This week saw a sharp jump in residential property auction room activity, with the number of properties on offer hitting their highest level since the end of May.
Altogether 357 properties were offered at the auctions around the country monitored by interest.co.nz over the week of 4-10 October, up from 270 the previous week, pushing the latest auction numbers up to a 19 week high.
However, the higher number of properties on offer wasn't matched by a commensurate increase in the sales rate.
Of the 357 properties on offer, 156 sold under the hammer, giving an overall sales rate of 44%, which remains within its recent range of 41% to 44%.
So overall, the big change was the jump in the number of properties going to auction, but there was no meaningful movement in the rate at which they're selling, with more than half the properties still being passed in.
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 the Residential Auction Results page.
13 Comments
You didn't make a year on year comparison. Dammit Yvil will be on here stating that the weekly figures are not relevant.
From my perspective, its a welcome increase in activity
That won't tell you much, I took a look, you need trends over time, lots of data points, last year's and this.
- Mortgagee sales have risen, with 235 in the year to June, the highest in six years.
Banking Ombudsman Nicola Sladden previously told OneRoof that homeowners with mortgage woes should contact their bank immediately and explain their circumstances.
She said it was better to find a solution other than a forced sale because the mortgagee sale process was a long and painful one, which could have debt obligations beyond the house being sold.
Sladden said banks did not want mortgagee sales any more than the owners, and there were steps involved along the way, including a letter of demand from the bank.
She said people should talk to their bank at each step and get other support, such as from a financial mentor or budget adviser.
https://www.oneroof.co.nz/news/mortgagee-auction-of-landmark-auckland-m…
It's crazy how some people don't seem to do anything to make the process as beneficial as possible. It reminds me of those people who struggle against being arrested. There is no point in this sort of struggle, it is inevitable and it will only make things far worse. I see some mortgagee sales where the owners have had the house of twenty years or more and the house has increased significantly in price over that time and yet it has come to a disastrous mortgagee sale.
We bought a place in Manurewa after GFC , owner wouldn't let anyone see inside, but spoke Africans, as does my partner so we got in, only bidder, didn't bid but had an offer in hand, bank accepted 2 days later we would not move up, 280k 800sqm high fencing all around, down a driveway 4 bd rm plus garage.... back when she was flicking houses, but that one was a longer term keeper.
You have to be prepared for anything.
Forced sales are THE BEST. The old adages of buy low and also the 4 Ds never fail to disappoint
Depends which side of the sale you are..!
Update on my non-scientific tracking of trademe mortgagee listings (update since 1 October in different thread)
October 2022 = 26
March 2023 = 37
February 2024 = 44
March 2025 = 65
October 2025 (today) = 104
I did one of these in July or August and it was either steady or slightly down from March 2025. Surprised to see up today.
Its true I did not expect to see an increase of these at this late stage. To put it in perspective
"Kelvin Davidson said.
But it was "nothing like" the peak in 2009 after the global financial crisis, which was an extraordinary period.
That year, New Zealand saw up to 800 mortgagee sales in a month"
https://www.rnz.co.nz/news/business/521533/mortgagee-sales-on-the-rise-…
Thanks. In 2008 I didn't pay much attention so interesting to hear.
I was a buyer then I did not see that many , I would like to see more real data.
We struck mortgagee gold in 2010 and again in 2016, one is a three/four bagger. Still got them but going to sell and do something wasteful
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