The latest residential property auctions featured a chilly start to winter with a big drop in the number of properties on offer and fewer selling under the hammer.
Interest.co.nz monitored the auctions of 291 residential properties around the country over the week of 30 May to 5 June, down from 340 the previous week and 345 the week before that.
That was the lowest number of properties on offer in a single week so far this year, apart from the short week after the Easter break.
Sales results were also slightly softer, with 93 properties selling under the hammer at the latest auctions, giving an overall sales rate of 32%, down from 33% the previous week and 37% the week before that.
Selling prices also appeared softer, with less than half (49%) of the properties that sold achieving prices equal to or above their rating valuations.
Prices were particularly soft in Auckland where under a third (32%) of the properties that sold achieved prices equal to or greater than their rating valuations.
So not a great result for the first week of winter in the auction rooms.
Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the selling prices of those that, are available on our Residential Auction Results page.
2 Comments
HOLDING COSTS of property all exploding much higher, is the future for NZ. In 5 years, its switched from a "cannot lose value" asset, to a dead weight liability.
Insurance costs in some USA jurisdictions, now exceed 10k yearly, for average homes.
NZ insurance costs will contine to swallow larger premiums, leading to higher uninsurance.
Decades of lack of infra renewels, will cause all rating costs to continue rising at breakneck speeds. Or expect more regular and adept moonfish dodging, on your morning walks. PDK preaches expertly on this topic.
Then cost of debt funds about to move muuuuch higher, in a higher inflation world.
This will see the historic 2023 to 2025 RVs, being lower, upon lower stepping stones, to much lower RVs, as they reset over future years.
To all the tens of thousands of vendors - trying to sell over the last to 2 to 3 years ...... praying for lunacy 2021 tulip mania prices again........on market, off market, on market, frustrating the hell out of the poor, integrity befreft, falling income RE Agent.
The "best time to sell a real estate liability, was yesterday"
Now, the best selling price, is what you get today.
Waiting for poooperty price recovery, could have you waiting in the sad dribbling phase, in the rest home bed, in the 2040s or 2050s or if ever??
All for falling house prices in NZ, long may it continue.
The real issue is however that after decades and decades of cramming ever increasing levels debt into every corner of our economy and personal lives, an increase in the cost of debt will bring with it significant pain, even for those of us who didn't jump on the debt gravy train.
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