The real estate auction rooms are already as busy as they were at the peak of last summer.
Over the week of 30 September to 6 October, 293 residential properties were offered for sale at the auctions monitored by interest.co.nz, the second highest number in any week this year.
The only week when more properties were offered this year was 25-31 March, when 294 properties went under the hammer.
March is usually the busiest month of the year for residential property sales and is the peak of the summer selling season, so the high number of properties already going under the hammer at the latest auctions suggests this summer could be a busy one for the auction rooms.
As well as there being more properties on offer at the latest auctions, the auction sales rate has also been increasing.
At the latest auctions 133 properties sold under the hammer, giving an overall sales rate of 45%.
During the week of the previous peak at the end of March just 98 properties sold under the hammer, giving an overall sales rate of 33%.
The graph below shows the trends in the number of properties offered at auction each week at the auctions monitored by interest.co.nz and the number that sold under the hammer, with the rising trend in both sets of numbers clearly evident since mid-August.
However although the latest sales rate is well up on where it was back in March, it's dropped back from where it was in mid-July/August, when it edged above 50%.
The reasonably strong level of activity in the auction rooms over the last few weeks is perhaps surprising given that many agents are reporting that total sales activity has been relatively flat in the lead up to the looming General Election.
So the auction results over the next few weeks could be very telling in terms of where the market is headed this summer.
The table below gives the district-by-district results breakdown from the latest auctions monitored by interest.co.nz.
Details of the individual properties offered at those auctions, including their rating valuations and the selling prices of those that sold, are available on our Residential Auction Results page.
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99 Comments
Sad news for some to start the weekend.
The reasonably strong level of activity in the auction rooms over the last few weeks is perhaps surprising given that many agents are reporting that total sales activity has been relatively flat in the lead up to the looming General Election.
Just anecdotally, it looks like the number of houses on the market is remaining static, the few coming on to market being balanced by few sales.
Many potential vendors are holding breath for a National win and a few "fix's" to be applied to the property market post election. In the minds of the heavily vested, a rapid recovery will ensue.
As we progress into harder times, I think it's highly likely 2024 will commence much like 2023 did - weak. It's notable that in Dec 22, the bottom of the market was also then assumed.
I think many more are staying put due to higher interest rates removing fluidity in the market.
Then again, she's hard being a soothsayer.
Yes, it must be now that it's "Higher for Longer"↗️ 🥶
Unforeseen by many a Guru on here.
And not believed by some. ;-)
Despite pretending otherwise, the DGM will be disturbed and dismayed by Greg’s headline and commentary today……
TTP
I'm sorry - who are you inferring is disturbed again?
You're funny 😂
It's notable of late you're certainly ramping up the rhetoric even to the point the Editor had to delete some of your bile.
H F L.
Off topic but TTP might be Nubile (new-bile)
adjective
-
(of a young woman) sexually attractive.
"he employed a procession of nubile young secretaries"
-
(of a young woman) sexually mature; old enough for marriage.
Good news for renters in Auckland, townhouses for rent surging to 435 in Auckland as a big surge (the last hurrah?) of new builds are being completed.
Now 436, going UP and UP
Spring surge, or new level?
More to choose from, or more chasing?
Rent price movements, up or down may show whats happening to supply And demand
The net 100000 immigrants into NZ over the last 12 months need to Iive somewhere. Equals Rents up, house prices up. Construction costs rising due to high inflation so new supply will tumble. Interesting times ahead.
I see trademe figures show rents have increased by 12 percent in Auckland in the last 12 months. Worse in a few other centre’s. Highly predictable results of government meddling.
Can't fathom why immigration is not an election issue.
Record immigration will put pressure on NZ’s population, infrastructure and productivity – where's the election debate? https://www.rnz.co.nz/news/on-the-inside/499601/record-immigration-will…
Vote New Zealand First.
I am so tempted to vote for them..
National just can't seem to get their numbers to add up
Or TOP. They are after very selective low volume immigration.
You know you've got depth when your party has less candidates than the Aotearoa Legalise Cannabis party.
TOP candidates are drones.
They would rather have no candidate raising local awareness (self-funded too!) than a candidate who doesn't fit their desired image/might not parrot the party line (TOP MPs will have no say on policy).
Raf is a wannabe career politician with low charisma who thinks he's smarter than he is, and they are getting desperate with their requests for a 'teacup' moment with a party who [last I checked] are polling comfortably ahead in the electorate, and who's policies are antithetical to their own.
Hopefully they'll roll him if they continue after this election.
Probably better a smaller group than let anyone in, witness this Greens classic.
https://www.stuff.co.nz/national/politics/300983505/tova-podcast-white-…
No make-up, Tova looks even worse
What a shitty comment.
That used to be TOP policy, now disappeared along with Morgan.
I've decided to vote TOP. If everyone who like them but think their voting base is too small vote for them, surely it will change things.
In Australia, your first $18,200 is tax free. Their policy to introduce here, your first $15,000. So, that alone gets my vote.
They used to be, could have really helped them out if they had kept it and sold it hard with all the current stuff ups from employers and agents charging 20k a pop for non-existent jobs. Desperately needed foreign workers that taxpayers are now providing accommodation and living costs.
I guess the businesses have a point, try getting a kiwi to pay 20k for a job - lazy sods aren't they!
I did the dirty deed today. Feel a bit seedy afterwards. But no regret. 😂
K road?
Vote for the gnats
I assumed Peters
Yep. 100% a protest vote and a vote of no confidence in everyone
Bit of chaos could be fun
NZF? Becareful what you wish (vote) for.
At least he’s a chance of stopping some of National’s horrid policies
But no regret.
LOL, I would hope not since we haven't even counted the votes. Pace yourself HM, you've got three years to change your tune!
Peters left office in 2020 with immigration at record levels, covid is the only thing that stopped it. But I guess at least he won't try and increase it any more than his coalition partner of the day...he's more likely to stop the sale of houses to foreigners which is going to make nationals tax cuts very interesting.
They touched on it in the minor party debate (we all know where the majors stand). I think the Māori party were the most anti immigration if you’re looking for someone to vote for.
You got to be joking, nobody is going to vote for a party that wants to go back 150 years.
I actually thought they had some good points in that debate. Not going to vote for them, but I did think they were one of the more progressive parties. If you want to go back 150 years then ACT and NZF would get you closer.
The Nats are only taking us back 6 years before they sit in their hands. Underachievers.
Still pathetic and dismal numbers..
Rates still rising will keep a lid on the housing market
Very strong job numbers in the USA overnight.
HFL!!!!!!
10yUST could be close to 5% by next week.. we'll feel the effects of that acceleration
At risk of crashing our currency, the RBNZ may find they can't deliver cuts when things get ugly here. In a bind if you like....
Oh-ooops sorry, this thread is about house auction numbers not the more important bigger picture.
Thats why Robbo is prepping the Central bankters to defend the NZD- when the schist hits the fan in the next year or so.
We will have higher rates forever! If you don't plan your affairs and investments for this, you are a fool and your money deserves to be parted.
Think of a multi-year or Decade of certain assets being in a protracted BEAR MARKET.
This is any asset that relies on cheap and continuing cheap DDDebt funding.......which assets would this be ????
Remember the obvious: What happened as DDDebt got progressively cheaper (40 year asset bull run) since the 1980s to the low lowest rates tide of 2021??
The Paradym shifted from 2021.....many still cling to and clutching tight to flailing assets, as interest rates circle them like a hungry lion that seek to strangle them.
Their pearl clutching becomes tighter, reinforced by the EconoOneRoofPriests of spruikerland, that their piece of dirt and shack should pay them moonbeams forever. Fools.
Growth stories of America vs New Zealand appear out of sync and things are about to get very interesting. Since they were both derived from debt creation neither are likely to end well. This "prosperity" was all borrowed from tomorrow.
Carry-over from Trump. 👍
That it's the second time you've posted it, and that once again I haven't been able to open the attached link.
Have you nothing better to post?
Lack of "Ticks" are the root cause of his anxiety.
Says the same idiot who posts same the same negative shit.
I think it looks like a vested interest talking up their game through a soft MSM channel...
be good if you also added a 10 or 20year average to the graph to show the numbers in a long term context not just coming of one of the lowest bases in history
Good morning to all the DGM's this morning who appear to be out in force. Hope you remember to get out and vote.
All looking as predictable as things can get right now, just waiting for the Nats to get back in and its a done deal.
Herald poll of polls has Winnie the Poo as king maker.
We will be in the poo.
Winston First will piisst on the spruikers smouldering hopes of Home Hoarders.
Winnie will do zero all he wants is to get the gong, you couldn't find someone with a bigger Ego.
Yes Chris Luxon him and Winston super ego will go well together.
yeah right.
Young Kiwis need to vote left if they want to own a home in this country.
Isn't it ironic then that under left wing governments in New Zealand, house prices have gone up more than under right wing governments?
At least for the last tenure, most of that has been to do with the absolutely useless MPC and its useless governor, Adrian Orr.
RBNZ foolishness aside, prices were falling, and FHB are at their largest percentage of house buyers than they've been for years (odd that without taxpayer funding, specuvestors seem unwilling to participate, don't you think?).
All Labour had to do was give INZ the flogging they deserve for not doing their job properly (as highlighted by the rampant unskilled influx since the borders were opened), and they would've had a good chance this election. Instead, Dame Never-fronted-for-bad-news-unless-a-photo-op abandoned ship, and the problems exacerbated by this inattention will likely see Labour fall to National, and all the good work they've done, undone and wasted whilst team blue continue to sell our country out to foreign interests.
How about the house price increases under Helen Clark? In 1999 you could get a home in Auckland for $200,000, but by 2008 prices had skyrocketed to a median price of $520,000 (million dollar homes which were previously very rare were becoming common in Auckland).
Labour have screwed housing for renters, homeowners and investors. They are clueless.
Labour also clueless in Healthcare, Farming, Education, and Law&Order.
The economy also did better under labour (particularly under Clark), most likely related.
House prices rose a lot under Key too remember.
I agree, and back then I actually voted Labour.
The point I'm making is that house prices have always risen under Labour (excluding the recent crash which was inevitable after a bubble). Many commenters here keep moaning that their children won't be able to afford a home because of the Blue party, and I don't think there is evidence to support that belief.
Many have also corrected anyone pointing to Blue/Red as the only party responsible, but you choose to ignore it, likely mistaking the omission for wisdom.
Do you have anything to disprove the statement of "children won't be able to afford a home because of the Blue party" going forward since they're almost certainly about to be in power?
Boom years for house price inflation were 2003, 2004, 2005, 2006, 2019, 2020, 2021.
All of these years were with Labour in power.
Under John Key and Bill English, there was moderate house inflation.
All the data is available on the internet. I don't need to prove or disprove anything. I'm just correcting the commenter who said to us to vote left if you want your kids to afford a house, as history does not support that statement.
No one was disputing the historic data, I was disputing your 'this rise was bigger so these other rises over here under National so they don't matter' narrative.
My point is all rises hurt the future generations.
Furthermore, the question is going forward will Nat or will Lab cause the most hurt (price rises)?
To answer that, you've not bothered to consider current policies, or external factors such as the GFC, COVID, credit and population growth. Instead, you are relying only on historic data to reach your conclusion about Nat and Labour which is a very simple analysis to say the least.
You might find a correlation between wage growth and house price growth.
A whiff of National is in the Air, so Auction rooms are getting busier.
Elections smellections!
The 800lb Gorilla is: THE COST OF BORROWED FUNDS!
The mega high growth in job numbers, just released in the USA, bakes in a certain rise for the US Fed funds by year end.
A 6 or 7% UST and/or Fed funds is now the target in the sights.
Bond Market Yields at 5% - or More - Spell Pain for Everyone - Bloomberg
Good news for the now very well paid US workers, is Terrible news for NZ inc.
Higher mortgage rates in NZ forever.
If you're refixing DDDebt in the next 3 months or so, may pay a lot to break and refix at the Supacheeeep rates that may still be there on Monday??
Well paid US workers ? last time I heard their minimum wage was 7 bucks an hour and their holidays of a couple of weeks sucks. They are in deep shit over there and they are living on borrowed time. The USA is praying that BRICS comes to nothing or else it all over for them.
Dear Zwifter, Keep paying undue homage to your mates in Russia and Chyna....its a good look......:(
Its obvious that you do not pay for any good financial information.
This shows as while we have discussed the housing market over the past months and you "believed it could not fall" or "its surely bottomed now" - its dropped in many significant cities by 100 to 400K. Massive wipeout for many!
It has completely wiped out many a families Total Equity! It's no way in hell, done yet.
Keep believing in your Bottoms narrative, I will remind you in early 2024, of your cascading series of follies......
So you believe the US is now a low wage economy ? WTF? (perhaps you view young school leavers or illegals - as the US average wage? lol)
Those with some skills are well noted, they won't change jobs for anything less than $80,000pa. The USA is now reindustrializing in a big way! Construction spending in the Manufactuing sector is just booming, as many new, heavy industry factories, are breaking ground at the highest levels since the 1950s. Good paying manufacturing jobs.
US Jobs Report September 2023: US Adds 336,000 Positions, Double Estimates - Bloomberg
EV Factory Investment Brings Changes to American Small Towns - Bloomberg
You won't see this, unless you subscribe to a professional business newswire.
- I suggest you do, so you can perhaps change your view, financial decisions and ultimate success.
The USA has been on a downward slide since the 60's. Their level of debt is totally out of control and if they loose the reserve currency status the whole country will implode. They pretty much need a war going on somewhere to survive or are busy behind the scenes with yet another regime change. There was an excellent program on today, "The bottom line" on Aljazeera, suggest you watch it. Even some Americans on there can get over their "We are the greatest nation on earth" rubbish and tell it as it is.
We can all see the Qutari news free on the alzizra.......Its completely biased and they spend the majority of its time/funding, kicking firstly the Israelis and the next the USA, in the guts.
- Know the bias and understand it.
Pay for decent news...... and make better decisions.
Yadaidaya....USA debt is a problem, sure.
EVERYONE still wants the US$ and the USA manufactured goods.
Manufacturing is going up massively in the US. Have you not heard of the reshoring bananza?? - Sorry not a topic on aljizra.....
The USA defence industries are in mega manufacturing boomtimes....FOR THE NEXT DECADE!
Bet against the USA and your nose will be bloodied.
You wont hear this on your FreeTo AirDross on aljizra. Feed in trash=output trash.
#Pay for good info#
I think this is the first NZGecko comment I approve of.
my brain hurts from reading any of his comments
I approve of every NZGecko comment. All well researched, real world current and balanced.
I like many others too:)
Lets watch aljizra kick the Israelis again......while the hammmmas kidnap whole Israeli families.
- the place is a smouldering powderkeg, which will go on forever.
Some 5.5 million homes are lying vacant in America's 50 biggest cities, yet a historically low housing inventory of 1 million homes is contributing to the least affordable market in decades.
https://www.dailymail.co.uk/yourmoney/housing-market/article-12603381/A…
They try their best to cock it up, but at the end of the day they have oil, tech companies, military, and effectively 50 countries combining their resources. They will be fine, but may feel a bit of pain at some stage.
USA has a booming economy, and they don't seem to care about debt.
Here in NZ it is the opposite, and all the political parties want to keep a lid on GDP growth, seemingly.
Our economy could boom if the right measures were put in place, but then inflation would rise, and Mr Orr would be forced into further OCR hikes which would then dampen the economy and cause another recession (sorry, I forgot, it wasn't a recession because they revised the figures!)
USA has a booming economy, and they don't seem to care about debt.
That's what you're led to believe. But I'm interested to know why you think it's booming.
The 10-year U.S. Treasury hasn't yielded 5% since 2001. But in that year the U.S. national debt was <$6 trillion. Now it's over $33 trillion. When the yield hits 5% again later this year, the financial burden imposed on the government and the economy now will be far greater.
I agree JC but at first hint of a serious US recession 10yr will dive as USD is still the only safe haven thats trusted and can absorb the inflows in a recession..... ? thoughts?
10yr will dive as USD is still the only safe haven thats trusted and can absorb the inflows in a recession..... ? thoughts?
If you're saying USD is the cleanest shirt in the laundry, perhaps.
Total US debt just rose $275 billion in one day on Oct 3—equivalent to the amount as the previous month total. For the 10-year, 5% is not far away. As it soars, global growth is restricted & price declines threaten mass margin calls.
And the sheeple in NZ are heading to the auctions.
Regarding your question to me about booming economy, the data for car manufacturing, space and military, and tech industry is strongly positive. For example, 500,000 more vehicles will be produced in 2023 compared with 2022. In addition to this, every month it seems that hundreds of thousands more people are employed.
Sure. To what extent do you think all the 'good times' are a product of intervention and why do you think that the ruling elite now needs to dampen these good times? Both questions are interdependent.
Remember that in March several U.S. regional banks collapsed, not because of their loans going bad (the problem during the Financial Crisis) causing one of the fastest bank runs in U.S. history. The Fed and the FDIC stepped in to bail out depositors, not investors. For the Fed it meant throwing about $400 billion in short-term liquidity at the banking system.
So money printing and near-zero policy interest rates is the Angloid nations' plan for prosperity, but you have to accept the trade offs.
Traditionally the best time to buy is when rates are up....and that's right now. Labour are going to lose the election, that's for sure, the country's a mess, so once it gets up and running again property will recover.
In addition, the Auckland Council plans to put a lid on more subdivisions until sufficient infrastructure's in place, so that will benefit existing sections and houses.
I think the best time to buy is when the math adds up especially if your planning to develop. Based on existing land owners pulling the pin on development projects, HFL on the cost of debt, and inflation ramping labour....good luck.
Look how many unfortunate punters are underwater after purchasing at low interest rates. Property will go up as interest rates decline.
Glad to hear your need and speed to pivot now Wingman - I thought the Greenfields lands you purchased in/near floody zones, would be the next financial nirvana to line your property savvy and nousy pockets??
Now the AK council has kyboshed new developments in such marginal lands - you think new infrastructure (giant drainage canals perhaps??) will rescue these swamplands?
Have you not been monitoring the international DDDebt markets at all????
They are all going north in a big way.
Let me tell you, the NZ 10year long end hitting new heights, indicates we will have higher and then higher rates for a VVVVEEERRY long time!
Hope you a young man? - as it will eclipse some lifetimes before significant lowering, unless we have a major economic collapse.
The Council in their wisdom have banned new development until the roading's in place, and the amount of flooding in the area you refer to is miniscule, but Councils are gun-shy because of the consequences of even a minor inundation.
The land I've purchased is elevated, with a great north-facing view, I'm not stupid, and I got $300k off the price. I've owned lots of properties and I know what I'm doing. Debt markets...LOL...are you a goldbug or do you follow Peter Schiff, he's always banging on about global crashes and unsustainable interest rates?
The subdivision I've bought into has sold out. If I'd listened to defeatists like you I'd be as poor as I was when I left school. Smart people will be looking at the property for sale ads, and doing some hard negotiating.
I'm smartish. Not looking at property. Stupidly expensive and massively risky for the foreseeable future.
You should have bought a house 20 years ago and not poured everything into a business. Why you still cannot afford a house is a mystery to me.
If you are still pouring money into a business, something has gone wrong.
Or done several of both or bought a lotto ticket. I had an old guy tell me he bought jugs for a shilling when they were $5.00. I told a young guy at work I bought jugs for $5.00 when he just paid $25.00. Both he and I were unbelieving at the time.
I have owned houses, had 2 at one time, sold them. You obviously have no idea how a business runs. I started with 150k in stock, now have 3m. That money doesn't magic itself out of thin air.
All the best with waiting out the Ak council nervous nellies.
I have plenty enough exposure NZ residential property, as well as everything else, incl 5x main bank deposits (yey still mildly concerned some will be stressed by some very bad property loans they have made over the last 5 years) - So diversification is very important, including banking. -Simple risk mitigation 101.
Most dumb Kiwis simply believe to dump all excess funds all into property........and its in collapse mode till 2026/7. Comeuppance much!
HIGHER and HIGHER interest rates will guarantee it.
Who wants to bet against chucky Mortgage rate rises by the end of Oct 2023 and again in Nov 2023 ????
- Hint for free: THEY ARE A COMMING!
I've owned lots of properties and never lost on one yet. The last property I sold I got $700k more for it at auction than I expected, which was a pleasant surprise.
Labour are going to lose the election, and I expect that the NZ economy will rise like a phoenix from the ashes after 6 years of dismal socialism.
I'm seeing property in Christchurch jumping 20% compared to a year ago already. Interest rates are not a factor, it is the NZD currency devaluing.
I would say interest rates are going to go higher from here, before falling back to current rates in two years time.
I suspect a bit of hopium activity post change in govt, then reality will bite again early next year. Far too much economic pressure and not enough govt levers to pull. Nats will be under a very harsh spotlight next year for not sorting out the economy.
It can't be any worse, any improvement will be well received. A vote for Labour means more civil servants, worse service, more taxes, worse roads, higher interest rates, more traffic jams, and more bike lanes, which no one uses.
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