There was a big drop in activity at the latest residential property auctions, with both the number of properties on offer and the sales rate declining.
Interest.co.nz monitored the auctions of 295 residential properties around the country over the week of 9-15 May, which was down by 26% compared to the 397 properties that were auctioned the previous week.
Last week was only the third time this year the number of properties offered at auction was below 300.
Of the 295 properties offered at the latest auctions, just 91 sold under the hammer, pushing the overall sales rate down to 31%, from 39% the previous week.
The latest result was only the second time this year the sales rate has dropped below a third and suggests market conditions are now a lot tougher than they were at the start of this year, when more than 40% of the properties on offer were selling under the hammer each week.
Prices also appear to have softened, with just 55% of the properties that sold at the latest auctions achieving prices equal to or above their corresponding rating valuations. That's down from around 65% at the start of the year
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 the Residential Auction Results page.
2 Comments
The next major downleg, of the NZ property crash has started.
The last straw of hope, for a falsely engineered market upturn, has been burnt to a crisp.
World prices for debt funds is going bonkers from here. As debt prices rise, borrowing ability collapses, as do selling prices. June/July 2026 to 2030 will be carnage, for any risk taking debt jockey.
Predict future banking inquiries, of "how and why?" these Banksters lent massive sums, only testing the vulnerable borrowers, with low equity, at just 6.5 to 7.5% potential interest rates!!
Further predict: Still more woefull stories, in years to come, of thousands of newly minted 2025 and 2026 borrowers "trapped" in continued, multiyear, negative equity.
Further predict: Due to NZ banks shamefully risky lending tactics, will be legislated to DTIs of around 4x and deposits past 20% only.
Many denied a crash was even s faint possibility in 2021/2022, here we are: Deep NZ Housing Crash.
Many will deny current likely predictions. They are blinded by 40 year recency bias and risky, jenga stacked, malinvestments.
Predict future banking inquiries, of "how and why?" these Banksters lent massive sums, only testing the vulnerable borrowers, with low equity, at just 6.5 to 7.5% potential interest rates!!
I don't see it
"Interest rates have been low for more than a decade, we tested 3-5% above market, we could not see it coming. We expected that when interest finally rises will be accompanied by income rises as well ...history tells us... we couldn't predict so many black swan events in a row"
It's defensible - even if you see through the smoke screen, can't plausibly prosecute
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