Auction activity continues to decline from its peak, with just a third of the properties on offer selling under the hammer at the latest auctions.
Auction activity appears to have peaked so far this year in the last week of February, when interest co.nz monitored the auctions of 562 residential properties.
That number has steadily declined for the last three weeks, dropping to 484 in the week of 14-20 March.
The number of properties selling under the hammer has followed a similar trend, dropping from 219 in the last week of February to 169 over 14-20 March.
That has pushed the overall sales rate down from 39% to 35% over the same period.
The sales rate has been below 40% for the last five consecutive weeks, after starting this year in the 42% to 45% range.
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.
9 Comments
Sub 40% clearance....right on cue for the "back to 2015" takes
Markets softer for sure, but we’ve been sitting under 40% for weeks now. As said earlier, I think this is more like price discovery than any massive disaster
Lets see where it ends up.
With the Strait of Hormuz now being truly an Iran - China affair for the foreseeable future, I think you're right about the price discovery
2015 sounds right - just remember that in 2015 the housing market had been looking very much like a Ponzi scheme for a long while already. The 2008 election had already been won on prices being unaffordable
Yes, money did depreciate in the meantime. And so they will in the future, until ships pass in Hormuz at a predictable non-zero cadence
Interesting times, but surely not one to be a buyer if you start looking at the numbers and trends. Not for a long while
Nah not quite, Im not calling 2015 prices
Just saying the current data looks more like ongoing price discovery than any kind of sharp reset
Big difference between a grind lower and a full rewind
Its always a grind lower. Price never drops like shares because sellers would rather eat petfood and default than miss any perceived tax avoided capital gain.
Good that you agree it's free fall out there.
interesting interpretation
“Grind lower” somehow became “free fall”
Great to see the ridiculous NZ property bubble has burst, and the kiwi obsession with houses and interest rates are turning to a money losing nightmare. Now kiwis will have to try something else other than selling poorly made low quality boxes to each other at ever inflated prices, all the while watching their wealth grow by doing nothing. Game over NZ.
Yeh theres a grain of truth in there but youre assuming that because it was overvalued that it has to crash hard. It doesnt.
So def a shift from the boom years, but so far it looks more like a grind lower/sideways than any kind of messy unwind
and what does that "something else" auctually look like?
20 long year grind, back to 2012 pricing, as interest rates rip towards the 7 to 9% range.
Speculand seeing no cap gains, looking to exit at any price available soon, not a silly idea.
NZ is in Dire Straights.
April not far off and the best month to enjoy with friends and family!!
20 year grind
Back to 2012
7–9% rates
Nice little doom-stack there, miss anything?
Meanwhile we’ve got sub-40% clearance and a slow drift
Doesnt quite line up with the apocalypse....
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