The auction rooms were the quietest they have been so far this year in the short week leading up to the Matariki holiday.
Just 232 residential properties were on offer at the auctions monitored by interest.co.nz over the week of 4-9 July, which was the lowest number in any week so far this year.
Cold, wintry conditions, school holidays, a short week before a long weekend, and the Reserve Bank's announcement that it was increasing the OCR, were not a good combination for auction activity.
However there was some good news, with 99 of the 232 properties on offer selling under the hammer, a 10% improvement on the previous week.
That pushed the overall sales rate up to 43% from 34% the previous week.
Just under half of the properties that sold (48%) achieved prices that were equal to or above their respective rating valuations.
Auction activity is generally quieter during school holiday periods so the coming week is also likely to be a bit on the soft side.
The table below shows the latest results from the auctions monitored by interest.co.nz from around the country.
Details of the individual properties offered, including the selling prices achieved for those that sold, are available on our Residential Auction Results page.
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24 Comments
Savvy buyers are snapping up bargains before the next big upswing in prices.
There’s nothing savvy about buying a depreciating asset with the cost of debt rising.
Hamish, what yield are these savvy buyers getting after rates and interest costs?
not these 324,000 first-home buyers
https://www.stuff.co.nz/home-property/361003934/we-feel-sick-about-it-w…
Haha I remember this sentiment back in 2022/2023 as well - ‘FHB absolutely need to buy before the end of the year and the start of the next big upswing in prices. If they don’t they will be locked out of the market until 2030!’
Then second article on stuff.co.nz today is a buyer from 5 years ago who is down $350,000 on their ‘savvy investment’ and forking out $950 a week in payments and generally hating life.
The truth is that at the moment buyers have all the time in the world to save a bigger deposit and wait to see what the market is going to do - there is zero rush (which is a nightmare for investors like you who have dined out for years by stoking the flames of fear (FOMO) for others, in order to benefit financially for yourself.). There is zero FOMO now, nor do I think there will be for decades to come - because there is nothing to miss out on other than buying an overpriced asset that risks further depreciation and appreciating holding costs. A nightmare for selfish investors - but a turning of the tide towards those who believe that good things come to those who wait and act prudently.
Do you think its the same spruiker behind a different ID?
ToThePointLess cannot even afford the $10 fee....
Riverheadman, etc
House prices and bank stocks are about to tank. Are you ready?
https://www.afr.com/markets/equity-markets/house-prices-and-bank-stocks…
Chris says sell bank stocks and aussie housing
Please don't call me a spruiker. I'm not trying to hype property. I'm just trying to counter what appears to be a strong anti-property narrative on this forum.
Not True.
Homes are great for families to own!
Especially at the comming 3 to 4xDTI, borrowing levels ......
Not anti property. I love property. I have some and commercial as well. I do however hate the tax avoiding investment model thats now crushing NZ.
We are witnessing the end of a super debt fueled spruik cycle thats now unwinding. In the face of financial reality commenting that its all good buy now etc etc looks out of touch. Be open minded and looks at the facts.
Get you opinion in, but based on what's happened in the last thirty years and the damage to NZ its caused just dont be surprised when people disagree.
Nothing personal.
The problem with this view is that countering a strong anti property narrative might actually be a position of trying to counter that which is true.
And countering that which is true is the folly of foolish people.
To try and say people need to be in a rush right now to buy a house is a good example of this - they don’t need to be in a rush at all.
I am not and have never said for anyone to "rush" in. No-one should rush into any investment decision before doing a good deal of due diligence - which is especially true with property, as it's a big financial commitment upfront. I guess I'm a long-term thinker - I just don't really care what happens in the next year or two. I'm looking at 2040 and beyond when I approach retirement age.
Ya can’t go wrong in Riverhead he would scream from the rooftops. Ah those were the days
He who hesitates is lost. The cost of inaction is one of the most expensive mistakes a person can make. In addition to shares, I have found property an excellent long term wealth creator. It's a forced savings scheme - perfect for me as I'm a spender, rather than a saver :-)
He who hesitates before he jumps is not lost. He tests the waters before he leaps. The cost of wrong action (eg buying based upon FOMO) can also be fatal or a lifetime of financial misery. The time will come when buying houses makes sense - but from my perspective it isn’t yet/now. I think there is more downside risk still than upside gain to be had - because people like you enjoyed the upside far to much over previous decades resulting in prices that still don’t stack up on a cash flow or any fundamental analysis.
All markets aren’t a continuous gravy train - and at some point one must realise when something became too good to be true - or in your case, it would appear you never actually get to that realisation.
Exactly.
We will just have to agree to disagree on this IO. At the end of the day, you will do what you think is right, and that's all good :-)
Indeed but be careful not to confuse your own good fortune and timing of the market and believe that it is ‘normal’ and will without doubt repeat itself in the immediate future (ie. be mislead by confirmation and recency bias - a fatal flaw I’ve seen in the ‘savvy property investors’ here in NZ).
Cost of inaction? Sold my house in Feb 2022, have been renting since then. Today I could buy it back for 500k less minus the rent I've paid over 4+ years (200k) but saving on the rates and insurance so ~350k better off. It only has to drop by 3% a year to cover what I pay in rent, which seems likely once more this year.
That's great SND. You made a wise decision to sell at the absolute peak. Property isn't for everyone. It's far too risky if you have a short term investing timeline. Better to put your money in a Term deposit so you're atleast keeping up with inflation.
Your 'savings' are then, in effect, another persons earnings. Sounds more of a parasitic relationship than a positive. Either way glad it is working out for you on an individual scale.
Love your property vested and centric optimism H.
Many such vested home accumulators, have since left the Interest pages, as they have had to finally work real jobs, long hours, deliver pizzas at unfriendly hours, since 2021, to support their now deeply underwater gambling bets, on run down rentals......
So most LL have no time to talk up the worst time to own rentals in NZs history...... so keep it up H. Your words of hope, give solace to the tens of thousands of doomcast NZ LLs, trying to quit the "investment" property dumpster fire.
All just before the next FRED info dump on NZ property, shows its dumped deeper down in the value destruction crapper.
Good to have these discussions and we are all blessed to live in NZ!
Yes that is the thinking the vested interests encourage and really appreciate in the face of the facts.
This thread is like ground hog day
NEW POSTER: its the bottom get in now or lose your chance forever
20 OTHER POSTERS: Its still falling buddy...
a year later after further falls...... New Poster.....
We shall see.
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