There were more properties on offer at the latest residential auctions, but the sales rate remains remarkably steady at just over a third.
Interest.co.nz monitored the auctions of 293 properties at the latest auctions (25 February to 3 March), up from 244 the previous week and 251 the week before that.
Of the 293 properties offered last week, 109 sold under the hammer, giving an overall auction sales rate of 37%, barely changed from 36% the previous week. The table below gives the regional sales breakdowns.
We are now in the peak selling period of the year and auction rooms around the country should maintain activity at around current levels for at least the next few weeks.
However there is no doubt that we are in a challenging market, with buyers remaining extremely cautious, particularly around price.
Vendors who are serious about selling at auction will need to pay very keen attention to current market pricing trends and be prepared to cut their reserve price cloth to fit, or they will likely be left with an unsold property sitting on the market with most of the potential buyers having moved on to better pickings.
Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the selling prices of those that sold, are available on our Residential Auction Results page.
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36 Comments
For sellers, a financial "short back and sides" will be the way forward for a while yet. While there is meaningful equity to be banked with unfavorable fundamentals stacking up, there is little doubt the prices declines will continue as per trend. A mountain of fixed interest mortgages are rolling over now. Our economy is about to be tested big time.
FHB's start looking out for the REAL bargains from the end of this year.
Some good buys out there...
When comparing to the dizzying heights of Nov-21, it might appear that way to some. Go hard Nifty1.
Yeah, you can have mine. Renting is way better value, by a long shot. I have a lot of respect for anyone buying, must have serious commitment and optimism.
Many properties will be selling at 50% off their most recent valuations in 2023/24/25. Speculators (who are smart) are ditching now before these heavy anchors sink their entire financial boat!
This Ponzi is sinking without trace........like a shark attack on an inflatable!
Please post details of the ones you get HW2
Those who bought good buys in 2022 are probably regretting those buys now.
You can't build a long term future on short term thinking...
Thinking that there are good deals out there at the moment might be considered a spectacular example of short-term thinking.
Seek and you shall find...
Bl**dy true that
Here is another one I looked up:
For at the proper time we will reap a harvest if we do not give up
'We are now in the peak selling period '.. hahaha and the sales rate is 38%..
Not looking good for the housing market, with vendors slowing realizing they are having to meet the market and not fight it
It is a surprising sales rate considering everything. A quick look at the results B&T publish online doesn't reveal any particularly distressed sales with some properties getting quite decent prices.
Yeah, it's going to take years to unravel decades of silliness, and there will be a few rallies along the way.
Popcorn.
Trade me listing with mortgagee are was 26 in October now 28 so steady so far.
Today's search on "must be sold" is 924.
Recorded here to check back in via a search in another couple of months.
First in search list. Single Level - Modern Living https://www.trademe.co.nz/property/residential-property-for-sale/auctio…
must-see, you'll be pleased, unless sold prior
Sorry to spoil your narrative ahuhyeah
Don't seem to be in a hurry to sell, reserve will likely exceed market expectations. It's a reasonable house but are they prepared to take a loss... at this stage
Good point. Guess that's not a useful search function for that purpose. Ah well, guess it's just wait and see.
The market remains functional as a mechanism for price discovery. Only when that stops does housing get really interesting.
Mum and Dad landlords might want to sell their properties, just got the insurance for my rental up 29.1% from last year through AA Insurance. Perhaps another reason to sell? Or increase the rent?
And...what about council, regional and district, rates! 8.3% for mines.
Mum and Dad landlords might want to sell their properties, just got the insurance for my rental up 29.1% from last year through AA Insurance. Perhaps another reason to sell? Or increase the rent?
Rents up, CPI up, OCR up... some people gonna get dizzy and want off the ride at some point
No change in Auckland rents over 2022.
Obviously renting is the better option, until it isn't
When a 3bdrm shoebox in Auckland that rents for $650/w drops $1000 per day for a year I'd say yes. Once it drops a further 150k then maybe it'll not be quite such a bad investment and time to buy back in.
No not enough of a drop.
It needs to return a minimum of 7% rental yield, to have you just losing small.
Everyone is waiting for the exact moment that it is safe to pick up the knife. Which of course could be dangerous to life and limb if multiple people snatch it simultaneously
True investors will buy at 6 percent. That values my property too low as my rents are too low.
Don't grab the knife freefall, there's more than one knife that needs to be picked up off the floor. Prices won't all a sudden jump back up, confidence is gone.
Most investors will have no equity in there current portfolio to lend against once yields get to 6%
Am glad you said most and not all. Still I would even question that assumption.
The buyers are still paying enormous amounts of money to buy houses, so there is plenty of cash floating around. The banks are ready to give a lot of money and that will keep the prices high.
Banks have vested interest to keep giving money out as they need to make sure they make more profit than their last quarter. This is what our financial system is based on.
No one really cares until the titanic really sinks, they will keep on saying, it's the safest ship built on the water. And that is what everyone keeps saying, economy is resilient and banks are resilient. Titanic moment coming?
The Titanic. The safest ship... untill it wasn't. Will there be enough lifeboats for the stupidly in debt?
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