Auction room activity maintained the previous week's momentum

Property / news

Auction room activity appears to have settled into a steady pace as the weather cools

13th May 23, 6:01am by Greg Ninness

The latest real estate auctions maintained the slight lift in momentum evident at the previous week's auctions with a modest increase in sales numbers.

Interest.co.nz monitored 221 residential property auctions over the week of 6-12 May, almost unchanged from 225 the previous week.

Of those, 96 properties were sold under the hammer at the latest auctions, giving an overall sales rate of 43%, up slightly from 93 sales the previous week, which gave a sales rate of 41%.

There was not much movement in price either, with 28% of the properties that sold at the latest auctions fetching prices equal to or above their rating valuations, compared to 27% the previous week.

So to sum the latest auction activity up in a couple of words - groundhog day.

Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the selling prices and rating valuations of those that sold, are available on our Residential Auction Results page.

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38 Comments

by Pa1nter | 13th May 23, 6:58am 1683917937

We talk a lot about housing, but the one thing we really don't value properly, and the most valuable thing to us all is our attention. That'll likely become the #1 commodity this century.

Most of the people vying for yours, probably want to point it in bad directions.

Have a kapai Saturday everyone!

by Retired-Poppy | 13th May 23, 7:23am 1683919385

Morning Pa1nter :)🚙

by HW2 | 13th May 23, 8:02am 1683921758

Thats cryptic Pa1nter

Here is some poetry:

Spring is the warmth of sunlit days

and no more scenes of slushy grays.

Spring is branches all budding quick;

absent the sight of snowy stick

by Retired-Poppy | 13th May 23, 8:31am 1683923502

"Most of the people vying for yours, probably want to point it in bad directions" HW2, its not cryptic at all. Despite what others might think, I feel there is the slightest chance Pa1nter wasn't referring to yourself, TTP, Tony Alexander and alike. One has to be open minded right?

by malamah | 13th May 23, 9:42am 1683927734

Absolutely agree.

You can see this playing out now, the real issues and problems in our country glossed over by culture wars and finger pointing.

Attention is views is consumer insight is marketable.

by Dgm | 13th May 23, 7:34am 1683920053

Four words.. More pressure on sellers

by Retired-Poppy | 13th May 23, 7:56am 1683921399

Yesterday, leveraging was in vogue. Today - its 6% Term Deposits.

by Averageman | 13th May 23, 7:50am 1683921047

Have some sellers reached the capitulation phase...?

by Retired-Poppy | 13th May 23, 7:58am 1683921509

The distressed selling stage may have begun. The job losses will have started. There will be many debt laden workers fearing they'll be next. Things will be pretty negative for a spell.

by nguturoa | 13th May 23, 7:52am 1683921146

Yay.. Plenty of money out there to be spent.

And some are dreaming inflation will come down.

by Shaft | 13th May 23, 7:59am 1683921548

Rwy white whangaei 83 % passed in

https://rwwhangarei.co.nz/auction-results

Harcourts whangarei. 76 % pâssed in

https://www.harcourtswhangarei.co.nz/auction-results

100% passed in for bayleys whangarei

by HW2 | 13th May 23, 9:08am 1683925686

The article shows 1 northland property auctioned which did not sell. 100% unsold

So, what you are saying is that its not that bad

by nguturoa | 13th May 23, 8:19am 1683922769

Canterbury 32 18%??

by Retired-Poppy | 13th May 23, 9:01am 1683925312

"Buyers with 💰billions💰in their wallets ready to pounce" https://www.oneroof.co.nz/news/43553

Ready - set -GO!........

Lets try that again shall we......

Ready - seeeeeeeet GO!

Oh c'mon! - we haven't got all year!

by HW2 | 13th May 23, 9:11am 1683925877

Make them an offer they can't refuse (well actually they can and will refuse)

They will send it to the refuse centre

by Averageman | 13th May 23, 9:52am 1683928347

Made an offer last week based on reality. Seller still in lala land. Did ask wether the vendor would offer 25 years at 2% vendor finance to make the math stack up on their stupido asking price.

You know the answer....

Agents perpetuating stupidity suggesting sales from 2% land are relevant today are perpetuating the delusion of seller. Guess they don't want to get paid.

by HW2 | 13th May 23, 10:07am 1683929247

Are you another "good property trader" too like IT GUY

by Retired-Poppy | 13th May 23, 11:28am 1683934121

HW2, wasn't it you preaching morality when you posted that you "chose" to hold your rental in Nov-21 rather than lumber someone else with a future loss? Its entirely possible you missed the lifeboat. Lets hope you're practicing "morals" by lodging your tenants bonds.

by Shaft | 13th May 23, 11:16am 1683933381

(^.^) yeah got èm!🤣🖕

by Shaft | 13th May 23, 11:04am 1683932675

IT Guy got more cred , around these parts, than you bro.

Showus ya portfolio/ history big man.

by Averageman | 13th May 23, 11:20am 1683933608

Not a trader, just a follower of valuation fundamentals. The words ponzi has been used often for a reason.

by Zachary Smith | 14th May 23, 7:43am 1684007023

That reason being people are stupid?

by Chaosinflesh | 13th May 23, 12:43pm 1683938589

Problem is your not a unicorn. I suggest you get a species change, perhaps a horn implant?

by rastus1 | 13th May 23, 8:36pm 1683966967

Classic! Nice one averageman, made me lol.

by Antz | 13th May 23, 9:21am 1683926474

And out of 90 properties where I could find the RV data to compare, the average discount from auction sale price to RV was -$45k, median was -$66.25k discount.

by Shaft | 13th May 23, 11:12am 1683933159

Forget Reg Val and post 2020 covid influenced C/GV , look at pre covid G/CV versus what they paid for it and pitch your prices between there. Thats safe buying.

Reg Valuatuions are covid influenced and not realistic. As are Homes, one roof, and real estate spin.

99% of nz houses will not have a currentt RV done by a registered valuer

by Zachary Smith | 13th May 23, 11:43am 1683935021

This week an old house on a full section in Papatotoe still fetched more than 1.6M. A classic brick&tile two bedroom unit in Mt Eden got 950k. The state of the housing market is not nearly as bad as people make out.

by Zwifter | 13th May 23, 2:39pm 1683945572

The problem is the "Blanket" valuations to arrive at a homes.co.nz or an RV number. There is now such a drastic difference in build quality and location, i.e flood prone that if you have a decent property you know you can still get top dollar for it. You will probably have to wait for the right buyer that can spot the difference because there are so many clowns that turn up when you go to sell.

by Independent_Observer | 13th May 23, 3:07pm 1683947239

Lol - this comment is a perfect example of why the housing is exactly as bad as people have been making out (its massively overpriced).

by HouseMouse | 13th May 23, 6:45pm 1683960331

Big dose of hopium there ZS.

by Zachary Smith | 14th May 23, 7:42am 1684006961

Just reporting on what's happening out there. Reality is somewhat different to what most commenters imagine. Only 24 mortgagee sales in TradeMe.

by Caughtinthemiddle | 15th May 23, 6:56am 1684090565

The HPI data is comprehensive. Anecdote is worthless as a tool to evaluate the market. It’s worth remembering that the properties that are most sought after are still selling at auction and not surprisingly prices are most resilient here. Once they have passed in and languished they sell at a discount. These are the invisible sales colouring the HPI data.

by 26@Main | 13th May 23, 2:18pm 1683944336

Partner out for a walk today and came across a REA we know putting out an open home sign. REA says "Prices bottomed out in January, we're getting multiple offers now and people are missing out on properties because they're listening to the media re: price drops and aren't offering enough". Usually I would be the first to call BS but I'd just read this article and seen almost half the sales in BOP sold equal to or above RV, but hopefully they're outlier properties in top locations, would like to see prices fall a lot further.

by Zwifter | 13th May 23, 2:42pm 1683945767

As my comment above, buyers that know a decent property when they see one are prepared to pay more. If something sells "Cheap" then you need to be asking why.

by Independent_Observer | 13th May 23, 3:09pm 1683947390

"Prices bottomed out in January"

Does the REINZ and/or Corelogic data support this view? (it could for those locations)

Or is it hearsay.

by 26@Main | 13th May 23, 4:57pm 1683953861

Data doesn't support their assertion, however they do tend to market and sell new family homes in desirable locations. For me, I was surprised that 5 out of 10 houses sold at auction this week and that some sold for RV or above, that coupled with the REA's comments has just made me less certain that prices will continue to slide even if that's the direction I'd like them to go, time will tell.

by Independent_Observer | 13th May 23, 5:04pm 1683954265

I remember in the US during the GFC and I thought the market had bottomed a few times....only to find out there was further to go.Have been fooled by this in the share market on a number of occasions as well (at least you can dollar cost average with that).

But you never know. Stranger things have happened.

by Averageman | 14th May 23, 10:37am 1684017463

A lot of interest rate increases since Jan and another next week, so I thinks that unlikely. Rates higher for longer,, and the inevitable weight will unwind the panic and stupidity of covid.