School holiday weeks in the middle of winter are never a great time to be auctioning a property, as the latest results confirm.
Interest.co.nz monitored the auctions of just 234 residential properties over the week of 11-17 July, which was just two more than the previous week's record low for this year so far.
The sales rate wasn't great either just managing to creep above a third, with 79 properties sold under the hammer, giving an overall sales rate of 34%.
Of the 79 properties that sold under the hammer, 59% achieved prices that were above or at least equal to their respective rating valuations.
So all in all, it was almost as dreary inside the auction rooms over the last couple of weeks as the weather was on the outside.
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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19 Comments
Whoaaa, the NZ housing market is as sick, as a stray, mangey dog, thats just chowed down a full box of spilled out Slug Slam pellets!
What a total nightmare scenario for any property investor, from the false, yet often portrayed as warm and faussey- "mom n pop" housing investor, to the cut throat, rental property hoarding, debt stacking, multi- slumlords. Many of these gamling punters, will go to the wall.
I forsee not on tear dripping from any onlookers eye, apart from said gamling punter, who will need to work "hard labour" into their 70s to pay off said bad, toxic bank debts.........
Worst time in living memory to bet it all on black, at the now uber risky NZ housing market gaming tables!!
Fully expect the REAL losses to amount to -50 to -60% for many property punters, who loaded the boat on property over the last 15 or so years, as the NZ housing market scraps a deep and perilous bottom, sometime in the 2030s.
Poets will write of this time and list it alongside the economic disasters of the 1600s Tulipmamia and 1929 stock market Boom/Busts!!!
This crash is far surpasssing, even the first proposed teachings and warnings of the learned Gecko, in 2021 and 2022. The depths of this NZ property crash, knows no bounds, without beneath ledge or crevice to slow this collapse.......
Yet, once rid of the very damaging, National obsession, of flipping properties to each for insanity laced sums, NZ can finally invest in real, productive, innovative, homegrown businesses.
The sooner NZ drowns the housing hoarding obsession, the sooner we stop being the cat, chasing its own tail, that then proceeds to eat itself.
Insanity eventually ends, and so it does:) :) :).
Happy days, will eventually emerge, from this once in a 100 year, housing market wreakage!
"...NZ can finally invest in real, productive, innovative, homegrown businesses."
Such as?
The main NZ growth sector for years is in protected monopolies = central & local govt bureaucracys funded by taxpayers. No one else is likely to risk their hard earned capital in the vagaries & uncertainty of a minor market in an over regulated & litigiously erratic environment.
Understand what you are sayin,,,,,,
Yet, keep hope alive KKN, the next NZ Roket Lab is just around the corner!!
Specifics of protected monopolies please? I'm unsure what you are pointing the finger at.
The clue is in the "="
Your other comment on the North / South economic divide is apposite.
Most manufacturing needs a specific supply chain that just does not exist in NZ, apart from things like windows, kitchens etc that supplied the Ponzi, very little NZ manufacturing for export exists. Light engineering servers agriculture etc and building.
We are also at a point where china is desperate to export and has Subsidised
local manufacturing to the point where a NZ Startup would not be viable , its better to turn up in China with a design and get it made. Expect your design to be ripped off.
I suggest NZ is a land of importers not exporters. Companies like Halter are an exception not the rule.
Quite right. I worked in chemical process manufacturing all my life, half in FMCG. Those businesses will never return to NZ.
The scope isn't often considered: all the ancillary businesses that support a large manufacturer. Packaging, tool making, engineering fabrication...all gone, along with their trade skills & apprenticeships.
So many local towns had a brewery and/or an ice cream factory, bigger had freezing works etc.
I guess craft beer has returned small business to regions, but these guys are taxed to death.
When a sawmill closes down, so to do the local electricians etc.
https://youtu.be/talyf00Cl24 watch this - why manufacturing is not coming back
Hmm, that's what I thought.
The implication going forward is that ag will be a major factor for the economic health of the country.
If the economy relies on injection of export revenue, and that revenue reduces due to cyclical commodity factors, then there are some significant questions facing government.
One is: if NZ export revenue generation cannot be diversified significantlyfrom ag sector, and continues to be exposed to cyclical up/down commodity prices, population expansion via immigration means the pie has to be spread more thinly (mixed metaphor, sorry). Are the current immigration settings appropriate?
Never come across "apposite" before.
Look like Southlanders and Fiordlanders are being royally ripped off, on the current crazy "Asking Prices" of old worn out hacks, of dilapidated housing.....
https://www.youtube.com/watch?v=uiAXJWh8gUY
Really only worth 150K each, at best. Probably going back to those values, in coming years!!
- Buyers beware!
I feel the same way about Turangi prices, but they are not dropping much.
They are still way way lower then surrounding areas.
Mad. Is this surge targeting dairy payout money?
Many stars are aligned in the ag sector.....for now.
It is cyclical though. How long will this last?
As long as the fert keeps coming at a semi-affordable price at least.
Indeed. Greed is a funny thing. Negative leverage is not...
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