More properties on offer at the latest auctions but no real change in sales rate

The average auction sales rate has hovered around 40% for the last six weeks

Property / news

The average auction sales rate has hovered around 40% for the last six weeks

2nd Aug 25, 8:34am by Greg Ninness

The number of properties on offer perked up at the latest auctions, although there was no real movement in the sales rate.

Interest.co.nz monitored the auctions of 282 residential properties around the country over the week of 26 July to 1 August, up from 217 the previous week.

That was a return to more normal numbers for the time of year.

Of the 282 properties on offer, 112 sold under the hammer, giving an overall sales rate of 40%.

The sales rate has hovered within a percentage point or two of 40% for the last six weeks, suggesting that may be the new winter norm.

However prices may have been a tad softer, with just under half (49%) of the properties that sold fetching prices equal to or above their rating valuation, down from around 60% over the previous five weeks.

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

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11 Comments

by IT GUY | 2nd Aug 25, 9:11am 1754082691

https://www.nzherald.co.nz/nz/house-prices-in-337-auckland-school-zones…

That’s $594,711 higher than the typical cost of a home near a secondary school with a zone located among the least expensive areas.

The new data also shows east Auckland’s Glendowie College has the most expensive zone in the city with a median $1.9m value in 2025.

by Averageman | 2nd Aug 25, 2:39pm 1754102348

With 5 years at private school being circa 300k per kid, and the lack of capital gains in the near future how many kids do you need for the premium yo be worth it.

All before you start talking about the better opportunities and education private schools offer.

by IT GUY | 2nd Aug 25, 3:17pm 1754104638

Glendowie is a great school, many people want their kids to go vs a private model. Has poor sporting opps though IMHO.

The south side of West Tamaki road is 3-400k less then the North side.

by rolande | 3rd Aug 25, 6:08am 1754158117

That school also has a separate island zone over by Remuera golf course (it's a state school!)

Labour was already talking about central planning of zones. Some of these weirder school zones will have to change in time so it could be a risky long term investment for those on the margins of a zone

by JimboJones | 2nd Aug 25, 7:29pm 1754119766

Maybe a better idea to chuck that $300k into a trust fund and send them to a normal school! I know lots of kids who went to good schools, weren’t quite good enough to succeed, and now live a normal life battling to save for their own home. I bet they’d prefer that $300k off their mortgage.

by rolande | 3rd Aug 25, 9:01am 1754168500

I used to work with a lot of Oxbridge grads in the UK who were fellow desk jockeys. They all looked a bit stunned that their famous uni hadn't automatically led to a high status position. After a while most stopped mentioning where they'd gone to uni

by Averageman | 3rd Aug 25, 3:44pm 1754192681

Good high schools education sets you up for anything. Good writing, english and math's skills are a must..and some kids don't have that. Any Uni skills are built on top of that foundation.

Give me a good high school kid with a good attitude over any self entitled uni grad any day.

by JimboJones | 2nd Aug 25, 7:34pm 1754120095

I’ve noticed a few “renovators delight” properties come up near us on big sections. A few years ago these would have been snapped up for decent money, but these days there doesn’t seem to be much interest from developers or FHBs and they seem to be going pretty “cheap” (compared to small townhouses with virtually no land). It’s like the land value has reduced significantly, but with high building costs, the building value has increased - assuming the building is in good condition. If it’s in bad condition and not been updated, it’s a lot of money to improve it.

by rolande | 3rd Aug 25, 6:04am 1754157876

In some parts of Auckland the new development contributions charge is over $70,000 per lot. If you were converting a quarter acre to six townhouses, that's an additional $420k you have to clear on the development on top of everything else.

by IT GUY | 3rd Aug 25, 11:00am 1754175643

Agree but that infrastructure and services does need someone to pay for it , either up front or higher rates for all

by rolande | 3rd Aug 25, 1:38pm 1754185120

Yeah, and that 75k isn't the total cost of the infrastructure. The original DC charge in some areas was proposed to be over 100k (which also wasn't the total cost). And that really would dampen new supply. Paying for growth is really expensive on top of all the maintenance and renewals on existing infrastructure. I can see rates bills growing each year with no real end in sight