Residential property auction activity has softened slightly over the last two weeks, with fewer properties on offer and fewer selling under the hammer.
The number of residential auctions monitored by interest.co.nz so far this year peaked at 562 in the last week of February, then dipped to 538 in the first week of March, and dipped again to 508 in the week of 7-13 March.
The number of properties sold under the hammer has followed a similar trajectory, peaking at 219 in the last week of February, and declining to 195 at the latest auctions.
Significantly, the under-the-hammer sales rate has been below 40% for the last four weeks, after starting the year in the 42% to 45% range.
February and March are usually the busiest months of the year for both auctions and residential sales activity generally, so it's too early to say the market has already peaked for the summer season as it could pick up again in the next few weeks.
However, the prevailing mood is one of caution.
This was noted by Real Estate Institute of New Zealand Chief Executive Lizzy Ryley in the REINZ's latest Housing Market Report.
"February's housing market shows patience on both sides, with selective buyers and sellers prepared to wait for the right price," Ryley said.
The latest auction results show many are continuing to wait in March, as they face growing economic and political uncertainties.
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.
2 Comments
Funny how a 38% auction clearance rate suddenly gets framed as “soft”. In lots of past years the market ticked along just fine in the 30–40 range.
Doesn’t really look like a broken market to me, more like buyers and sellers still negotiating price than the “nobody can sell” narrative you sometimes see.
For peak season selling, this atrocious result list, shows how buggered the market is.
The NZ housing price crash dowwards continue, if prices do not lift a meagre +3.1%, they are losing REAL VALUE!
Losing real value, while topping mortgages by hundreds a week, as the rental earnings are so meagre.
Soon mortgage rates will rise strongly, this shamling zombie dead market will see the next major leg down.
How bad is this as a store of wealth?
So soggy are the bags and the bag holders, investors are better off in super boring TDs!!!
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