It was another quiet week in the auctions rooms, with interest co.nz monitoring the auctions of 238 residential properties around the country, just two more than the previous week.
Those figures suggest auction activity may have hit its winter low point, with activity subdued throughout the country.
Of the 238 properties offered at the latest auctions, 89 sold under the hammer, giving an overall sales rate of 37%, which was the lowest it has been in the last eight weeks when it has tended to hover around the 40% mark.
There was no sign of any serious movement in prices, with exactly 60% of the properties that sold achieving prices that were higher than or equal to their rating valuations, which was within a point or two of where it's been for the last couple of months.
These latest figures suggest the market is at a seasonal low, but apart form that don't reveal any major movements in the market either way.
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 regional results.
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11 Comments
Why people get talked in "price by speculation" time wasting, and auction campaigns in a declining market just baffles me. Only serves the agency's interest by generating more fees for them, costs for you, and burns time as price drops further.
In the late 90s slump I noticed the houses that were for auction inevitably sold and the ones that weren't didn't. Around my area of auckland. Have been a fan of auctions since then.
People go to auction for price discovery and eventually price certainty.
People use other methods for best price
Different level of urgency and therefore sell-through rate
I like selling at auction with reserve but not buying, sold at auction in Oct 2021 , very happy with the crazy bidding.
A course for a horse I guess
Right now an auction will give you better then a mortgagee sale if you will not let people through etc...
I suggest many are "urgent" sales
Is that the time when you sold your property for $4k per sqm, yeah we know
Btw, what did it originally cost, I'm picking you'll say it cost pennies?
1k per sq m, but I had a mortage so leverages...
THE C WORD
https://www.nzherald.co.nz/business/this-isnt-a-housing-market-meltdown…
This isn’t a housing market meltdown, it’s a full-blown crash - Liam Dann
- The property market in Auckland and Wellington is experiencing one of its worst slumps, with values significantly below the 2022 peak.
- Auckland home values are 19.7% below the peak, while Wellington’s are 27.3% lower.
- The downturn has impacted consumer confidence and the economy, particularly affecting property-related services in Auckland.
Meanwhile, in Auckland and Wellington, there has been a wipeout on a scale that used to panic the Reserve Bank when it imagined catastrophic scenarios to stress test the financial system.
the prospects of another housing market boom in Auckland look very distant.
So you made 2 to 2.5m capital gain, it was the biggest deal of your lifetime and the highlight of your life by the sounds. If wealth is only measured by money then congrats
So sad you are right, I sit at home with a spreadsheet....
How much did you make on the All Black win?
Not a lot, the action was on a wallaby win. How much did you make. I haven't got into the rugby this season, and no time today
I had nothing on SA vs Aussie, made enough off AB to pay for upcoming 4 day trout fishing adventure in Turangi so well happy. AB - 8.5 and total points over 56.5 was paying $3
Aussie are looking strong, I think we may lose to them this year, not sure Eden Park magic will hold.
Aussie where paying 6.5 on tab pre game, I imagine a lot more 17 min in and 22 down.
That sounds like fun
I stayed in working on my Going for Housing Growth submission, closes tonight. Using all of the Internet tools it was fun and not difficult to prepare. Chris Bishop is keen to rezone land especially fringe rural/urban. Look into it maybe it will help you.
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