Auction room activity was reasonably steady over the last week of autumn, with the numbers down just slightly from the previous week.
Interest.co.nz monitored the auctions of 340 residential properties around the country over the week of 23-29 May, down a fraction from 345 the previous week.
Of the 340 properties on offer, 112 sold under the hammer, giving an overall sales rate of 33%, also down slightly from 37% the previous week.
Just over half (53%) the properties that sold achieved prices at least equal to or greater than their corresponding rating valuation.
That selling price-to-valuation ratio has remained within the 53% to 56% range for the last five weeks, but is down from the summer months of February/March when it was in the 60% to 70% range. That suggests prices have become slightly softer over the last couple of months.
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.
The table below shows the latest auction results by region/district.
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6 Comments
The Winter slip into the deeper end, of NZ property's ongoing bust "abyss" has begun:
The Gecko (who foresaw, forewarned on this current property bust, as inflation showed it gnarly teeth in early 2021) fully expects the drip, drip, drip of lower and lower sale prices, to accelerate further down the spruikers splattered karzi, in late 2026/27/28/29/2030
Stuff re-reporting the USA Bloomberg article, that exclaims of the "shock horrors" on NZs epic HOUSING PONZI boom, that has become an Epicer housing CRASH.
The world is watching New Zealand’s housing crash — and asking what went wrong | Stuff
This focused worldwide attention, on the dire perils, of betting it all at the property casino in NZ.....
Many have and will lose it all.
Some here, were first to call the current crash, years ago - my greenself and some other obviously clairvoyant luminaries who could interpret the "transient" Inflation, then mortgage rate hikings, then home deflation early swilling's of the tell tale, tea leaves.
Glad the NZ media are cottoning on, TO THE NZ HOUSING MARKET CRASH Finally!!! A bit late, but welcome to the hard truth, reporting world!
Yep 2026 to 2030, all BBQs and water cooler chats, will be how many squillion's did Kiwis, en masse, squandered and lost in the now bedraggled and flagging endlessly downwards, housing ponzi.....I fully expect much epicer crash upto 2030!!!
Next major down leg to show itself soon. Higher mortgage rates incoming, surely GUARANTEE it.
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Heard some lately "praying" that the Aussies may come over and help out NZ crash housing market, received a monumental uppercut, over recent days!
For the new Australian tax changes over there, to negative gearing, etc, etc, has dramatically cut borrowing abilities of all investors.
Their market can on go down and lot, from here!
Aussie will be the next Housing Ponzi to crash Bigtime! - Question is, will it "outspectacular" NZs most spectacular housing crash?
Investors pile in before house prices bust - MacroBusiness
The world is bored of the NZ crash now, all focus is on the Aussie doomed Ponzi
You may need an AUSSIEGecko moniker soon
Yes......but still prefer NZ. Despite our issues, it's a great place to live and spending some time down South is especially worthwhile!
So property price declines, loves company (just like misery). Welcome to NZs, Canada, China housing crash party, our Aussie friends:)
You too IT, Crazy Horse, I Observer, Phoenix and few others saw this coming. Here we are mid crash.
It will be very interesting to see if the Aussie impending crash, can match our REAL price declines in our big NZ cities of the -30 to -45% loss magnitudes.
It seems setup for it.
As any asset boom has proven, (incl the 1600s Dutch Tulip Mania) the bigger the boom, the bigger the bust. All booms bust and bust completely.
- We are witness to this now, in real time in NZ.
The faster you go, the bigger the mess.
A property I watch in Glendowie
ONEROOF: This property’s value has gone down by 1.32% versus the previous month
2nd month in a row...
Probsbly nothing........haha.
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