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.
6 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.
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