Auction room activity picked up a bit over the last week after hitting a mid-winter low the previous week.
Interest.co.nz monitored the auctions of 246 residential properties around the country over the week of 25-31 July, up from 199 the previous week.
That's put the number of properties on offer back up to just over where they were in the first two weeks of July.
However, there was almost no change in the sales rate.
Of the 246 properties on offer at the latest auctions, 104 were sold, giving an overall sales rate of 42%, down by the slimmest of margins from 43% the previous week.
Of the 104 properties that sold, 45% achieved prices equal to or above their respective rating valuations, down from 53% the previous week.
Overall, auction activity remains subdued, which is normal for this time of year, although uncertain economic times are not helping current activity levels.
Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the prices of those that sold, are available on our Residential Auction Results page.
The table below shows the latest results by region.
6 Comments
Still flat. If the speculative decided to charge the exit post election will be a very tough market to do so. Accordingly you have to be very motivated to buy in this market with threat of significance tax targeting hanging over the election.
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https://www.stuff.co.nz/home-property/361014402/property-markets-longesā¦
He said investors were worried about cashflow because even the prospect of future capital gains was āall a bit academicā if they could not afford to hold the property in the meantime.
He said it was now probably close enough to the election that many investors would decide to wait and see what happened.
āWe've already seen the figures that our investors are pulling back a little bit.ā
Confidence is returning to the market.
its ok its not a school day
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Massive confidence in Sydney
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āToday was the worst auction day of my real estate auction career,ā Panos tells the camera from the driverās seat of his luxury car, explaining that none of the six properties he auctioned in Sydney sold.
āBut thatās not the metric thatās going to concern you. Iāll tell you what the metric is thatās going to concern you. I didnāt have a single person register to bid. Do you understand? Not one registration. Not one person even said to themselves, āYou know what? Thereās a few bargains out there. I might go in and just see whatās actually happeningā ... But no one registered. Iāve never ever had that. So, all I can say to you is, God help us.ā
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The classic pump and dump.
Pump as stupid credit, slack bank lending practices, mass immigration, govt policy support and surging capital gains. Dump as all of those are removed and capital losses abound.
Not the first time, and wont be the last. Also known as the bull trap on the bubble.model.
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