Auction rooms just had their busiest week of the year

Property / news

Spring has arrived in the auction rooms with activity at its highest level so far in 2023

4th Nov 23, 6:00am by Greg Ninness

Spring has definitely sprung in the auction rooms which have just had their busiest week so far this year.

There were 437 properties on offer at the residential property auctions monitored by interest.co.nz over the week of 28 October to 3 November, more than any other week this year, and up from 315 the previous week.

It was also the first time this year that the number of properties offered at the monitored auctions has been more than 400.

And it was a record for the number of properties sold, with 182 selling under the hammer, giving an overall sales rate of 42%.

The auction rooms were particularly busy across Auckland, with all districts producing a strong lift in activity.

The table below shows the district-by-district results from around the country.

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

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23 Comments

by Flying high | 4th Nov 23, 6:11am 1699031464

Something to do with interest rates I expect

Turned Sooner Than Expected

by Harvey W | 4th Nov 23, 7:10am 1699035017

Turned? Have they? Bit soon to say?

What has turned is prices rising, regardless of interest rates.

by Pa1nter | 4th Nov 23, 7:57am 1699037821

Strangely, people with hundreds of thousands, or millions of dollars invested in something haven't soiled themselves and liquidated at bargain basement pricing at the first sign of rising interest rates.

Who'da thunk

by Flying high | 4th Nov 23, 8:14am 1699038861

What I mean is the benchmark US10y yield collapsed this week with bond rally underway. Much sooner than anyone expected. The domino effect will reach NZ eventually as the aussie NZ bank subsidiaries continue to clean out and clean up

by Retired-Poppy | 4th Nov 23, 8:33am 1699039993

Strange how some acknowledge we are exposed (and controlled) by global wholesale money markets on a down blip however won't on the ride up. Better to be conveniently late than never I suppose :)

by Pa1nter | 4th Nov 23, 8:39am 1699040371

Influenced, not controlled.

If interest rates were zero and the Mongols were at the gates, I'm sure house prices wouldnt shoot up.

Which is the problem at just singling out one factor as the be all and end all. It's a much more complex system, which is why few can accurately predict much.

by Flying high | 4th Nov 23, 8:54am 1699041244

Yip, sums up the nz banking scene but in reverse... at least you are profiting from it while the young and not so young fhb continue to hand over their wages.

by Eschaton | 4th Nov 23, 7:36am 1699036599

Immigration pump.

by tomjones_04 | 4th Nov 23, 7:51am 1699037499

If the immigration is a temporary surge due to covid catch up.... does that mean house prices are the same? I'm quoting our wonderful politicians on my first sentence.

by Flying high | 4th Nov 23, 10:36am 1699047395

It depends who you listen to as to how temporary is the migration surge. One of the interest.co regulars says the flows will turn from inflow to outflow sometime in 2024. There again, that permabear person has said similar before and just keeps updating dates.

Current migrant numbers are out of this world and need to be reduced but not stopped imo

by Retired-Poppy | 4th Nov 23, 8:27am 1699039620

It's certainly true that some are buying up a storm before a storm and this is nothing unusual. Absent of real life experience, peoples interpretation of value is different. When deploying others pricey money with bare minimum deposit down, to invest in something pricey that also belongs to someone else then the chances are stacked it will all control you. You've only succeeded in leveraging your future, especially if the Kiwisaver has been raided in the process.

It's fantastic that the financial system is still intact and house prices haven't fallen off a cliff and to date naive FHB's have provided some well timed support. The heavily vested can therefore breath a momentary sigh of relief. Its still very much early days and 2024 is forecast to be challenging.

by Pa1nter | 4th Nov 23, 8:32am 1699039949

Yeah, cause 90% of economists are predicting global economic turmoil.

Most people are leveraging their future, in one way or another. Otherwise everyone would just sit in nature and enjoy today.

by Matt_09 | 4th Nov 23, 10:28am 1699046925

What a load of waffle RP!! So everyone buying property is ‘absent of life experience’ and making a big mistake - you need to stop judging everyone by your own blinkered view and go to some of the auctions. Real people, from all walks of life and ages and stages trading up, trading down moving for schools moving for lifestyle… all with money either earned or borrowed at rates they’re comfortable with.. its fine to make predictions on the economy, and I agree with many of your views, but to imply people don’t know what they’re doing but you do is just nuts

by Retired-Poppy | 4th Nov 23, 10:44am 1699047862

...was it something I said?

"all at rates they're comfortable with" - now that's one fine statement worth bottling:)

by Flying high | 4th Nov 23, 10:43am 1699047795

(Feigns surprise) moi?

by Retired-Poppy | 4th Nov 23, 10:46am 1699047969

by Piggy | 4th Nov 23, 8:31am 1699039861

No comment on the % sold above RV? Assume that too has improved.

by Nzdan | 4th Nov 23, 9:29am 1699043352

There is an improvement. 46% up from 44% last week. Was 47% in October 21st article but that's likely a blip.

41% in mid August, up from 31% early August and 23% in July.

Certainly a trend.

by Piggy | 4th Nov 23, 5:54pm 1699073685

Nice one Nzdan - yep upswing for sure.

by BigBen | 4th Nov 23, 1:22pm 1699057376

It’s pretty quiet here today, everyone attending open homes..?

by Retired-Poppy | 4th Nov 23, 2:09pm 1699060166

Mowing lawns :)

by IT GUY | 4th Nov 23, 7:10pm 1699078215

For Aucklanders perhaps a welcome to summer , quiet BBQ etc..... its been a long time coming

by Child of the sea | 4th Nov 23, 8:08pm 1699081727

Can someone explain what date the rating valuation (RV) was taken from upon which the sale price is judged? Is it static for all sales or specific to the property? Assume that RV has been coming down with sale prices achieved coming down over last 2 years. Also, good to know how much average $ or % below RV the sale price has been too to make such a data item more meaningful.