It was an interesting week in the auction rooms around the country, with more properties on offer but fewer selling under the hammer.
A total of 286 residential properties were on offer at the residential property auctions monitored by interest.co.nz in the week of 6-12 September.
That was up from 261 the previous week, and was the most properties offered at the monitored auctions in any week since the end of May.
However sales headed in the opposite direction.
Of the 286 properties on offer, 111 sold under the hammer, down from 117 the previous week.
That pushed the sales down to 39%, which was the lowest it has been for over a month.
There was also a dip in the percentage of sales that fetched prices equal to or above their rating valuation. This dropped to 56%, the lowest it has been and the first time it has been below 60%, in the last five weeks.
So overall, there was an increase in auction room activity but results were slightly softer.
Details of the individual properties offered at all of the auctions monitored by interest.co.nz including the prices achieved for those that sold, are available on our Residential Auction Results page.
12 Comments
Selling like discounted cold cakes
There seems no end in sight to the rising costs of home ownership with rampant rates and insurance increases and wages clearly not keeping up. Lower interest rates are merely a bandaid at this point. Job insecurity is widespread, immigration is weak, companies are saving every penny to the point of ridiculous and the global economic outlook does little to support big ticket spending locally.
Despite falls to date, it's obvious why the housing market is still vulnerable to the downside⏬
Buy now before they go off
McKay told OneRoof that he was focused on building an auction culture in Manawatu. "...it’s the best method of sale. I’m unashamedly an auction guy, and I say if you want action, then you need to auction.
Hamish says, Hamish has a way with words !? Go Manawatu, the auction capital of New Zillund
Nothing positive about market so rattles on about scones and corn fritters...
Makes subtle point that some older investors may take out profits to eat before all profits evaporate
https://www.oneroof.co.nz/news/tony-alexander-cash-strapped-kiwis-drop-…
At least his Gold Coast apartment will still be appreciating.
Waiting for a recovery that may never arrive is a risky game. In business, there’s no safety net- it’s on you
The only thing guaranteed is you putting in a hard day's work day after day. If you're lucky you'll do well
Correct they are additional overhang that will come back to market with ACCEPTANCE that "those" prices will not be attainable in the near or medium future.
Anyone selling lower here could be frustrated by other vendors not accepting their lower offers when they try to buy the next, so the market is somewhat frozen in the 2mil plus section.
“One of my frustrations in Auckland was that I was listing $2m to $3m to $4m-plus properties that vendors hoped would sell for a lot more, but in reality they were worth a lot less.”
Yes most of them are still for sale, or vendor withdrawn until the market picks up.... The better ones will clear at 2018-2019 prices, the not better ones, oh dear.
Best for whom?
In a sellers market, auctions don't perform as well. The question is how much longer will it be a sellers market for? I think this is the very bottom of the market and things will start heading upwards as the Spring progresses. Next year is going to be a blinder for property prices. Predictions of 5%+ increases are too conservative IMO.
You may be right. However people were saying the same thing about this year.
Buy a property 1 January 26 for settlement 31 December with low deposit. Use a ltd company and walk if prices drop, you can't lose.
Not ethical but developer buyers did that in late 2021
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