The last three weeks has witnessed very little movement in auction activity.
Interest.co.nz monitored the auctions of 261 residential properties around the country over the week of 30 August to 5 September. That was down slightly from 277 in each of the two previous weeks.
Of the 261 properties on offer at the latest auctions, 117 sold under the hammer, giving an overall sales rate of 44%. That compares to 43% the previous week, and 49% the week before that.
Basically the market is still sitting on its winter lows. Although we are now officially in spring, the green shoots are still in the trees rather than the auction rooms for the time being.
Details of all of the individual properties offered at the auctions monitored by interest.co.nz, including the prices of those that sold, are available on our Residential Auction Results page.
19 Comments
Its a cold wind blowing through NZ Property markets
Alot of hot air coming from your way though...
https://www.oneroof.co.nz/news/120-000-plunge-house-prices-fall-hard-in…
Keep blowing shifty
They are selling like hot cakes.
That's because there have been very few $3m - $4m houses go on the market, while lots of townhouses in the $1.2 - $1.3m range have sold, which has skewed the average value lower.
If I was a FHB, I'd be getting in now, as it's not going to be this affordable again for quite some time.
You sound like a somewhat desperado seller ??
FHBs are certainly best to save and wait for the crash to bottom in 2027 or 2028 (renting is way cheaper than mortgages) and buy at 3 to 4xDTI.
Alternatively, get a "bottoming price" today by offering in the 2012 to 2015 price range, or walk away!
Easy peasy, lemon squeezy!
The bleeding has stopped but this patient’s still in ICU.... until the underlying disease is addressed - affordability. More octane ie interest rate cuts needed fast
Lower prices will fix affordability
To share an anecdote, I broke a lifelong policy yesterday and bid on my first property auction (by telephone). North Canterbury.
There was 1 other bidder (in the room). I reached my happy to walk away price at $865k & it still hadn't met reserve which would have been ~$900k. The other bidder eventually negotiated agreed price at $880k.
The agency had listed the property searchable at $750-800k. RV was $860k: 5 other properties had sold in the same street this year, all for less than RV. It seems that the practice is to advertise low to get the punters in & set the reserve higher than market to make genuine buyers think the sellers actually made concessions in negotiations.
Buyers are the most important people in the room, can withhold agreement and walk... Until market dynamics (buyers/sellers market) change
Ah the good old days were the fliperati laughed as people climbed all over each other to bid. Tax free fluffy unicorn left and right. Pass the bollie darling.
That was then. This is now.
🍿
Another strange one. A bare section on Clifton Hill sold this week at auction for $1.22 mill. Wonderful city, mountain and sea views. But this land was categorised as red after the EQs and eventually passed into Christchurch City Council ownership. The property was well publicised in the media after the Feb 2011 event, a shattered old villa and a deep diagonal chasm running down the length of the section, the reserve land in front, and across the road. This land had in fact been classified as of potential danger to human life in a futures similar event. Captioned as ”Life threatening hazards. “ Wonder whether the buyers have been informed about this history as they surely should be given the Council’s great penchant for slapping anything negative it can on any LIM.
As crashflow continues downwards for spec town they are trying to offload. Govt pitching in with lowering interest rates but don't be fooled. Lower prices...
The MASSIVE 6-7% falls in Auckland good suburbs in the last 3 months are eye watering..... its not a flat market at all
It's not all D&G...
https://www.thepress.co.nz/nz-news/360804135/christchurch-home-values-r…
Exactly, its worse than DnG.
Who in their right mind would move to CHCH region, when their hospital is stuffed tighter than sardines and tents outside are now required.
Sounds third world.
Avoid it like the plague!!!
We should give the rent extracting, rental collecting Speculeach a break, they have been trained by previous Govts tax givaways and forever lower interest rates for the last 40 years ( FOREVER RIP ended in 2021) ....... they know nothing other, than buy/hold/flip rentals.
They still deny the memo, that the world sent them in 2021, that the jig is up and the house collecting "roads to riches" party, is over.
Oh well, if they all go down with the Rentals Ship, as she crashes from one jagged reef to the next, it will be justice served on ole Specky.
Good see the "crash narrative" now permeating within the Oneroof/property investor group crowd- it is a good job and lessons learned.
Therein lies the lesson, burnt fungers, hands and arms of Specky (3rd degree) and now no hope of burnt investors returning to the rental rort, anytime soon.
So the 3 to 4xDTI now in sight, as the crash is set to bottom somewhere in 2027 or 2028.
King of bullion by day, prince of ridicule by night - you’re smashing it in the bullish gold and silver markets while still finding time to torch the pooperty leeches with surgical precision. Education is wasted on those mean mutts… but I get it, even royalty needs a hobby.
Surely as a wise Boomer, you have slipped out of the Rentals Collecting Epoc (1980 to 2021) and now well diversified out of that now defective investment rort?
Yes I own a home, that's enough of that sectors risk for me.
So a little Silver and Gold, has indeed added some shimmering lustre to the investment futures of those who saw and knew, the status quo shifted a full 180, post 2021.
Surely Boomers are not forever blind to what has been believed as a store of value, exchange and currency for 5000 years?
It's not too late, as most are still asleep on the resurgent Silver/Gold paradygm, as $48/$4000 plus, is still to occur.
As with all investments, DYOR and accept the risks.
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