Auction activity rose back to stronger levels this past week after the prior two holiday-shortened weeks.
The sales rate changed little, rising only to 36% from 34% the prior week.
But it was more of a struggle to achieve rating values this past week for the sales actually made, with only 47% achieving that price standard, down from 56% in the prior week.
This, in combination with the early winter market shift, is setting the tone.
But the new wildcard will be how buyer motivations alter in the face of the cost-of-living pressures that build from the fuel-cost increases. Will buyers look beyond that, or have it weigh on their interest?
After steadily declining from this year's high of 45% in early February, the sales rate appears to be settling at around a third.
One third of properties selling under the hammer, with two thirds being passed in or withdrawn, seems to be the new normal nationally, with some regional variations. The table below shows the latest regional results.
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.
| Residential Auction Results | ||||
| at auctions monitored by interest.co.nz | ||||
| April 11 - 17, 2026 | ||||
| District | Total | Sold | % sold | % of selling prices above or equal to their rating valuation |
| Northland | 25 | 13 | 52% | 46% |
| Auckland Region | 216 | 75 | 35% | 47% |
| - Rodney | 19 | 4 | 21% | 75% |
| - North Shore | 52 | 20 | 38% | 60% |
| - Waitakere | 21 | 9 | 43% | 56% |
| - Central Suburbs | 60 | 17 | 28% | 41% |
| - Manukau | 49 | 18 | 37% | 33% |
| - Papakura | 10 | 3 | 30% | 67% |
| - Franklin | 4 | 3 | 75% | 0% |
| - Waiheke Island | 1 | 1 | 100% | 0% |
| Waikato | 23 | 3 | 13% | 67% |
| Coromandel | 2 | 0 | 0% | 0% |
| Bay of Plenty | 37 | 9 | 24% | 56% |
| Hawkes Bay | 1 | 1 | 100% | 0% |
| Manawatu/Whanganui | 2 | 1 | 50% | 0% |
| Wellington | 7 | 3 | 43% | 33% |
| Marlborough | 2 | 0 | 0% | 0% |
| Canterbury | 41 | 20 | 49% | 65% |
| Queenstown | 7 | 4 | 57% | 50% |
24 Comments
So nah, not boomtown but not the collapse some keep calling either.
Still looks like the same soft market ie/ some sell, plenty dont, buyers picky.
With the raise upon raise of interest rates, sure as eggs, the now 5 year in, NZ housing crash, will see its next major downleg steepen, into another "terminal of pain decline" for the Specuvestors.
Thats almost a greatest hits compilation
You’ve had “next major dowleg” on repeat for a while now. What would prove you wrong?
It's obvious, when every metric you care to look upon, shows no driver that will arrest this "once in a 50year" - NZ housing market crash..
Even a Welly based one (seen REAL drops of over -40% now, from 2021) must be having a devil of a time keeping the reddish rose tint, on the long misty, rose-tinted glasses?
- But go on, keep up the indomitable Hunt for the Wilderpeople of "property gains about to happen soon" pilgrims.......
I strongly advise having diversified investments. It's good for mental health and keeps you positively busy, on the research side. Recommend.
- For the average NZer, to focus solely on property, is very dangerous, after the world paradigm shifted post 2021.
What would prove me wrong? - easy one:
- A sustained 10% rise, on the only REAL chart that matters, from the best number crunchers on the Earth, at FRED:
Real Residential Property Prices for New Zealand (QNZR628BIS) | FRED | St. Louis Fed
Which of the two major downlegs, are not obvious already? A third one, is not requiring a Papal miracle.
Not looking so good, for the property speculators/gains peeps? Best they high tail it, out of SpecuDodge?
Thats a lot of words to confirm the markets soft and not collapsing.
Fair enuff, clear trigger at least. Though if the bar is +10% real gains before you’ll reconsider, you’ve set it nicely to stay bearish for years.
Still looks more grind than panic atm.
I gave a number to say the market has turned and it's a purposely conservative to moderate number.
It's a number that was sometimes surpassed during the general house Gambling Spruiker Epoch from 1993 to 2021.
Then the Super Spruiker Gambling Epoch of 2002 to 2021, often saw 10% gains. Sometimes 10% was a rookie number and it went vertical.
I made more in some years on the house, than I made on wages.
It was always insanity that some benefited from this and was always destined to crash, as all booms do- and crash completely.
This current 2021+ investment epoch may last 10 years or more imho. It will see that holding multiple property (purchased over the past 10 to 15 years) is found to be a toxic headache, with capital losses, high costs and low yields. Is this not completely obvious??
Of course there will be great outliers as ITG shows, yet this will need balls/cash on hand and a great knowledgeable insight.
A long soft period is a fairer argument than imminent collapse. Thats pretty much the grind-not-panic point I made. Selective markets tend to look like that, not one-way certainty calls.
From the editor below. Did you miss the article Welly.... even Blind Freddy read it. Another -3.8% year staring us in the face? If your are a Seller, Be Quick.
The overhang is the number of properties that remain unsold after they have been on the market for at least a month. Interest.co.nz estimates there were around 25,600 such properties at the end of March. That's the highest number in more than 10 years, and was more than three times as many properties as were actually sold in March. The most likely reason properties sit on the market unsold is their owners have unrealistic price expectations, while at the same time, potential buyers are being spoiled for choice and remain super cautious on price. This is not a good combination.
Saw it. High stock + cautious buyers = soft market
That aint a crash unless it starts feeding forced sales and collapsing clearances
Still looks more grind than panic
I wonder if these guys invest in other assets like shares, bitcoin, gold etc. By their definition of a crash those assets probably have one every second week.
Diversified investments are always best. Gecko will always have a winner to liquidate.
Even Ray and Warren would agree.
Most kiwis bet it all in Red, (property) and this total gamble has been now a 5 year disaster investment wise. Its always a winner as a FHB, as first homes have many other positives.
Given such hopes of property gains .......
I have the view that some WFHBs and perhaps JJ? - are actually clandestine property investors/hoarders, who have chosen the worst time in 50 years, to take this gamblers dice roll on NZ property........
Comment?
I only own one property which I live in. Having a beer on the deck at the moment. Bought it 20 years ago.
I agree, NZ property has been a bad investment over the last 5 years, maybe even 10 years. Although unlike many other investments there is also a yield in periods of bad capital gain. Maybe it has a crash a few years back, but recently it’s just been flat.
Property went nuts due to massive immigration and councils loving their NO stamp. Now those have been fixed to some degree, I don’t suspect it will go nuts again any time soon. Although you can still make decent return from the yield via negative gearing if the property value keeps up with inflation.
Although you can still make decent return from the yield via negative gearing if the property value keeps up with inflation.
So you can make money from yield if you get capital gain..........
Jimbo you have made some jaw dropping dumb statements in the past but this is an all time best
Even the trump Jesus will weep over this one, do you want me to systematically take that above statement apart to show you how stupid it is, or just call uncle now?
Think he was talking total return, not magic.
Income + flat'ish prices has been a thing for a while.
If property prices keep up with inflation, you haven’t made a capital gain. The house is still worth the same amount as it was. So if the house keeps up with inflation, inflation is 3%, and you get a 4% yield, then you’ve made 7%. Not that bad really, especially as the inflation part is tax free.
Obviously house prices haven’t kept up with inflation for the last few years, and may not for a few years to come. Although they outdid inflation by a big margin in the years before. Who knows what the future holds, don’t pretend you do, but an asset like housing should be able to hold its value over the longer term.
To answer your specific question, if you borrow at 5% and inflation is at 3%, you are only really borrowing at 2% (as the total amount of your debt is being eroded at 3%). If you make a 4% yield and are borrowing at 2%, you are making 2% on the banks money. If you put in 100k to borrow $1mil, you make 2% on the 1mil which is 20% on your 100k. Of course that all relies on your house keeping pace with inflation as above.
The facts are that houses have been amoung the greatest inflation hedges, upto the investmemt world changing in 2021. Many numpties saw no sign and remain bewildered today......
Post 2021, homes have been the absolute
worst inflation hedge, racking up eyewatering REAL losses.
No amount of loan figure $ or % switch-aromy gymnastics, can dispute.
Quite simply valuations got too insanely stretched, bankers too greedy and the supporting branch too spindly and fragile to continue. So value destruction and now controlled implosion for many, many years, are what we are seeing. SEE JAPAN.
Those who bought low yeilders or at over 4 or 5xDTI, will be getting haicuts, like it or lump it, but dems da breaks.
Invest your spare cash elswhere or strap in for self uppercuting, forced future barbour visits and buzzcuts!
Prepare wisely.
Wow, numpties, controlled implosion, self-uppercuts and barber visits… covering a lot of ground this morning!
Looks like emotional energy’s doing laps while clarity’s still tying its shoes.
Soz, not mentioning you or intending to trigger. Yet seemingly so.....
I offered the same warnings years ago and before the real -20 to -45% declines we have seen in housing, yet many became self loading victims of REA and bankers greed. Sorry to say.
Just warning others of the perils of dangerious debt levels AGAIN and DTI over 4 or 5x, especially with mortgage rates ratcheting much higher.
Let alone the pending inflation explosive blast that is being primed and nearing detonation. It is comming and be a doosey.
As the warning label says: "Stand well clear, debt junkies"
Nah not triggered, just reacting to numpties, implosions and emergency buzzcuts being passed off as analysis.
Yeh exactly. Different assets move differently, but not every drawdown needs a disaster label.
Your right we can drop -3.8% every year for the next decade and there will never be a crash
You’re arguing with something no one said. Slow decline and crash are different beasts...
Yeah sure.
We never add, the year on year on year, losses together, now do we????? Not to mention the inflation losses.......
As doing so, would prove the current crash is occuring faster than the eventual and massive REAL losses, seen in the high inflation 1970s.
Much more digestable for spruikerland to pick a recent year and say a -9% or -3% or -4.5% individual loss is nothing to look at.
Study Japan and Ireland !
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