Activity eased off a bit at the latest auctions, after kicking off the spring selling season with a hiss and roar the previous week.
Interest.co.nz monitored the auctions of 306 residential around the country over the week of 20-26 September, down from 375 the previous week.
Even so, apart from the previous week's numbers, that would have been the highest number of properties offered at the auctions monitored by interest.co.nz since late May, confirming the usual spring lift in activity is now well underway.
However as well as fewer properties on offer at the latest auctions there were also fewer sales, with 125 properties selling under the hammer at the latest auctions, down from 166 the previous week.
That pushed the sales rate down to 41% from 44% the previous week.
However the dip in the sales rate was not significant because it's been bouncing around within a percent or two of that level over the last couple of months.
Overall, the figures suggest the usual seasonal increase in properties going up for auction is now well underway, but we are yet to see any significant movement either way in market sentiment.
Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the individual selling prices of those that sold, are available on the Residential Auction Results page.
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11 Comments
The next major leg down, in this biggest property crash seen in NZ for 50 years, is about to play out.
Watch, as the army of previosly "withdrawn from sale" properties, hit the market in large numbers, leading into spring/summer/2026. These number in the tens of thousands and can be seen on any of the property pushing websites.
Those that could simply not stomach, speculation driven resale losses in the hundreds of thousand's or sales that were looking like achieving -20 to -40% off the peak lunacy vales of 2021/2022, have run out of time, for the forlorn "market uptick" and now need to capitulate and bite the pillow.
This requirment to meet the soggy and flooded, glut filled market will crash prices further in NZ.
It's a perfectly expected outcome, where rampant speculation become the norm in NZ housing. This period of "forever gains" in property in NZ, ended dead cold early 2022.
Yeilds and earnings never mattered upto 2022, as capital gains was the gamblers sip. Now with neither making sense going forward, a major downwards valuation trend is set to bottom out, later this decade.
It will sour a generation on property gambling, akin to the sharemarket crash of 1987 and what that did to poison the sharemarket theme for many.
This has all now turned on its head, with property now tainted like an arsenic laced well.
This NZ style, tulip mania type bust for NZ property, is a good, positive detox for gamblers, who need to look at more economically sound investments to punt on, going forward.
YES, EARNINGS based valuations matter and property gamblers can indeed, and will, lose it all.
The NZ housing market has had all the hallmarks of a bubble for well over a decade now. Yet it proved resilient. Could say the same about Australia and Canada
Yes, you could be right. Or somehow the desperation won't set in and vendors will carry it over yet another Christmas, hanging onto the prospects of lower interest rates
The market is always made by the weakest willed vendors and buyers alike. The vendors which accept the lowest prices and the buyers who are willing to pay the most
Yes, it may be a bubble. But if you find enough buyers who don't see it, or don't care, you may just get away with it till 2026 and beyond
Stop the made-up nonsense. The latest REINZ HPI, widely recognized as the best measure for house values, is up 0.4% from a year ago and up 3.2% compound over the last 5 years (= up 17.2% in 5 years). That's only a crash in your imagination.
https://www.nzherald.co.nz/business/liam-dann-why-i-called-aucklands-ho…
I used the “C” word (crash) to describe the Auckland housing market in my column last week, and it seemed to strike a nerve.
Glad to see sticking your fingers in your ears and hands over eyes......has you not hearing/not seeing a crash, in the NZ Property market!!
You just cannot deal with a continuing crash, with home collect bases loaded.
EVERYONE else looks on in amazement, at the crash:
New Zealand celebrates crashing housing market - MacroBusiness
Relying on the best DATA available for house values, the latest REINZ HPI, which is up 0.4% from a year ago and up 3.2% compound over the last 5 years (= up 17.2% in 5 years), rather than believing click bait headlines is NOT "sticking your fingers in your ears and hands over eyes" Gecko, it's actually very much the opposite.
I also note that you're not denying the REINZ HPI figures.
In fairness the 3.2% pa was largely driven by regions where prices were previously below replacement cost. Auckland's five year price increases have been 1.1% per annum. And it is in Auckland that we see as the home of speculation. Which means price increases it is less than inflation, and a truck load less than interest rates. And we keep ignoring the maintenance and depreciation on houses that allows them to grow by 1% per annum.
And later this year - when the increases from 2021 work through the system - the five year rate on Auckland will drop to zero.
.
Take the comments from GECKO with a ship load of salt. He'll stop when or if the market turns solidly, not a 0.4 percent, barely on the cusp and non inflation adjusted number Yvil
Go back to what you were doing, don't give him more thought. GECKO is trying to mess with your brain until you start to believe his wonky-shonky messaging
The 40 Year NZ Property Ponzi Jig is up.
Those who still disregard the Geckos Crash Warning memo from 2022, deserve the sour bugs "just desserts" being further served up in 2026,2027,2028.
Its real quiet for spring, it is school holidays though, I expect numbers offered may nudge upwards in two weeks
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