More properties on offer at the latest auctions - sales rate steady at 37%

Property / news

Auction rooms reasonably busy given the state of the market but buyers remain cautious

4th Mar 23, 6:40am by Greg Ninness

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

by Retired-Poppy | 4th Mar 23, 7:46am 1677869188

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.

by Nifty1 | 4th Mar 23, 7:53am 1677869610

Some good buys out there...

by Retired-Poppy | 4th Mar 23, 8:03am 1677870189

When comparing to the dizzying heights of Nov-21, it might appear that way to some. Go hard Nifty1.

by Rob Reid | 4th Mar 23, 8:22am 1677871348

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.

by NZGecko | 4th Mar 23, 11:06am 1677881188

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!

by IT GUY | 4th Mar 23, 11:31am 1677882711

Please post details of the ones you get HW2

by tuisbest | 4th Mar 23, 2:33pm 1677893627

Those who bought good buys in 2022 are probably regretting those buys now.

by Nifty1 | 4th Mar 23, 3:55pm 1677898554

You can't build a long term future on short term thinking...

by tuisbest | 4th Mar 23, 4:53pm 1677901986

Thinking that there are good deals out there at the moment might be considered a spectacular example of short-term thinking.

by Nifty1 | 4th Mar 23, 5:25pm 1677903920

Seek and you shall find...

by HW2 | 4th Mar 23, 6:21pm 1677907302

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

by IT GUY | 4th Mar 23, 7:18pm 1677910724

Its always darkest, just before it turns pitch black.

by Nifty1 | 4th Mar 23, 7:34pm 1677911663

"Have you tried restarting or turning it off and on?" - IT GUY

by Dgm | 4th Mar 23, 8:01am 1677870110

'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

by Zachary Smith | 4th Mar 23, 8:09am 1677870585

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.

by Rob Reid | 4th Mar 23, 8:27am 1677871624

Yeah, it's going to take years to unravel decades of silliness, and there will be a few rallies along the way.

Popcorn.

by Ahuhyeah | 4th Mar 23, 11:16am 1677881764

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.

by HW2 | 4th Mar 23, 11:55am 1677884111

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

by Juzz | 4th Mar 23, 11:56am 1677884168

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

by Ahuhyeah | 4th Mar 23, 6:04pm 1677906267

Good point. Guess that's not a useful search function for that purpose. Ah well, guess it's just wait and see.

by Rob Reid | 4th Mar 23, 9:28pm 1677918486

If you search using double quotes ("must be sold") does it avoid the bad hits?

by agnostium | 4th Mar 23, 11:33pm 1677925994

562 when phrase is bracketed

by Squishy | 4th Mar 23, 8:10am 1677870615

The market remains functional as a mechanism for price discovery. Only when that stops does housing get really interesting.

by hotwired | 4th Mar 23, 8:21am 1677871306

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?

by Peter M | 4th Mar 23, 5:08pm 1677902919

And...what about council, regional and district, rates! 8.3% for mines.

by hotwired | 4th Mar 23, 8:23am 1677871390

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?

by Juzz | 4th Mar 23, 11:38am 1677883110

Rents up, CPI up, OCR up... some people gonna get dizzy and want off the ride at some point

by HW2 | 4th Mar 23, 1:38pm 1677890314

No change in Auckland rents over 2022.

Obviously renting is the better option, until it isn't

by Juzz | 4th Mar 23, 1:56pm 1677891388

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.

by NZGecko | 4th Mar 23, 2:09pm 1677892157

No not enough of a drop.

It needs to return a minimum of 7% rental yield, to have you just losing small.

by HW2 | 4th Mar 23, 2:18pm 1677892714

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.

by Juzz | 4th Mar 23, 2:36pm 1677893767

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.

by IT GUY | 4th Mar 23, 4:29pm 1677900554

Most investors will have no equity in there current portfolio to lend against once yields get to 6%

by HW2 | 4th Mar 23, 6:15pm 1677906917

Am glad you said most and not all. Still I would even question that assumption.

by nguturoa | 4th Mar 23, 9:55am 1677876936

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?

by Averageman | 4th Mar 23, 10:50am 1677880244

The Titanic. The safest ship... untill it wasn't. Will there be enough lifeboats for the stupidly in debt?