crisis.

by RickStrauss | 1st Nov 22, 2:20pm 1667265650

While selling your house to a foreign buyer for far more than its RV.

by J.C. | 31st Oct 22, 5:51pm 1667191883

Possibly. I think it's quite outrageous that an Air NZ CEO would be paid similar to a senior Unilever exec though.

I agree with what you say.

by RickStrauss | 1st Nov 22, 2:22pm 1667265729

Given he's so wealthy it seems a bit on the nose to be using the private superannuation scheme workaround to claim extra taxpayer allowances to rent his own house from himself, then. As you point out, doesn't need the money...

by willamonte | 31st Oct 22, 4:04pm 1667185447

You honestly think that is his motivation? A little extra money. The labor poly I mentioned you don't question but I can tell you they would leave the job but like the perks to much and you couldn't care less right?

by sparrow | 31st Oct 22, 4:21pm 1667186461

I consider Luxon somewhat of a poster child for many things that are wrong with NZ, where people who've accumulated a bit of money use it to parasitise off other people through residential properties, rather than investing in more productive enterprises.

As long as that is normalised and encouraged our problems of low productivity, lack of business capital and unaffordable housing aren't going to improve.

by ZeroCredibilit… | 31st Oct 22, 4:56pm 1667188609

Are you telling me he doesn't own any productive investments, or that he couldn't have had 15-20 properties on the back of that career if he really wanted?

by Nzdan | 31st Oct 22, 5:32pm 1667190756

Maybe he's got some shares somewhere. He doesn't show up on a companies director/shareholding search though. Could be some offshore investments, or he's piled all his earnings into 7 mortgage free properties and a nice home for his family?

by Fitzgerald | 31st Oct 22, 5:36pm 1667190970

That is clearly, obviously, not what Sparrow is telling you.

It is almost like you read a completely different comment.

by albinodog | 31st Oct 22, 3:39pm 1667183979

Wait for the one roof article where there will be a Herne bay property with competitive bidders

by Rob Reid | 31st Oct 22, 9:14pm 1667204066

"Buyers Not Alone Desiring Herne Bay Home"