Auctioned activity remained at a low level over the week of 10-16 May.
Interest.co.nz monitored the auctions of 259 residential properties around the country, up very slightly from 252 the previous week.
However, the number of sales edged lower, with 90 properties selling under the hammer at the latest auctions, down from 103 the previous week.
That pushed the overall sales rate down to 35% from 41% the previous week.
Of the properties that sold, 40% achieved prices above or equal to their rating valuations, unchanged from the previous week.
Auction activity is now running at less than half what it was in the peak of the summer selling season, but that's no surprise at this time of year as the market cools heading into winter.
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.
9 Comments
Let's be honest, auction results are abissmal. Buyers are in no hurry and they are picky. Now the reset endures into its 4th year, many will be experiencing the emotional and financial flip side of 20/2021. It's totally understandable the debt laden speculator is growing increasingly frustrated. They stare at the same exit as the still equity rich and much predicted aging demographic. While job insecurity and cost of living pressures remain in play, an upside story is a hard one to sell, especially one that exceeds the prevailing inflation rate. Like it or not, this is a reality check that our great country can't rest it's prosperity selling overpriced houses to each other. This is the reset we needed to have. At this rate, I believe we're probably at the 1/2 way mark...
Agree to this being just halfway, into the NZ housing market crash.
Once the DTIs return to 3 or 4x for the beleaguered Kiwi home buyer, we can call it a stabilised market.
So those calling the previous many, many, market bottoms are just village idiots.
The long grinding bottom is still a long way below the currently constipated selling volumes and selling prices.
Buyers should be knocking -20 to -30% OFF the vendors and slippery real estate agents, price expectations.
I agree, the HPI shows the market continues to crash with a 0.3% fall over the last year! It's is carnage out there... it's all over.
council CVs may well knock almost 20% off, predicting 16-19% range though
I wonder what take what you can get means?
Council CV's are the gold standard to property values... no one in their right mind would pay over CV given their pin point accuracy. The new CVs will crash the market like never seen before.
I know and the higher interest rates will help the recovery as well
A year after it warned them, Moody's Ratings has downgraded the US Government credit rating after things got worse, in a move that will put upward pressure on benchmark bond yields
great news Nifty vendors should say to hell with the DGMs and put there prices up 10% tomorrow on the back of excess stock, us downgrades and falling cv's. Remember if we all stay firm and put our prices up, the silly FHBers will just have to pay up.
What a great time to be wanting to sell!
Nah. Stay at Mums or move to Aussie. Less and less ponzi bailout happening. Immediate flow on is why Retirement Villages can't fill empty units, and specuboxs remain unsold.
Love how the Debt Leverage Monkeys, think that the price of dirt can only go up, forever.
DLMs are learning a salient lesson, as the world of ever-lowering Debt prices stopped being so in 2021 and will range higher into the future.
- Likely much higher, in the new world of deglobalization.
Very bad news for the DLMs, if a 5% average, is truly the lowest limit, of the recently lowering interest rate curve.
Banks getting desperate
https://www.oneroof.co.nz/news/its-huge-major-banks-ease-lending-rules-…
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