March is usually the busiest month of the year for auction activity and March this year appears no different, with interest.co.nz monitoring the auctions of 2189 residential properties around the country over the month.
That's up 23% compared to the 1775 residential property auctions monitored in February. So with an average of more than 500 properties a week going under the hammer, the auctioneers have been kept busy.
Unfortunately one of the most notable features of the March auctions was a steady decline in the sales rate.
In February, 41% of the properties offered at the auctions monitored by interest.co.nz were sold under the hammer.
But in March, just 793 of the 2189 properties offered were sold under the hammer, giving an overall sales rate of 36%. The sales appears likely to decline further, because by the end of March it had dropped to just 33%.
If the sales rate falls any further it will mean less than a third of properties will be selling under the hammer, with the rest mostly being passed in for sale by negotiation post auction, which can be a drawn out process for both buyers and sellers.
The auction rooms are expected to be quieter over April, because the month starts with an early Easter break followed three weeks later by the Anzac long weekend, with school holidays in between.
All of those things tend to put a bit of a dampener on auction activity, which along with the current economic turmoil could see the number of properties being offered drop significantly.
Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the prices of the properties that sold, are available on our Residential Auction Results page.
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19 Comments
Doesnt look like buyers disappearing, just a bit of stock hitting the market at once
And 64% still selling at or above rv too, which doesnt exactly look like things are heading south
Prob just picky and price sensitive buyers than anything major.
For clarity, nationwide 36% sold at auction, of which 64% were over rv
So even more Claire. Less than 20% sold above RV.
maybe just like last year - another 3.8%
we don't need poor buyers to apply.
So this is peak market at the close of the summer surge. Even more stock arriving for sale and not being cleared. There is always some turnover, normal demand, death, divorce, delinquency etc...
But didn't Barfoots just claim it was all great with increase in headline stats. They wouldn't spin the data for max upside....would they?
🍿
Edit. Today's quote. Are the ticket clippers and over leveraged simply do bamboozled they cannot see reality.
It aint really “not being cleared” though as more actually sold in march than feb, just more listed as well.
If it was genuinely rolling over I'd expect both clearance and total sales to drop off.
Also 64% still at/above rv doesnt really show peak and downturn at the same time.
More just a lot of stock hitting at once, and as I said above, buyers being picky rather than anything breaking underneath.
But yeah ok, 🍿 if you like.
Ok. With the time you soend trying to hold back the tide its hard not to see you a s a paid PROPaganda.
Genuine question....do you work in the sector?
Nah, I dont work in the property sector.
Just looking at the numbers, more sold and more listed doesnt really equal “not being cleared”
But yeh we’ll see how it plays out.
Wellywoods.......Sounds much like a REA.
Yet could very well be an expert at what he does most of all.......bad real estate news - turd polishing.
Ahhh yep there it is...straight to character stuff. Easier than dealing with the numbers I guess
https://www.oneroof.co.nz/news/which-suburbs-are-winning-in-2026-and-wh…..
Cities not doing great regions ok, southland ok, anywhere that was cheap doing ok (price limited buyers)
Auckland will not do great this year, to many unsold townhouses and stock 8% up on march last year.
Yeh ok, AK def looks like its got more stock to work through.
But thats kinda the point...more supply, bit all over the place regionally, doesnt really look like a downturn to me.
Just looks pretty patchy tbh ie/ some areas ticking along, others slower, buyers a lot more selective.
That oneroof data kinda shows it too, depends where you look really.
Oneroofs job is persistant housing market news - turd polishing.
If you actually look for the real deal and real news, this is the only chart to follow.
The epic downleg, will not abate for years: https://fred.stlouisfed.org/series/QNZR628BIS
Market trendline to year 2000 comming back? That would be good.
That chart looks like a sharp drop then more of a slower drift down.
Calling that an “epic downleg for years” or back to 2000 is a bit of a stretch...thought it was 2015 levels before?
So yeh, what actually drives that from here?
Quite simply, the currently still very high NZ property valuations, cannot tolerate interest rates above 4 to 4.5%.
With interest rates on a higher track again - the current market is very bad for the leveraged and exposed.
The market is very good for buyers in 1 to 2 years time. Or short circuit the time and only offer -20 to -25% below the current asking price......
Yup rates matter for sure
Just dont see how that jumps straight to -20 to –25% from here, so that escalated quickly.
Guess you’ll fill in the middle bit later
Property dosent have big price dumps like the stock market, it has a steady retrenchment. Denial by sellers masks and delays the drop, causing unsold stock to build up. Just like it is today.
Key point the willing buyer part of the market can only afford so much. Sellers just remain in denial.
what actually drives that from here?
A lack of buyers at the price vendors will transact will cause market to drift down again , maybe 3.8% like last year , then another year and another... prices are still too high and rates at near emergency settings.
Yeh ok, more of a slow grind if buyers and vendors aint lining up then.
Just looks pretty patchy to me tho, some areas holding up ok, others softer.
So more a drift depending where you look rather than anything too over the top
Some areas benefit from the big city frogs jumping out of the pot to a more pleasant pot only on the cusp of boiling
Or something
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