Residential auction activity is definitely on the wane, as the housing market moves further away from the peak summer season and into the slower autumn/winter months.
Over the week of 26 April to 2 May, interest.co.nz monitored the auctions of 324 residential properties around the country.
Although that was up from 196 the previous week, that week's results were particularly low because it was a three day week wedged in between the Easter and Anzac long weekends.
At the beginning of April, interest.co.nz was monitoring the auctions of more than 500 properties a week, so auction activity has declined by about 40% since then.
Of the 324 properties offered at the latest auctions, 109 sold under the hammer, giving an overall sales rate of 34%.
The sales rate has also been in a slow decline from about 37% in March.
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.
The table below shows the latest regional results.
10 Comments
% sold looking incredibly dire......keep it going!
Almost as dire as comments here.
Canterbury does look better than the rest, just over half sold.
Repeating my comment from a couple of days ago:
I follow the Christchurch residential market regularly, with a medium term interest in eventual relocation.
Last year I saw a definite listing pattern play out regularly over several months: Deadline sale/Closed Tender > Auction > Offers above > Fixed price
This year the big brand agencies (eg Harcourts, Bayleys) seem to increasingly be going straight to auctions.
Not sure what this really indicates: possibly resetting vendor reality early to avoid wasting agency time? ChCh prices started from a lower base in the 2021 inflation & haven't dropped back as AKL & WLG, my impression is that ChCh sale prices have also firmed up over this year (for standalone 3+brm 2 bath double garage in the NW, there remain multitudes of unsold apartments across town).
I'm interested in any comments from anyone knows the ChCh market well?
I've been following the ChCh market for almost a year, relocated in December and bought in April.
There seems to be a very keen understanding of value here. Value is made up of some variables that are stronger here than elsewhere - school zone, proximity to Hagley Park (or lower slopes), new build versus pre-quake concrete slab. You are unlikely to get a bargain.
People are ignoring the risk of natural hazards in areas such as Fendalton, Merivale and St Albans - while the same valid issues have killed the market towards the east coast (it's about maintaining the values). I would avoid the whole former swamp areas.
They're building a whole new city around Rolleston. The infrastructure isn't keeping up. This week the floods left only one road open to the southwest.
The macro numbers are misleading. Yes, there's a lot on the market, but much of it is junk (or it goes away and comes back again). Those monolithic clad leaky homes are an issue still. Places that are knackered but no-one's looking, as is where is still a thing.
Thanks very much for your comments.
Its obvious the market is going to keep tanking
Well yeah, overall economic outlook doesn't look great, and real estate is tied to that.
Its obvious the market should keep tanking....whether it does or not depenends upon how much how many have to risk and whether they (and the banks) are prepared to accept that risk....ultimately however reality will prevail
Keynes had something to say about irrational markets
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