There was a modest decline in the number of residential properties offered at auction last week, and a very small increase in the overall sales rate.
Interest.co.nz monitored the auctions of 193 properties around the country last week (22-28 April), compared to 225 the previous week, of which 67 sold under the hammer.
That gave an overall sales rate of 35%, up very slightly from 33% the previous week.
Considering that last Tuesday was a public holiday, the latest results probably suggest that auction activity is fairly flat.
Certainly a sales rate of around a third appears to be the new norm.
Similarly, the number of properties that sold for prices that were equal to or above their rating valuation (37%) was little changed from 40% the previous week, suggesting no dramatic shift in price.
Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the prices and rating valuations of those that sold, are available on our Residential Auction Results page.
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18 Comments
None in Auckland Central Suburbs reached CV or above - ouch.
Why is this surprising? We know that houses are generally selling for less than high 2021 cvs currently.
I cannot remember the exact figure but it surprised me that previous data had circa 20% of the auctions above or equal to CV so this is a significant departure.
So from the 197 homes, just 67 homes sold, and of these only 25 equal or above ratings valuations.
Few areas like BOP were there is a big disconnect between expectations
Its quiet out there..... too quiet.
Not a lot of sales on not a lot of Auctions. Yawn. Whey people let the agents push them into this for of sales in a soft/falling market is beyond me. I guess it because it the agents chance to try and force a sale.
Barfoot's update Thursday will spin this flop data into an exciting, limited, must see something, etc etc etc.
Many properties have issues such as unconscented work etc. The auction transfers all the risk to the buyer.
1/3 are getting a sale on the day in a tough market. Getting the price they wanted maybe a different story, but you can safely assume most of these people have little choice here, they need to sell for whatever reason. They are not healthy auctions, very little counter bidding and often only one bidder.
I heard from a friend who is an agent that people are listing as sale by auction to try and flush out any cash buyers as so many conditional agreements have fallen over due to finance not being approved. That still doesn't explain why these vendors actually go ahead with an auction though.
Hmmm. Good feedback.
People should wait as house price’s are still falling, some people who purchased this time last year have seen price’s drop 20% and this looks like being another downward year.
Yip, if you are dumb enough to buy now, the absolute maximum should be paying is 20% below CV. Otherwise wait till next year and all offers will be 30% below CV.
So going by your logic - when rates rise, prices drop. Now that rates are plateauing, you’re still predicting big drops. Okay then…
Many people over last few years paid way over the top for property, prices have already dropped 20% this is just the beginning rates will not be going down to emergency levels again this would just cause inflation to skyrocket. If rates plateaued out price’s will still continue to fall.
Many are still hiding on low rates yet to role. The spec crowd will foop its pants as their debt rolls in the next 6-18 months. Hense a lag in financial reality. PS Hope your not saying Warren Buffits often quoted comment "interest rates are to asset price what gravity is to matter" is wrong. One of the greatest investors of his generation.
Election year. Vote for FOOP. Vote for the land tax.
Trying to time any market is generally not good advice. Just saying.
Thanks for acknowledging your incompetace in basic trading..... We will not be listerning to your property price predictions further.
Just go full you boots now and go quietly to you corner safe in the knowledge that you are fully in the market.
Open this link...
https://homes.co.nz/address/waipu/waipu/338-south-road/Z5rbN
Scroll down to the graph then read the note while looking at the graph
RE Agents are manipulating the data!!!
Ask your self why an agent can manipulate the pricing and knows better than CV or a real valuer.
Ask yourself why homes allows real estate manipulation if it's prices and data without a qualified valuation..
This house was on the market but later withdrawn unsold. It's CV probably reflects the lack of CCC for the sheds. But where's the proper valuation and how prevalent is this and does this devious behavior affect the average price for the area and the algorithm.
Apparently if you hit the, " claim my home" button you can get a REAgent to put whatever figure he likes in to the system.
Perhaps this website could investigate this.
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