Auction activity has been a bit lumpy lately but the latest results were bang in the middle of where they have been over the previous two weeks.
Interest.co.nz monitored the auctions of 345 residential properties over the week of 16-22 May, up from 295 the previous week, but down from 397 the week before that.
The sales results showed a similar trend, with 128 of the 345 properties on offer at the latest auctions selling under the hammer, giving an overall sales rate of 37%.
That was up from 31% the previous week, but down from 39% the week before that.
Essentially, auction activity is bouncing along from week to week at the more modest levels you would expect at this time of 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 our Residential Auction Results page.
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3 Comments
Not just auctions, some our our most expensive real estate is falling
‘Stupid people who bought in 2021’: What it feels like to be trapped in Waiheke’s sharp property downturn
https://www.stuff.co.nz/home-property/360981871/rich-stupid-people-who-…
Post-Covid declines are much larger, ranging 26.9% in Palm Beach to 31.2% in nearby Omiha. That puts parts of the island neck and neck with some of the worst hit suburbs in Wellington.
Even more recently, the trend is clear; values for the year to the end of March fell between 5.5% in Palm Beach, up to 8.8% in Surfdale.
Interesting to see the NZ housing market still in the dumps and the dump is about to much worse, smellier and rat infested, later 2026 to 2030.
The overlay of the Epic boom and busting housing market in China, is a tale of what happens when "everyone is Home Ponzi invested" The China boom upto 2021 was epic.
Real Residential Property Prices for China (QCNR628BIS) | FRED | St. Louis Fed
Now the Chinese REAL home price crash is a one-way, down chart, and still mid-hill-roll, has crashed as bad as NZ currently is it - %wise.
It is back below REAL prices, where it was during 2005, in China.
Unbelievable the spruikers squeal! "no way" "impossible"......
Yet NZs boom was much EPICer, on triple steroids, EPO boosted, laced with line upon line of class A drugs!!
Everyone was invested in the NZ Housing Ponzi too, yet our GREED was worse, we also roped in our cats and dogs as "new investors ".....
- It was a national insanity event, without parallel worldwide. We made the Dutch Tulip Mania, look like boom amateurs.
https://fred.stlouisfed.org/series/QNZR628BIS
No wonder all the Chinese developers fled West, incl NZ to do the same rampant overbuild in western nations.
-Same end result, of a 20 year price rewind, is occurring in the West/NZ.
So 2005 Prices coming to NZ, will be a wake up call for the over levered, Debt monkeys, with no stupid 2026 buying saviours in sight.....
All the while, NZ Mortgage Rates rise, upon rise. My oh my, what has NZ done to itself???.
- We will make the Chinese two-decade level crash, look mild....
Still following Lodge's aution here in Hamilton, it's getting "better" after two weeks where all properties were passed in: 6 of them last week, 4 passed in, 2 sold below 2024 CV.
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