Auction rooms around the country remained busy in the first week of March, with very little change in either the number of properties on offer or the sales rate from the previous week.
Interest.co.nz monitored the auctions of 538 residential properties around New Zealand over the week of 28 February to 6 March, down from 562 (-4.3%) the previous week.
Of the 538 properties on offer, 202 sold under the hammer, down from 219 the previous week (-7.8%).
That saw the overall sales rate decline by the smallest of margins, to 38% from 39%, so very little change there.
It was the third week in a row that the sales rate has been below 40%, after being in the 42% to 45% range in the first three weeks of this year's summer auction season.
That suggests the market remains busy, but the air of caution evident in the market last year continues to weigh on buyer sentiment.
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 chart below shows the main results by district from around the country.
23 Comments
Hmmmm seems like auctions are more about price discovery than selling...
Price discovery about to plumb towards 2015 and 2016 valuations.
To see pricing revert back 10 years, will break the spine of the housing hoarders and spirits, as the NZ housing ponzi has swiched a 180, from early 2022.
Many NZ housing ponzi priests are still head in the sand and yelling out "its a Cycle!" - not realising the risky, debt fuelled property binging boom, is done, finished, finito.
The "housing cycle" supporting spokes are all shattered, the seat is stolen and the handle bars have been flung into a deep creek. Its jig is up and totally unrideable now!
Those attempting to mount the cycle in the last 6 years, have seen it go nowhere and only left with injuring pains up their jaxies......
Ahh yes, every soft auction week clearly means we’re teleporting straight back to 2015. Totally normal conclusion. Real NZ geckos face predators like cats and stoats. However this ones natural enemy appears to be a clearance rate above 50%
Mate.....we are already seeing some sales near the 2018 and 2019 levels!!
Read on and weep over the next 2 to 3 years of this epic property crash. Biggest crash sine the 1930s, as some have said here!!
Ummmm some of teh sales might be close 2018/19? ok sure. But thats still far away from 2015, let alone the biggest crash since the 1930s. So yeah nah this looks more like a market thats come off the top than one thats fallen off a cliff. This gecko really does treat every soft auction result like a full blown near death experience with a cat or stoat...
Yeah, the market is just in an "itsy bitsy gull right now" "the sellers are very motivated right now" there is just one cockroach.......
The Big Short (2015) - FrontPoint Partners' investigation in Florida & first trade [HD 1080p]
As a Gecko, yes I have avoided some near-death financial experiences in the distant past, when I was young and dumb and indeed a FHB...... we learn lessons when young and apply them to the future.
Again as a Gecko, I survey my surrounding dinner menu always and closely. I can confirm many financially terrified, scuttling, refugee cockroaches! I see a veritable smorgasbord being prepared, for financial vultures and indeed - and perhaps a swift Gecko!
Some are willfully blind to the current situation around us. I should say the Gecko's prayer, for their wellbeing.
Ok then... so this is less about the current market and more about old financial scar tissue talking then. Fair enough and good on ya for being honest. Still looks more like a correction than the 1930s apocalypse you keep cheering on...
Wellington house prices are down 39% in real terms. And still falling...
Just a little correction.
Well “‘in real terms’ is doing a lot of work there, house prices + inflation. The actual sale prices aint fallen anything like 39% and most people look at the nominal numbers anyway
Let me help you with that. You can bookmark this link: https://fred.stlouisfed.org/series/QNZR628BIS
The next data release is 26 March
It's mentioned here too: https://www.nzherald.co.nz/business/we-dreamed-of-economic-growth-with-housing-bubblesis-this-it-liam-dann/premium/GNVYBVT5BVA4TDRY2VFEU25HUQ/
No need to bookmark that as its nz-wide real prices, inflation adjusted. It aint Wellington and its not the actual sale price drop anyway, thats why the fall can look a lot bigger
Just a little correction..
Hey WFHB, Not saying that a 1930's style "everything crash" is most likely, but a 1970s style, NZ Housing crash or worst is imho, very likely. The values are still very far from making any sense and are dropping.
Yes Gecko's have some learnings, yet not emotionally scarred or letting past errors from my investing, say 25 to 35 years ago, live rent free in my head.
Yet a little wiser Gecko, who has seen and avoided later bubbles and know that every bubble always burst, and they all burst completely.
NZ Housing was and still is the most epic bubble, bigger than Japan's almost as epic bubble, in the 1990s, that then defied all the housing experts, "cycle talkers", "best time to buy was yesterday types" and it burst completely and then some, over decades. It took 20 years to bottom and lost a REAL 47%. It still to this day, not recovered.
It was devasting for many, yet the Japanese are very resourceful and work very hard. Arguably harder workers than NZers and much more efficiently.
https://fred.stlouisfed.org/series/QJPN628BIS
The REAL return is the most important, as when in high inflation periods and you need may need $30.00 to buy a bag of apples, you do understand inflation? and perhaps hyper inflation??
Your focus on the nominal price looks ridiculous. Really ridiculous.
Understandably, you may choose to grip the least eyewatering, nominal value crash in Wgtn, as an aid in providing some solace, yet it's a financial fool's paradise.
Property has been the absolute worst of inflation hedges in the past years, its lost massive value and around -40% in REAL TERMS for the Wgtn set.
This due somewhat to the Govt grifters being cut loose, the dilapidated infrastructure and insurances costs that are, and will be future crippling financially for all Wgtn home owners. No wonder people are fleeing the place, in large numbers, not seen in a lifetime.
The truth is not always good to hear, but sunlight has to be shone.
Agree with real return. Stating nominal return and accepting a less than inflation return on capital is very lazy and only a result of printed inflation. A lot of PIs just accept that as great investing.
Yeh real returns are legit, but the BIS chart posted earlier is nz wide real prices. It doesnt show wgtn houses being down 39% in actual sale prices, which was the original point. Is there a Wgtn-specific one showing 39%?
We are just fortunate to have the best info from FRED to even measure the tiny NZ figures,
You can easy work it out yourself, by using the local NZ housing pricing crash regionally, and then overlay the NZ monetary inflation losses, via the RBNZ calculator.
The NZD has lost around -20% of it purchasing value, since 2020/21.
It looks very, very bad for WGTN, sorry to say.
These falls have occurred during a period of relatively high inflation, which means in real value terms the falls are even larger.
In inflation-adjusted terms, Auckland valuations are down by 33% and Wellington prices are now down by 39%.
Mainstream media has officially alerted the sheep that real value losses are in fact, a very real thing
Such heresy from the NZ media!
They are supposed to cover up these mega NZ Property Ponzi, losses!!
This boomer sees cheaper houses as a great thing. Excellent indeed for young people.
This X'er agrees
Be patient Grasshopper the bubble is still deflating
All good. Just agreeing with the sentiment.
https://youtu.be/6GVOBR_rY0c?list=TLPQMDgwMzIwMjY4lEIXMYFrIA
Record-BREAKING 33% CRASH Hits Auckland’s Point England Housing Market - Mayor Sounds Alarm!
ouch
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