Auction results suggest little movement in the housing market at the moment

Property / news

Relatively low volumes at the latest auctions with about half the properties selling under the hammer

19th Aug 23, 6:40am by Greg Ninness

The latest auction results stayed true to form and took a bit of a dip over the week from 12-18 August, after showing a slight rise the week before.

Over the last few weeks the results at the auctions monitored by interest.co.nz have been bouncing along the bottom, producing a series of small peaks and troughs.

A total of 185 residential properties were on offer at the latest auctions, down from 231 the previous week but still up from 159 the week before that.

Although the number of properties being offered at auction is bouncing around a bit from week to week, the sales rate is remaining remarkably consistent with about half of the properties offered at auction selling under the hammer each week.

Last week 91 of the 185 properties offered sold under the hammer, giving an overall sales rate of 49%, down from 54% the previous week and 50% the week before that.

Price remains an issue, with just under a third (31%) of the properties that sold last week achieving prices equal to or above their rating valuations, compared to 35% the previous week and 32% the week before that.

Overall it was a relatively quiet week in the auction rooms with no major surprises either way.

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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70 Comments

by NZGecko | 19th Aug 23, 10:21am 1692397270

World interest rates in yet another hiking run as we speak.

All NZ banks will have no option but to hike, especially at the longer end.

The mantra of higher for much longer, has had the concrete truck arrive and this 20mpa mix will set it in stone!

Who wants a bet that less than 20% will sell at or over CV by Dec 2023?

Many, many more will sell at more than -25% down.

NAME OF THIS GAME, IS WAIT, AND DONT BE AN UNDERWATER MORTGAGED SEAMONKEY!

by Pa1nter | 19th Aug 23, 7:16am 1692386185

I thought the name of the game was "Hungry Hungry Hippos"

The anticipation of the future is usually more rewarding than what actually happens.

https://youtu.be/Tozy5vCU2Mg

by Retired-Poppy | 19th Aug 23, 9:09am 1692392947

Your game is Whack-a-Mole - lol!

Despite what others might think, there is at least a 1% chance you're not a heavily vested Spruiker.

by Hawkes Bay | 19th Aug 23, 8:04am 1692389054

Have you noticed Tim the Baptist has got a new account ? ( Church ).

by Retired-Poppy | 19th Aug 23, 8:20am 1692390006

Yes - indeed! Might possibly be Ashley too.

by Pa1nter | 19th Aug 23, 8:21am 1692390072

You'll always be the same old poopy. Never change. Not that you could.

by Retired-Poppy | 19th Aug 23, 8:23am 1692390215

Name calling again? A sure sign you're loosing control.

by Pa1nter | 19th Aug 23, 9:06am 1692392786

It's how you try to obtain control.

by Pa1nter | 19th Aug 23, 8:20am 1692390029

I think it was you, either in this guise or one of your other avatars that mentioned a dark night of the soul.

That's not a very commonly known term, and usually sought out by people going through some level of existential crisis. Definitely someone not entirely satisfied with the current place in the world, anyway. It's part and parcel of several religious and psychological schools of thought, as one transitions from their trapped, repetitive mind, into a state of more open-ness, able to view and appreciate the world and those within it, without the colouring of egoic aversion and desire. Everything is what it is, imperfect, but also well more than enough.

I wish you well on that quest, but you are a long way from the light, trapped in your guilded cage and squawking circular prophecies. Put it down, and let go.

by Retired-Poppy | 19th Aug 23, 8:22am 1692390130

You're overthinking again.

by Pa1nter | 19th Aug 23, 8:37am 1692391040

I'm actually espousing the exact opposite.

It's how I can see right through you, poopy.

by Hawkes Bay | 19th Aug 23, 8:47am 1692391636

ALL Prophets MUST go through the Dark Night Of The Soul. Do some more study Pa1nter.

Those who do not go through that process stay asleep . They believe in stuff like 7% Interest Rates last year is Crazy Talk.

Keep Sleeping Pa1nter.

by Pa1nter | 19th Aug 23, 9:04am 1692392681

You can keep quipping, if it's how you need to protect yourself.

But you're trapped in a circular monkey mind. No worthwhile peace will be found there. Guaranteed.

by DTRH | 19th Aug 23, 9:24am 1692393854

Pa1nter if you are over leveraged go see a financial advisor before it’s to late, if you have followed your own advice over last few years the financial losses would be huge or maybe your just all talk and just like a few of the speculators on here getting bitter as the crash developers before you.

by Pa1nter | 19th Aug 23, 9:44am 1692395041

The only thing I've doubled down on over the last decade or so is my relationships with those closest to me.

Money and commerce is really just an extension of hunting and foraging. To be successful, you need to know what you're dealing with, cuktivate skill, exercise patience and develop awareness.

I don't really do social media or much in the way of online discussion. I came on here to try and increase my understanding of the covid/post-covid economic climate. There's some wise and thoughtful commenters on here, of varying views and dispositions. Sadly drowned out by half a dozen or so people stuck on a loop. Cheaper than therapy, I guess.

by DTRH | 19th Aug 23, 11:15am 1692400502

Pa1nter Covid was used to lower rates which caused FOMO with many pushing house price’s way above the population’s affordability now the illusion is complete and rates have put a backbone in markets all the air has been let out of the bubble leaving many in financial difficulties while trying to keep up with mortgage payments for a way over value property and no chance of selling without losing 25% of purchase price.

by Pa1nter | 19th Aug 23, 1:43pm 1692409397

FOMO isn't really the right term for the markets' behaviour during covid, housing or otherwise.

As for affordability, that's an amount that has an interplay between house prices, debt servicing, and incomes. We are seeing prices falling back, but not affordability, as debt servicing is becoming more expensive, and incomes strained by higher inflation.

It's very hard to see a situation where actual affordability is going to improve for people over the coming years, because prices are usually somewhat of a barometer for the citizenry's financial wellbeing, and it doesn't appear like people are going to get more prosperous anytime soon.

Housing gets the lion's share of attention in here, low hanging fruit and all that. The larger challenge for people will be navigating their entire financial state.

Anyway, that's enough from me, let the hand wringing resume.

by Retired-Poppy | 19th Aug 23, 8:51am 1692391880

Pa1nter needs to spend less time playing with his Thesaurus!

by Hawkes Bay | 19th Aug 23, 9:20am 1692393656

It looks like he is now having his usual break and switching between his multiple accounts to up vote all his comments.

He will be back shortly. Please be patient everyone.

Oh, and please put on a good act of pretending to not notice.

by Pa1nter | 19th Aug 23, 9:58am 1692395890

The only thing sadder than seeking validation via upvotes is farming them.

The fact a few others identify with what I've said to you could be a good point of reflection for you. You're definitely seeking something, but your conduct here is leading you down the wrong path.

Throw me back one of your usual replies in the short term to keep the illusion going, and maybe spend the afternoon digesting some of what I've said.

by Mofo Fomo | 19th Aug 23, 9:33am 1692394386

Get a room!

by Zwifter | 19th Aug 23, 10:08am 1692396485

The usual rhetoric in the Saturday morning chat room I see when no moderators are present.

by Nzdan | 19th Aug 23, 10:07am 1692396473

I was wondering how this article got so many comments so quickly on a Saturday morning.

by Zwifter | 19th Aug 23, 10:08am 1692396518

Snap

by Retired-Poppy | 19th Aug 23, 10:30am 1692397810

Any whiff of rhetoric and Zwifter insinuates Moderators present on the day would reprimand those involved. Airing of opposing opinions is forbidden.

Naughty Boys and Girls - you MUST and WILL agree.

Priceless!

by Hawkes Bay | 19th Aug 23, 7:24am 1692386664

"World interest rates in yet another hiking run as we speak." All on Track !

by Future | 7th Oct 22, 2:34pm

The Seal has been Broken. This is how the Scroll reads.

Interest Rates will continue to go Up from here and Stay Up for a Long Time.

Banks will sell Mortgages at 10% +. ( Double Digits ). The OCR Forecast Peak Goalposts will continually be Moved Higher and Higher ! 10% Interest Rates Next Year, Guaranteed !

Good to see Vendors are slowly conceding to Reality.

by Iceman | 19th Aug 23, 11:28am 1692401310

10% what a joker. Continue to dream on and try spread the gloom. Typical.

by Hawkes Bay | 19th Aug 23, 12:14pm 1692404053

I certainly hope you were not part of that crowd who said the same thing about 7% Interest Rates been Crazy Talk last year ?

The Prophet was Proven 100% Correct.

Things are getting very Cold Mr Iceman.

by nguturoa | 19th Aug 23, 7:25am 1692386701

But the RE agents aka habitual and shameless liars will tell you that the valuations will keep going up and buyers should just ask the bank to lend them more. Such a dumb suggestion coming from someone who wants their commission and will have no role in paying back that mortgage.

I guess some gullible sheeple are still listening to these stories from liars and falling into the traps of bank slavery for best years of their life.

God save NZ

by Hawkes Bay | 19th Aug 23, 7:36am 1692387366

The RBNZ say Interest Rates are going Higher for Longer. ( Good to see they have been reading the Scrolls ).

But the RBNZ are also saying property prices are going to rise. ( Sad to see they have not read all of the 1st Scroll ).

Someone needs to Tell the RBNZ that when Interest Rates Go Higher For Longer, Home Prices Crash Lower for Longer.

by 1689 Baptist | 19th Aug 23, 7:35am 1692387311

With such low volumes there will be noise. People should avoid getting excited about movement, up or down, until a trend emerges over several weeks

by Hawkes Bay | 19th Aug 23, 7:37am 1692387443

Thumbs up for those who have a Pretty Good Idea where the Trend is Going !

by Retired-Poppy | 19th Aug 23, 7:55am 1692388506

....same place as China.

by Mofo Fomo | 19th Aug 23, 8:00am 1692388853

Argentina?

Are those brown shoots I sèe or dieing green shoots.

by Dgm | 19th Aug 23, 7:54am 1692388479

Evergrande has collapsed, must be the size of nz property market in value.. housing market in for a rough ride downhill

by nguturoa | 19th Aug 23, 8:18am 1692389896

Evergrande was dead last year. Just it takes a while to get the news out of China. The information still moves at the pace of bullock cart when it has to get out of China and the news is bad.

And Evergrande I am sure is much bigger than the size of NZ RE. We are a tiny nation at the bum end of the world.

by Mofo Fomo | 19th Aug 23, 7:57am 1692388636

Conclusion from exhaustive analytical perusal of said data reveals... THE MARKET IS ROOTED UNLESS YOU'RE GIVING YOUR HOUSE AWAY IN Auckland.

Q:> What is the total number of ĥouse sales per week that are not auctions.

Theses stats do not represent all auction sales nor all sales. So who has the full data of weakly sales for NZ... the head of the liars org? ( REINZ)

by Smudge02 | 19th Aug 23, 8:03am 1692389022

But I just read a Stuff article that said house prices were about to take off and even told where which areas will go up first!!!

by Hawkes Bay | 19th Aug 23, 8:08am 1692389326

They are getting desperate. Paid To Say Media.

When Interest Rates Go Up, Prices and Sales Go Down.

Full Panic Mode.

by Mofo Fomo | 19th Aug 23, 8:38am 1692391121

Wee all doomed

by Retired-Poppy | 19th Aug 23, 9:04am 1692392696

Speak for yourself MF. Opportunities lie ahead.

by Mofo Fomo | 19th Aug 23, 9:35am 1692394510

It was a joke. 🙄

by Averageman | 19th Aug 23, 10:18am 1692397133

Only those stupidly in debt.

by DTRH | 19th Aug 23, 9:04am 1692392681

The people who purchased a house this week must have money to burn, each month the price’s fall leaving the people who purchased last year 20% down in that deal, the next few years will be the same many more will enter negative equity paying huge interest rates, unfortunately many will have financial difficulties taking down the housing market which will not recover for years.

by Hawkes Bay | 19th Aug 23, 9:12am 1692393153

From the 2nd Scroll, page 10.

by Premonition | 13th Dec 22, 12:43pm

2nd Scroll.

" Property Prices will Crash for ALL of 2023 and 2024."

by Mofo Fomo | 19th Aug 23, 9:37am 1692394659

Thats going straight to the pool room 😂

As funny as that is, it's bang on.

by 1689 Baptist | 19th Aug 23, 2:23pm 1692411781

Not last week but a month ago. I am taking a major pay cut for a lifestyle career change so needed to buy while I could still secure a mortgage with ease. I may have this wrong but I am picking we are at or near the bottom in my area. No change in the house price index for the last 8 weeks. I expect prices to be flat (+/- 5%) for the next couple of years. I suppose that makes me a spruiker in the eyes of some here.

by Hawkes Bay | 19th Aug 23, 3:14pm 1692414880

Tim the Baptist.

https://www.stuff.co.nz/business/91418098/property-brokers-manawatu-and…

by Thats All Folks | 19th Aug 23, 9:08am 1692392920

Evergrande just filed for bankruptcy, don’t worry though, NZ is special and totally immune 👍

by Hawkes Bay | 19th Aug 23, 9:16am 1692393382

Watch those Auckland Rentals go for nics as the money is needed back in the Mainland.

The Evergrande Avalanche has Begun !

by Retired-Poppy | 19th Aug 23, 9:42am 1692394942

A gigantic vacuum cleaner just got unleashed on the world. This one actually works......

by Mofo Fomo | 19th Aug 23, 9:41am 1692394898

The end is upon us!

Sell sell sell

The golden goose has constipation

The sacred cow has been over milked.

by Retired-Poppy | 19th Aug 23, 10:04am 1692396285

by Nzdan | 19th Aug 23, 10:09am 1692396562

Especially if it's laundered funds. Even if they get 50% out of what they put in, it's 100% clean.

by Hawkes Bay | 19th Aug 23, 10:50am 1692399041

Yes. I wonder how the locals can compete with that ?

It's a race to the bottom.

by Averageman | 19th Aug 23, 12:29pm 1692404977

Got there finally. This could be biblical in scale, with 300 billion in liabilities. Yes 300 billion. All those poor speculators that borrowed and paid their money upfront...who now have who knows what.

Will it impact global banking and put more pressure on rates higher for longer. And yes...the CCP will be asking for people to bring cash home to help out. That's a Lotta land and houses in little old NZ.

by Hawkes Bay | 19th Aug 23, 10:54am 1692399265

Thousands of Aucklands Ghost Houses will become Rentals to the Public again.

Cheaper Rents will be a relief .

by Retired-Poppy | 19th Aug 23, 11:48am 1692402527

If other Saturdays are anything to go by, Zachary will be on here shortly riding aloft in his ever taller 🍒 picker 😍 trying to save the boom.....

Houses are a notoriously illiquid investment on the ride down.

by 1689 Baptist | 19th Aug 23, 2:33pm 1692412400

I have seen nothing in the data to suggest rents will decrease. The opposite is true in fact, even since house prices started to decline. Record immigration. Rental stock reducing because of air bnb, interest deductibility removed, healthy homes non compliance, lower capital gains. Rental supplements from winz and kainga Ora. People who would otherwise buy are renting for longer because of the tightened house.market and lending criteria. Supply and demand. Rents won't be decreasing. Neither will homelessness.

by DTRH | 19th Aug 23, 11:00am 1692399659

They would need to move cash out quickly as each week a little more is eroded, and with NZD tumbling the process is speeding up.

by Hawkes Bay | 19th Aug 23, 12:31pm 1692405117

It's a race to get their houses on the market first.

Just in time for the Spring Surge.

I wonder if we will see agents offering incentives again ?

I remember TTP playing the Saxophone at one open home a while back.

by Averageman | 19th Aug 23, 12:47pm 1692406043

The new listings report will worth watching closely. The banks sure will. Perhaps they saw this coming and that's why they have been reducing overheads (branches and staff).

by Zwifter | 19th Aug 23, 1:17pm 1692407834

Total listings where I am are currently at a record LOW so read into that what you will. Post election will be interesting, I suspect most people are currently in a "Holding pattern" waiting to see the outcome. I'm expecting listings to increase and prices to increase going into 2024.

by Retired-Poppy | 19th Aug 23, 1:55pm 1692410146

With finite fuel onboard, planes too can circle the field in a "holding pattern" - but only for so long. For many, prolonged financial pain through excessive interest (dead money) bleeding households dry is now the new normal. Those with growing deposits attracting 6% plus returns will be rewarded when they start making lowball offers early next year. This is hard earned money well spent. Much like a virus, vendor based FONGO will surely spread amongst the heavily leveraged. They were the ones that, driven by more emotion than anything remotely rational, dived in feasting on cheap money.

In growing numbers, more will realize they were the biggest fools and selling will gather pace. Its a self fulfilling prophecy by their own creation. Now, right on cue, China's property woes have materialized as an inconvenient tailwind.

by Retired-Poppy | 19th Aug 23, 2:33pm 1692412411

This coming spring, when properties look their best, many more people who's finances are steadily deteriorating, will list.

NZ Election 2023 results are unlikely to change the global price of money. At current prices, houses remain largely unaffordable and like it or not, adjustments are under way to correct that.

by Flying high | 19th Aug 23, 3:13pm 1692414828

Poetry?

by Retired-Poppy | 19th Aug 23, 4:58pm 1692421089

Non-fiction.

by Flying high | 19th Aug 23, 2:13pm 1692411224

No whangarei, no Wellington

by Frank Sobotka | 19th Aug 23, 2:48pm 1692413300

The preacher man says it's the end of time

And the Mississippi River, she's a-goin' dry

The interest is up and the stock market's down

And you only get mugged if you go downtown

I live back in the woods you see

My woman and the kids and the dogs and me

I got a shotgun, a rifle and a four-wheel drive

And a country boy can survive

Country folks can survive

by Flying high | 19th Aug 23, 3:14pm 1692414854

Is it poetry?