A chilly winter wind swept through the latest auctions, with a sharp drop in both the number of properties on offer and the sales rates.
Interest.co.nz monitored the auctions of 217 residential properties over the week of 19-25 July, down from 267 the previous week.
That was the lowest number of properties on offer since the short, three day week between the Easter break and Anzac weekend back in April.
Sales also took a dive, with 82 properties selling under the hammer, giving an overall sales rate of 38%, down from 43% the previous week, making it the lowest sales rate in two months.
However there was no change in the selling price to rating valuation ratio, with 59% of the properties that sold achieving prices that were at least equal to or above their rating valuation, unchanged from the previous week.
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.
14 Comments
Low and slow auctions, buyer hesitation, confidence on the DOWN LOW
That Parrot is Dead....
IT Guy,
It's only resting.
When is it to be stuffed
. . . . but, but, but this data is so, so wrong. It is a conspiracy. So many posted that once the Auckland new RVs came out there would be bloodshed as prices crashed through the floor . . . . 20%, and even 30% or more. So how can this data be true? Auckland RVs down 9% from the peak and yet 54% selling over RVs . . . must be more REA lies.
Actually 59% selling over CV.
Edit, sorry, you're right 59% is for NZ, for Auckland it's only 54% over CV.
That’s 54% of the 37% that actually sold. So about 19% of those Auckland hopefuls heading to auction sold above CV
Is it just a winter chill or is it the real market?
Clearly a buyers market waiting for seller to face reality. Youth who can't wait for reality are exiting west taking their future tax with them. Less tax payers is bad for growing pension and healthcare needs.
overhang is massive price discovery will come with clearance, its unlikely its higher then current prices, never seen that happen in markets
.
Aussie 100 v NZ nil
Aussie stupider than NZ. #winning. Perhaps you borded the land speculation bus in the wrong country?
You may have misread an earlier comment to assume that. The property was gifted to me by my father, he isn't a speculator either.
Aussies are starting a crash of their own now and they are full to the brim from immigration. Those heading over now are in for pricey rents, overpriced houses and a bit more pricey groceries than predicted, yet still cheaper in some respects to NZ.
Be interesting to know their fundamentals such as DTI and house price to income ratios if anyone cares to look it up.
House prices are getting so damn high. I believe their state govts capture a lot of the build price with DCs and other fees, taxes that it eats the first ten or more years of mortgage payments to pay
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.