Although auction activity slows over the Christmas-New Year period, interest.co.nz still recorded the results of 186 auctions. Here's the detail on them

This one bedroom apartment at Mt Eden in Auckland sold for $391,000.

Residential auction activity usually dries up over the Christmas/New Year break, with auction numbers dwindling from about mid-December until the end of January.

However there is always a small amount of residual auction activity taking place until the numbers begin to build in earnest in February, and interest.co.nz recorded the results of 186 auctions on our results page between December 15 and February 1.

Of those 186 properties, 62 were sold, giving a sales clearance rate of exactly one third, which is probably not bad considering that many potential buyers would likely have been away on holiday for much that period.

Interest.co.nz was able to match up selling prices with council rating valuations (RVs) on 49 of the properties that sold, with 19 selling for more than their RVs, three selling for the same as their RVs and 27 selling for less than their RVs.

There was the usual price spread, with the lowest and highest sales prices both being in Auckland.

The lowest price achieved was for a large, two bedroom apartment with a car park located just off Karangahape Road, but it was in need of remediation work and only fetched $140,000.

The most expensive sale was a large four bedroom house on a large section with a swimming pool at Dannemora in south east Auckland which fetched $2.7 million.

The specialist apartment agencies have led the way in getting their auction rooms back up to speed in the New Year, and Ray White City Apartments' auction on February 7 was a reasonably lively affair.

Five apartments were offered and there was competitive bidding on four, with three of them selling under the hammer.

The results of all the auctions monitored by interest.co.nz are available on our Residential Auction Results page, most of them with photos and descriptions of the individual properties, which are fully searchable by location.

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

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14 Comments

So essentially houses are still selling. I think by the end of April will confirm the longer term trend but so far its much of the same as last year. Property in New Zealand continues to defy the odds of a "Crash".

Houses still sell because there are existing home owners who still have the desire to move around, effectively trading houses in the same market. It’s when you have an increase in the churn rate that things go downhill.

I think the longer the market in Auckland stays flat the more likely it is to start going up. Who can hold out the longest, sellers or buyers? With interest rates continuing to fall of course it is the sellers.

Probably still wise to sell a property or two if you are over leveraged though, just to be on the safe side, although there is no huge hurry.

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Curious as to what you think will drive the next lot of house price rises? I don’t think you’re wrong but I’m on the fence personally.

Over the past 30 years we’ve gone from single to double wage earner households, and a dropping of mortgage rates to 1/5th of their peak which are both major drivers of purchasing power for housing. But we’ve effectively maxed out those drivers.

There will never be another recession in NZ aye with the risk of lower employment and people defaulting on mortgage debt?

It would have to stay flat for a long time, and wages rise significantly, to get back to historically average affordability. It seems very unlikely at this point. Note that the other places at the top of world unaffordability are currently dropping: Vancouver, Sydney, Hong Kong. But NZ is different...

Don't be silly, property in Auckland can go to 20x average income, no worries.

Agreed. If the market hold itself than long term will be positive and any chances of deep fall is ruled out as houses are selling only is taking more time and that too at a decent price specially stand alone houses.

Another blow for the DGM's ! the market is stronger than I thought it would be. Certainly flat for awhile but the beast will awaken. I think perhaps DGM's believe other people are in the same economic situation as themselves so tend to portray their own situation on the market. People just getting on with their lives selling up/selling down depending on where they are in their lifecycle. There are difficulties on the horizon but just when hasn't there been ! If the CGT comes in I'm looking forward to the ' Mansion effect ' the unintended effect of such a Tax !

108 Gills Road shows as sold for $960k, yet the listing is still on trademe and is now by negotation? Confirmed with agent that it is currently for sale by negotiation.

Sounds like the sale fell over for some reason, spotted one like that on the listings i'm following (not an auction). 587 Mt Albert Road, was showing as sold about 6 days after they put a price on it, then reappeared as for sale again a few days ago.

Would be interesting to find out why the sale fell over? couldn't get finance approved? failed to pass a building inspection? (leaky home?)

I wonder how many properties get listed as sold but the sale subsequently doesn't go through? I don't know what the usual wait time is for QV to update the sales price info, but here's a few examples I found in the space of 20 minutes. Other properties on the same weeks have sales info on QV.

* 33 Cameron Street, Onehunga sold for $1 Million on 31/10/18 but QV doesn't have a sale listed.
* 25A Marion Avenue, Mount Roskill sold for $765,000 24/10/18 but QV doesn't have the sale listed.
* 241 Don Buck Road, Massey Sold prior to the auction 17/10/18 but QV doesn't have a sale listed.
* 456 Beach Road, Murrays Bay was listed as sold without a price 14/10/18 but QV doesn't have the sale listed.
* 14 Dampier Street, Avondale Sold for $835,000 9/10/18 but QV doesn't have a sale listed.
*4B Banks Road, Mt Wellington sold for $918,000 25/9/18 but QV doesn't have the sale listed.

It seems Nz house prices are stickier than overseas for now, but there are rumblings below the surface of the official narrative. Are kiwis more hidebound to houses than Aussies? An avalanche happens when the last snowflake falls.