About one in three properties found new owners at Barfoot & Thompson's latest auctions

Over the ditch ANZ chief economist admits they got their predictions wrong.

"Weakness in Australia’s housing market has persisted longer than we expected, and the rate of decline in prices has recently accelerated," the economist wrote.

"This weakness is challenging our previous view that prices would stabilise and then recover somewhat to finish the year in positive territory," he said.

Oopsie.

Agree agree and agree.

Apparently it was so quiet that you could hear the 'drip drip' of Vendors' sweat hitting the floor!

Talking to someone in the weekend trying to sell a DGZ house with pool and all the bits. Open homes over the last three weeks were dead, and not a Chinese person in sight. They are openly discussing less than new Council CV and still no traction.

Yes, that single house that was put up really bucks the trend! Luckily there was a large amount of houses up there so we can make this statement and back it up with a large pool of evidence instead of just one single property and it happening to sell! Oh wait...

Indeed. It seems a recurring theme that properties marketed by that agency “mortgagee/court” (whoever they are) nearly always sell, no doubt for good prices too. I will definitely use them for the next sale of an investment property. It’s a no-brainer!

Probably the easiest way to find a real indication of market value. If a vendor has unreasonably high expectations an auction may bring them back to earth and help convince them their reserve is too high.

The low auction clearance represents vendors not willing to sell at the highest bid price. What they do after that become relevant e.g. withdraw the property from sale or accept lower offers either through another auction, negotiation or by way of an advertised sale.

When selling a house in Auckland the amounts involved probably make an auction a good way to find the market price indicator.

Be careful what you say as the COL may form another committee to determine if Auctions should be outlawed because surely they are unfair to the buyer not knowing what the price should be.

Actually if you look at the realestate.co.nz website almost 52% of Auckland properties for sale have a displayed price.

This is a huge shift from a year to 18 months ago when almost everything was going to auction. So a sure sign that the market has changed dramatically.

It would appear that the Business people Taxinda called the "Elephant in the room" were prescient and it's about to turn ugly with only the CoL in the dock of public opinion. It's going to be a long cold Winter of discontent. Must get more popcorn, unbuttered of course.

TM2, you've just stumbled upon the Worlds best kept secret! Everyone, bid for Auck properties over the phone before they run out - SALE NOW ON!

You hit the nail right on the "butt"

Your stand-up comedy act is fairly lousy. Don't quit your day job.

Where are you seeing that increasing reference to the upswing in 2021 TTP?

Is it in the tea leaves? Did a raven tell you? Then his brother the swallow? What does your crystal ball say about how deep the trough is, will it go lower than 50% off the peak? and will the signal for a recovery be when the pigs finally fly out of the trough and into the sky? is this your gut instinct? Or like yesterday is it being effected by too much fizzy drinking of ANz debt and becoming unsettled? Oh TTP, mirror mirror on the wall who's the biggest spruiker of them all?

TTP, I have zero clue when the next upswing will begin. 2021 would be good though, that would give the market a few more years to bottom out.

There are a few data points to provide some indication of market direction. I would want to see at least 2-3 months of progress in the data points so as not to fall foul of a dead cat bounce or anomaly. And each data point needs to be considered for seasonality.

At the moment, none of the data points are indicating any upswing any time soon.

Clearance rates do seem to be a decent barometer of whether we are in a subdued housing market though. No sign of an uptick yet.

Eco Bird, try this "From the total that were past in, what % sales were negotiated within one week and at what price?"

Do you still stand firm on your calling July 2017 as being the lowest point? Yes/No The reason I ask is that the Barfoots May price movement released earlier on indicates your prediction is just the first of many bottoms to come.

Average price May 2017, $$942,717, May 2018, $918,465 (-2.4%)
Median price May 2017, $846,000, May 2018, $820,000 (-2.5%)

Auctions were used in 13.2% of all sales across the country in April, with 843 properties selling under the hammer – this is down from April 2017, when 17.3% of properties were sold via auction showing that auctions are becoming a less popular method of sale across the country. For the third month in a row, Gisborne had the highest percentage of auctions across the country with more than half of all properties (57.6%) in the region sold under the hammer, followed by Auckland on 23.5% and the Bay of Plenty on 14.5%. In Auckland, 436 properties were sold by auction in April compared to 559 properties in April 2017.

extract from REINZ report

It is a good thing because Auckland is right up there with the world's most popular cities like Dubai, San Francisco, New York and London. Do you rather us be like Bangalore and Cairo?? ^^LOLgz^^ I am so proud of you Auckland!!

Auckland would be in the lower half of expensive cities to relocate to if its visa fee wasn't so high.

"The world has never been more accessible than it is right now to those seeking out employment opportunities, cultural exchanges or remote working hubs," Kücükdere said.

This is the way of the future. People will come here. We will go there. For a long time Kiwis seemed to think only they had the right to travel and work around the world. Strange attitude really when you think about it.

"In the last few years especially, we've seen trends that more people than ever are relocating to far-flung destinations which have rapidly digitalised.

I thought our Internet costs weren't too bad. I pay $99 a month and think it is pretty cheap. Mind you I am an Internet addict as is my whole household. I even thought about getting a second connection for redundancy but then realized I do have 4G as well.

DGZ Has the corresponding trademe valuation also gone down? (I don't use homes.co.nz website because it's appallingly slow) .

And what is it that's getting ridiculous? I don't quite understand.

Relax, it’s just an oscillation

Received my regular homes.co.nz email today. Up $5,000 in the last month. Those foreign buyers at a net 2.2% in Orakei must be buying up large.

OMG the FHBs in Sydney must be jumping for joy with this wonderful news!