Auction room activity maintained its recent momentum, although the sales rate slipped a bit

Property / news

Just over a third of properties on offer sold under the hammer at the latest auctions

19th Oct 24, 6:00am by Greg Ninness

Auction room activity maintained its recent spring momentum, although the sales rate slipped slightly at the latest residential property auctions monitored by interest.co.nz.

Altogether interest.co.nz monitored 340 residential auctions around the country in the week of 12-18 October, up from 289 the previous week, but down slightly from 343 and 356 in the two weeks prior to that.

Of the 340 properties on offer at the latest auctions,121 sold under the hammer, giving an overall sales rate of 36%, which was the first time it's been under 40% in the last six weeks.

There were no real surprises in the latest results.

Auction room activity is likely to continue to increase over the next couple of months, although there will also likely be some weekly ups and downs.

The latest results are pretty much what we would expect at this time of year.

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

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91 Comments

by Houses Overpriced | 19th Oct 24, 6:45am 1729273543

The bottom is now starting to get deeper..

by Retired-Poppy | 19th Oct 24, 6:21pm 1729315273

We know that 3000 houses are being withdrawn from sale per month adding to a mounting overhang of potential future listings. At current still (lofty) prices, is more cheap debt on low deposits really conducive to an imminent floor / recovery in prices and on increased volume? This recovery, that from a capital gain hungry investors perspective, would need to defray todays holding costs plus more......

In this buyers market there need be no FOMO. For some time to come, discerning buyers know they'll be spoilt for choice.

by bw | 19th Oct 24, 7:27am 1729276075

"The latest results are pretty much what we would expect at this time of year."

I'll take your word for that. But even as prices 'slide' across The Ditch, their clearance rates are still ~60% and about twice what the expected rate is here. At some stage, Vendors will realise what they have to do to get the turnover up. And withdrawing their properties from market isn't it.

https://www.corelogic.com.au/our-data/auction-results

by Pa1nter | 19th Oct 24, 7:28am 1729276123

Doesn't our clearance rate struggle to hit 50%, even in high demand periods?

Venders will re-adjust their price expectations if they've significant pressure to sell. Thanks to the RBNZ tightening lending rules the past decade or so, there seems to be a lot less mortgages under significant pressure.

So likely we'd need more job losses as a catalyst. Will that happen before interest rates start with a 4?

by bw | 19th Oct 24, 7:31am 1729276266

Let's hope we can avoid that catalyst. The tools are all there. All we need is the political will to enforce them and avoid the pain of job losses. But as you suggest, higher unemployment looks like our chosen alternative.

by Pa1nter | 19th Oct 24, 7:53am 1729277615

It is really hard to tell. I still have us being harmed by "global economic event" on my bingo card.

by Advisor | 19th Oct 24, 8:54am 1729281256

I won't pin much hope on discretionary spending from lower mortgage rates saving the economy. That only happens if households once again feel confident to spend every last dime from lower mortgage payments elsewhere in the economy.

On the other hand, rate normalisation could put a floor on our sliding economy if it brings construction back to life.

by Pa1nter | 19th Oct 24, 8:55am 1729281346

Aside from greenfield new residential, construction seems surprisingly active.

As it does in many downturns, the nature of the demand changes.

What we're viewing as economic end of times could just be a reversion to a norm close to what we'd have had without COVID. Maybe plus the downfall of businesses/jobs that got stretched thin due to various dynamics of COVID, who now can't continue with the onset of subdued demand.

by Advisor | 19th Oct 24, 8:58am 1729281504

I agree. There is substantial brownfield activity in all the decent suburbs of Wellington fringe. Many houses here are well-past their operational life and sit on large pieces of land.

by Pa1nter | 19th Oct 24, 9:13am 1729282401

The cost and compliance to build new is nuts, interest rates are too high, and the selling market's encouraging people to stay put.

Also seeing a lot of infrastructure/industrial work going on. A lot was deferred due to the issues getting things done the last few years.

by NZGecko | 19th Oct 24, 8:57am 1729281473

Construction back to life??

I see hundreds of new builds sitting around unsold just in my travels weekly......some of which are unsold for 6 months or more!

No construction rebound till massive, stale inventory is cleared. Then the hidden iceberg, of "withdrawn from sale" properties, çome out of the closet....

No construction rebound for a very long time!

by Pa1nter | 19th Oct 24, 9:17am 1729282672

You've confused "construction" with "new housing building".

by NZGecko | 19th Oct 24, 10:41am 1729287712

Once the current flush of both CRE and Resi builds finish.......it will be skinny cat, starvation alley in most construction.

Demand is falling like a 1kg Gold ingot as supply is ballooning .......hard times in the building industry is just beginning.

Interest rate drops are too small and far too late. Carnage is already in the pipe.

by Pa1nter | 19th Oct 24, 9:53am 1729284781

Ok well I can only comment from the position of someone with real time observation of what's happening in the current project pipeline, and future quoted works.

Obviously the views more accurate from your armchair.

by sgtshortcut | 19th Oct 24, 9:35am 1729283759

I agree with you on a logical economic basis…but I just can’t help to think if rates get slashed, which without govt support is looking like the only play Adrian has, then I don’t think it will take as long as a few of you have said for that herd mentality of “we’re rich again” to kick in…obviously not overnight, but give it 12 odd months for sentiment to get strong enough to give a feeling of job security then a lot of people who have felt broke over the last few years will start to revenge spend & “treat yo self” like drunken sailors…there are more of them than there are conservative thinkers who will top up the household war chest first…ultimately en masse we’re not that smart…or we wouldn’t be here in the first place 🤷🏻‍♂️😂

by kraken | 19th Oct 24, 8:58am 1729281501

For the spruikers saying we're not back to 2017 prices: 2021 CV 2.225m. Current Asking Price 1.45m. 2014 CV 1.65m https://www.trademe.co.nz/a/property/residential/sale/auckland/rodney/a…

by Tui12 | 19th Oct 24, 9:18am 1729282708

What a pointless cherry picked example. This is a plaster home that would likely need building replacement cost just to reclad.

65% are selling at or above CV on the Shore that is a fact.

by Pa1nter | 19th Oct 24, 9:24am 1729283058

Anything needing work is currently at a significant discount.

Is about all we can ascertain.

by Pragmatist | 19th Oct 24, 9:27am 1729283279

They aren't picking cherries, they are turd picking.

by Pa1nter | 19th Oct 24, 9:29am 1729283357

Look guys, this one musta had carrots for tea!

by Toye | 19th Oct 24, 9:49am 1729284567

Well the whole market is really just a giant turd right now so yes they be turd picking.

by kraken | 19th Oct 24, 9:33am 1729283594

Difference between CV and Asking is 800k. So 800k to reclad?

by Pa1nter | 19th Oct 24, 9:39am 1729283951

Could be around $500k to reclad. And then you'd invariably lean towards doing the inside, so plus another $150-$250k. Add in around a year of holding costs to get that done (optimistic), and the high risk, big headache nature of taking the project on, and it's possibly still too expensive.

I've been involved in dozens of these sorts of jobs, and they're rarely financially lucrative for anyone.

by agnostium | 19th Oct 24, 10:20am 1729286430

65% are selling at or above CV on the Shore that is a fact.

Interesting maths Tui. 50 were auctioned on the North Shore. 8 sold above RV. How do you get 65%

by Tui12 | 20th Oct 24, 8:04am 1729364655

Looking at a bigger sample size a few days ago and it’s 65%. Yes this latest batch is 40% smart ass.

by NZGecko | 19th Oct 24, 9:20am 1729282857

Yesirrreeee.....seeing a lot transacting in 2024 at near 2017 to 2018 prices now.

Will the NZ Crashing housing market, dam hold, at the next wall of past valuations of 2015???.....as I see these prices comming back into fashion, in 2025 and 2026.

by Nifty1 | 19th Oct 24, 9:24am 1729283052

OMG what a bargain - you should buy it Kraken! Hopefully you have an extra $500k-$700k+++ for a full reclad...

by Pa1nter | 19th Oct 24, 9:28am 1729283319

It's hard to tell if all these reporters of value drops are actually looking for a house to buy, or just have a really sad hobby.

by Nifty1 | 19th Oct 24, 9:32am 1729283562

Yeah its sad... they ignore the facts like the neighbouring property selling in Feb 2024 for 3.5 million with a CV 2.85.million https://homes.co.nz/address/whangaparaoa/arkles-bay/9-arkles-strand/VOY…

by Pa1nter | 19th Oct 24, 9:41am 1729284067

And to get that sort of value from the "cheap" property, you're probably dropping 1.5-2 mill on it.

by Zachary Smith | 19th Oct 24, 10:20am 1729286443

Hey, that's my hobby! It could pay off for some. I suspect bargains in the current market are more likely to be found with properties that need work.

by CN - new | 19th Oct 24, 10:51am 1729288297

"Hey, that's my hobby! "

Property projects (i.e property renovating and / or property development) is your hobby?

by Zachary Smith | 19th Oct 24, 10:56am 1729288587

No, looking for unusual price drops and tragic sales.

by CN - new | 19th Oct 24, 11:22am 1729290169

"No, looking for unusual price drops and tragic sales."

Do you report those on your substack?

https://aucklandpropertyrealitycheck.substack.com/welcome

by Zachary Smith | 19th Oct 24, 11:29am 1729290594

What's your problem?

by CN - new | 19th Oct 24, 11:37am 1729291074

What's your problem?

No problem. Just curious.

by Zachary Smith | 19th Oct 24, 2:14pm 1729300464

It's weird how accusations of being a real estate agent get thrown around. Not that there is anything wrong with being an agent. However, it is commonly known and often remarked upon, that Kiwis are obsessed with real estate. Every other household appears to own a rental property or two. Thus the property market is of interest to not just agents but many people. Many immigrants are keen on it too. Rental property income is widely seen as a way to supplement income in retirement. Many households will anticipate entering retirement with super, rental income and some other modest assets, like term deposits and shares. This is widely recognised as a sensible and conservative approach to looking after one's future. So it should come as no surprise to readers that many commenters have what may appear to be an obsession with property.

by CN - new | 19th Oct 24, 2:19pm 1729300762

Thank you for your response.

I just thought perhaps you might have been the author behind that substack so I merely asked the question.

by CN - new | 19th Oct 24, 2:39pm 1729301985

"It's weird how accusations of being a real estate agent get thrown around. Not that there is anything wrong with being an agent"

The readership has a variety of backgrounds. Based on the comments by various commenters, there seem to be a few property industry related participants - real estate agents, builders, property mentors, mortgage brokers, property traders, property developers, architects, hotel owners, property investors, tradies, etc

Each commenter in the community here has a unique perspective given their lived experience and employment. Great community to try to understand the diverse viewpoints, perspective and where they're coming from.

Some do seem to have an undisclosed vested financial self interest and their own hidden agenda however.

At times, the tone and comments can become quite tribal beyond a coherent discussion of issues being discussed.

by Toye | 19th Oct 24, 9:47am 1729284446

Interest rate drops like a fart in the wind.

This sold at auction on Friday for 951k, CV 1.84m:

https://homes.co.nz/address/auckland/te-atatu-peninsula/99-matipo-road/…

Well under 2017 CV

by Pa1nter | 19th Oct 24, 9:56am 1729285003

The Executors have instructed to completely ignore the CV and all website price estimates, as circumstances dictate the need to sell before/at auction. Someone is going to hit the jackpot, so make sure it’s you!

Opportunity knocks for all bargain hunters, but in particular for builders, developers, and handymen/women extraordinaires!

House needs work, relatives want money ASAP.

These historic values don't involve any appraisal of the state of repairs of the properties. They're just basic aggregates based on size, listed amenities, and relative values to nearby sales.

by Toye | 19th Oct 24, 10:09am 1729285781

That size land in that area alone would get $1.5m if there wasn't even a house there back in 2021.

You got the desperation part right though. Thats how prices come down.

by Zachary Smith | 19th Oct 24, 10:22am 1729286563

It may not be desperation, possibly just eagerness to get a windfall. I've seen a number of these sales recently.

by Toye | 19th Oct 24, 10:33am 1729287190

Eagarness to get a windfall that is half the CV?

I've heard this sort of talk before. Are you an REA?

by Zachary Smith | 19th Oct 24, 10:38am 1729287516

A lot of people looking at an inheritance aren't necessarily as savvy as you and me. It's just what I have observed. It could be another reason why prices come down. It doesn't seem so remarkable. I'm a computer engineer.

by IT GUY | 19th Oct 24, 10:42am 1729287747

its not a great place, IMHO they got what its worth right now.

by Zachary Smith | 19th Oct 24, 11:47am 1729291659

Toye, this property sold at auction today for 31% above CV. All is well.

https://www.barfoot.co.nz/property/residential/rodney-district/stanmore…

by Toye | 20th Oct 24, 9:52am 1729371160

Did you have to search the country for that one? I ran into mine when looking @ auctions results on Friday.

How many at about 50% over CV?

by Zachary Smith | 20th Oct 24, 4:07pm 1729393635

No, it was the only auction on Saturday.

by Pa1nter | 19th Oct 24, 10:41am 1729287667

That size land in that area alone would get $1.5m if there wasn't even a house there back in 2021.

Sure, but projects and pieces of dirt are currently unappealing.

by Toye | 19th Oct 24, 10:50am 1729288209

Nothing is appealing in property at current prices and rates.

Land is suddenly worth nothing because developers are all huddling together like a school of fish in hopes that the market improves and that the big bag economy shark doesn't take a bite out of them.

Williams Corp and Wolfbrook dead companies walking.

by Pa1nter | 19th Oct 24, 11:07am 1729289254

Land's worth less because building is expensive, as is credit.

There's always degrees of desirability in property, with varying degrees of price movement depending on the wider economy.

Get back to us when a newer or well renovated property in a highly desirable area starts halving in price.

by Toye | 19th Oct 24, 11:43am 1729291395

Aren't we changing the goalposts now.

"Tell me when property prices are falling only for new properties in expensive suburbs, not average ones"

Now if only the property prices weren't primarily driven by houses that sold the most - some would say, those in average suburbs.

by Pa1nter | 19th Oct 24, 12:35pm 1729294503

I figured we were only cherry picking extremes.

by The Man3 | 19th Oct 24, 6:27pm 1729315650

Williams Corporation and Wolfbrook are both trading very well!

You really havent got a clue what you are talking about!

Get back to us when you know for a fact that they have not paid their trades people or missed a single payment to their investors!

by CN - new | 19th Oct 24, 7:44pm 1729320248

"Get back to us when you know for a fact that they have not paid their trades people or missed a single payment to their investors!"

Here's the thing, for any supplier, tradie or buyer of property of an uncompleted property, that will be too late - by the time that happens, they could become unsecured creditors if things get really bad.

If in doubt, stay away. Most people can choose to go about their daily lives without interacting whatsoever with those two companies.

CAVEAT EMPTOR.

by The Man3 | 19th Oct 24, 8:31pm 1729323076

Williams Corporation and Wolfbrook are both trading well and both financially stable!

People that make comments when they are ignorant of the facts should not commenting.

If these people actually spent the time to do research before commenting would be far more beneficial for everyone.

Tall Poppy Syndrome is rife in NZ.

by NZGecko | 19th Oct 24, 8:50pm 1729324236

Sound very much like you are heavily invested?..... in one of the property developers still walking......

I see the Duval investors are suing the FMA for actions..... Wonder if it will help focus the mind of the FMA??

Some Du Val shareholders take legal action against the FMA (nbr.co.nz)

by The Man3 | 20th Oct 24, 9:27am 1729369648

There are some very good property development companies in NZ, and some very poor ones.

Du Val was always a very poor one and it wasnt hard to see that, and was always going to be a failure.

If you looked into the business model of Williams Corporation and the systems they have in place, you would find that they are running a financially sound business.

Du Val shareholders suing the FMA is just a joke, if they had any nous, they would not have put a single dollar with Du Val!

by Toye | 20th Oct 24, 9:54am 1729371253

Hello Williams Corp and/or Wolfbrook affiliated person/10% return on investement bag holder

by CN - new | 20th Oct 24, 11:06am 1729375574

Claims by a CEO that there is sufficient liquidity.

https://youtu.be/tiUv6s2ad9U?t=198

Then the company didn't have sufficient liquidity.

by Nzdan | 19th Oct 24, 10:56am 1729288580

Good point. People can throw out all the justifications as to why a vendor might accept less, but once those reasons are gone from living memory it becomes a datum in a range of sales. Enough vendors accepting less, and it influences the market trend.

"It needed work and the vendor wanted a quick sale" could be "was on the market for 6 weeks and the vendor couldn't wait any longer" or "the vendor was made redundant and cannot afford the mortgage". Each scenario might be different but that doesn't necessarily make it an outlier.

by NZGecko | 19th Oct 24, 10:44am 1729287853

The resident Griifting spruikers here, live in lala land and much prefer fingers in ears......and denying a realty of 2017/2018 prices occurring left right and centre!!

They are just soo Nz housing Ponzi deep, denying the realty is their only copium.

by bw | 19th Oct 24, 9:54am 1729284879

And a reminder of an opinion from a few weeks back:

"According to the Real Estate Institute, prices remain 15.9 percent below their 2021 peak.

Average house prices were 6.7 times household income, compared to a long-term average of 4.5. Debt servicing costs would take 43.4% of average household income...To get back to that long-term average of 34.4%, allowing for a fall in interest rates to 5.9 percent, house prices would need to fall another 16 percent.....However a further 16% decline in house prices wouldn't make housing cheap, it would just make it more like average affordability. Returning house-price-to-income ratios to be in line with their long-term averages would require drops of between 32% [on the household income measure] and 38% [on personal incomes]"

https://www.rnz.co.nz/news/business/521022/house-prices-need-to-fall-a-…

by IT GUY | 19th Oct 24, 9:16pm 1729325775

Sometimes crashes over shoot , -32% from here, in all likely hood it could overshoot if things get that bad, would require high unemployment and massive farm foreclosures. Globally co-ordinated stimulus may help but who knows.

I am not predicting that but aware of tail risk.

allowing for a fall in interest rates to 5.9 percent,

Rates are still restrictive IMHO at 5.9%, I would see 4.5% 1 year fix to be neutral is a decent recession, if things do not crash then its higher perhaps 5.5%.

by IT GUY | 19th Oct 24, 9:58am 1729285099

Market is very slow, this from latest REINZ 4 days ago. A few more people now then 2000 as well. Auckland has not been this hard for 24 years in spring.

https://www.reinz.co.nz/Web/Web/News/News-Articles/Market-updates/REINZ…

Median Days to Sell

Otago had its highest median Days to Sell since June 2023.

Wellington had its highest median Days to Sell since July 2023.

Tasman had its highest median Days to Sell since October 2023.

In terms of the month of September, September 2024 had the highest median Days to Sell in

o Auckland since 2000

o Canterbury, New Zealand, NZ Excluding Auckland and Tasman since 2008

o Otago since 2010

o Waikato since 2011

o Gisborne since 2013

o Southland since 2014

In terms of the month of September, September 2024 had the lowest median Days to Sell in

o West Cost since 2007

by Timutei | 19th Oct 24, 10:21am 1729286509

Having attended numerous open homes recently we are being inundated by real estate agents telling us of a mega auction at the end of the month.

it seems buyers are mass rushing to get money that exists.

is this mega auction fabricated or real?

by Toye | 19th Oct 24, 10:27am 1729286875

We've had many agents call us, sometimes multiple times, after open homes.

They definitely weren't calling us back in 2021.

Also some cold calls from open homes back in 2023.

Things are not heating up and all the stats are showing it.

by IT GUY | 19th Oct 24, 10:44am 1729287880

REINZ mixes propaganda with facts, facts and stats and then this

“Local salespeople around the country have noted an increase in buyers attending open homes, more so than the usual spring lift we see each year. With some regions now seeing an uplift in sales (7 out of 16 regions), buyer engagement is improving, with listings receiving more enquiries. These trends could lead to a more robust market in the coming months, particularly if expected improvements in market activity and reductions in interest rates eventuate,” added Baird.

by NZGecko | 19th Oct 24, 10:55am 1729288502

Just the usual, garden variety, load of lies, diversion and manipulating hollow words from the REINZ weasels: Bollocks and Propaganda.

Don't get sucked in NZ. Only offer the 2017/2018 values and older!

by IT GUY | 19th Oct 24, 9:17pm 1729325866

Well if so many people at open homes the sales people have a crap closing rate.

Going to be a dismal start to 2025 if Oct and Nov are low sales rates and soft prices... no joy will be had after the xmas bill is paid.

by CN - new | 19th Oct 24, 10:44am 1729287845

"it seems buyers are mass rushing to get money that exists. "

Are the buyers developers looking for land to landbank? And speculators / buying syndicates who are landbanking?

He added that developers were making a return to the suburb, spotting that land values had come down from their peak. Some of them had come from pricier Westmere and Herne Bay and saw the opportunity of doing high-spec homes in Point Chevalier.

“We are now getting inundated with calls from developers desperately looking for land.”

https://www.oneroof.co.nz/news/point-chev-do-up-bungalow-sells-sight-un…

by IT GUY | 19th Oct 24, 1:47pm 1729298833

SALES ARE LOW

DAYS TO SELL HIGH

OPEN HOMES PACKED

I smell BS

Possible they have so little money, in the weekends they attend open homes for free entertainment.

by sgtshortcut | 20th Oct 24, 10:11am 1729372315

I haven’t been to an open home in years, I’m not in the market…but, I have no scepticism in believing that open homes are getting far busier, & unless you have been to a few this weekend, & they’ve been empty then I’d smell BS regarding your comment.

Sentiment is definitely changing & it’s fair to think there are folks who will be active in attending open homes on the belief that they’ll have a chalkboard rate with a 4 in front of it in 6-12 months time.

However, I agree sales will stay low & days to sell will stay high until sentiment turns to activity, maybe that’ll start in 6-12 months. It won’t be enough to see prices jump substantially, but the 🔄 is going to continue & its in motion now thanks to an incompetent RBNZ & a govt with blinders on 🤦🏻‍♂️

by 26@Main | 19th Oct 24, 11:08am 1729289323

I've seen RW Mega Auction headlines online, if it is them it may be just a marketing ploy. There was one in South Auckland on 2 October and that's not the first one they've done.

by CN - new | 19th Oct 24, 11:21am 1729290100

"I've seen RW Mega Auction headlines online, if it is them it may be just a marketing ploy. There was one in South Auckland on 2 October and that's not the first one they've done"

Yes. Tom Rawson's Ray White real estate agent franchise office in Manukau.

https://www.raywhite.com/tom-rawson/real-estate-agent/tr14310715/

by Toye | 20th Oct 24, 9:57am 1729371434

Its literally to get one packed room that they can plaster all over the newspapers to say "FOMO IS BACK!!" when there is nothing there.

by John Mendel | 19th Oct 24, 8:13pm 1729321984

A year from now, 20% UP!

by IT GUY | 19th Oct 24, 9:03pm 1729324994

what listings?

by TronMVP | 19th Oct 24, 9:43pm 1729327409

Watch out for the DGMs, John.

They are like Donald Trump.

They have the mantra of deny, deny, attack, attack, and always claim victory (or in the case of their views on property, always being right)

by Pa1nter | 19th Oct 24, 10:44pm 1729331082

The arguments are solid.

Look, here's a listing I found, 2015 build, 2019 CV $1.1 million, had a murder suicide in the house in 2022 and half of it burned down, plus they found historic arsenic contamination in the soil, sold last week for $500k.

Markets heading to zero, I tells ya

by IT GUY | 20th Oct 24, 9:35am 1729370141

Longest days to sell in Sept 2024 since 2000 in Auckland

Be quick (no one else is though), near constant Oneroof Spruiking and that's the best they can do?

by Toye | 20th Oct 24, 9:58am 1729371491

Oh wow aren't you a strawman expert.

by ChrisOfNoFame | 20th Oct 24, 9:52am 1729371135

One of the worst bits of economic analysis I have ever read ...

How long do I need to own my property to make money?

Can you figure out why?

by Toye | 20th Oct 24, 9:59am 1729371593

Opes partners are spruiking know-nothings so this sort of article does not suprise me at all.

by SND | 20th Oct 24, 11:01am 1729375310

I thought "sounds like opes partners' BS headlines".

Bingo!

by CN - new | 20th Oct 24, 11:42am 1729377772

FYI, the author stated in July 2021 that he doesn’t believe in housing bubbles personally.

by The Man3 | 20th Oct 24, 12:20pm 1729380037

If you are having to hold property for 10 years to make a decent profit, I would be suggesting that you are not buying the right property?

by CN - new | 20th Oct 24, 1:13pm 1729383223

"If you are having to hold property for 10 years to make a decent profit, I would be suggesting that you are not buying the right property?"

That would apply to profit motivated buyers.

Most people in NZ:

1) are not involved in the property industry

2) are owner occupier buyers focused on acquiring a residential dwelling that primarily meets their accommodation criteria that also meets their financial and affordability constraints. Accommodation criteria are their primary focus (e.g proximity to good schools, proximity to work, safe neighbourhood, etc)

3) investment returns and profits for most owner occupier buyers are a non consideration.

As you are involved in the property industry, you are applying an investment and profit oriented lens that simply is irrelevant for most owner occupier buyers.

The "right" property for an owner occupier buyer is very different from the "right" property for a profit oriented property buyer.

An owner occupier buyer is much less likely to be interested in a mortgagee sale. That same property might be right for a profit motivated non owner occupier buyer.

People should understand where the commenter's comments are coming from for correct context.

by The Man3 | 20th Oct 24, 3:07pm 1729390037

OPES is normally dealing with investors and normally new apartments or townhouses.

There is still good money to be made in property in certain markets and areas!

Unfortunately there are too many that make comments and are not that beneficial to people that want to make good financial decisions.h

by IT GUY | 20th Oct 24, 12:26pm 1729380419

https://www.oneroof.co.nz/news/auckland-cvs-which-suburbs-are-at-risk-w…