The number of residential properties going to auction continues declining as we head further into winter, with interest.co.nz monitoring the auctions of 246 properties around the country over the short week of 14-19 June, down from 284 the previous week.
The shortened week leading up to Matariki would undoubtedly have been a significant factor in the lower level of activity.
Of the 246 properties on offer, 87 sold under the hammer, giving an overall sales rate of 35%, down slightly from 39% the previous week.
Interestingly, the release of new Rating Valuations (RVs) by Auckland Council almost two weeks ago does not seem to have had any noticeable effect on the percentage of sold properties achieving prices equal to or above their RV.
Just 35% of the Auckland properties that sold achieved prices equal to or above their RV, the same as the previous week.
Because the new Auckland RVs had an average 9% decline in value from their previous valuations, it was expected to lift the percentage of selling prices at or above the latest valuations, but that appears not to have happened, at least not yet.
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, which is searchable by location.
5 Comments
Interestingly, the release of new Rating Valuations (RVs) by Auckland Council almost two weeks ago does not seem to have had any noticeable effect on the percentage of sold properties achieving prices equal to or above their RV.
Who would have thought!
Its quite amusing, so many articles telling owners not to worry and they do not count, when in reality its even worse then presented in new CVs, I see OneWoof is now trying to calm Hamiltonians...
Goes to prove that the mid 2024 Auck RVs have just been set "mid decline" in the property crash and values have just slid much further, since the value snapshot in time.
So many idiots have called the bottom and been wrong, wrong, wrong.
These dogs are just the overleveraged property gamblers, REAs and banks, who all seek to continually clip the ticket and "cash in" on the unaffordable housing situation, that peaked in 2021. It then stopped and has crashed since. Those peak values won't be seen again, far a decade or two.
Wars, deglobalisation, inflation and generally high interest rates will see to it.
It's great to see, the major slide since then and look forward to another big RV decline in 2027:)
All the while, rates, water, power and insurance, will rise around 20 to 40%+ by 2027...... depending upon, which cash strapped and unmaintained city you are in.
Agreed. Staggerflation.
Looking like Brics are getting ready to call "Naked Emperor" on US debt repayment ability. That would never impact international debt servicing in little ol New Zulund...would it?
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It's sad that you (and others who comment here) seem to delight at the prospect of other people's misfortune in having their property values decline.
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