Last month's holiday breaks didn't do auction activity any favours but sales were still achieved on 36% of the properties offered

Last month's holiday breaks didn't do auction activity any favours but sales were still achieved on 36% of the properties offered

Residential auction activity was down in April compared to a year ago, but the auction sales rate was only slightly lower.

April is usually one of the quietest months of the year for the residential property market because it often contains the Easter and Anzac Day breaks as well as school holidays, which means most vendors and their agents try and schedule auctions outside of those events when fewer potential buyers will be on holiday.

April had a particularly noticeable quiet patch this year because all three of those holiday events occurred in a single two week block, putting a substantial dampener on activity during that period. monitored 872 residential auctions around the country over the four week period from 1-28 April, which was down 13% from the 1005 that were monitored over the equivalent period (2-29 April) of last year.

Of the auctions that were monitored in that four week period this year, sales were achieved on 36% of them, down just slightly from the sales rate of 39% in the equivalent period of last year.

Where selling prices could be matched with a property's Rating Valuation (RV), 55% sold for more than their RV and 44% sold for less.

Selling price/RV comparisons with last year are not available because had not started collating that data in April last year.

Auckland continued to dominate auction activity in April, accounting for 650 of the auctions monitored over the four week period, down 9.6% compared to the same period of last year.

The sales rate was lower in Auckland at 30% compared to the national sales rate of 36%.

Auckland's sales rate in April last year was also 36%.

Where the selling prices of Auckland properties could be matched with their RVs, 40% sold for more than their RVs, 58% sold for less, and 2% sold for the same as their RVs.

Details of individual properties offered at the auctions monitored by and the results they achieved are available on our Residential Auction Results page.

Details of recent commercial property sales are available on our Commercial Property Sales page.

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?

We welcome your comments below. If you are not already registered, please register to comment.

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.


Comment Filter

Highlight new comments in the last hr(s).

Got to say prices are holding up really strongly.

I'm a commercial investor, the yields in Auckland are terrible. This can be seen in the commercial auction page link in the article.

Not sure how 58% selling below 2017 RVs and reduced volumes/clearance rates is 'prices holding up really strongly.'. I mean sure, it's not a plummet yet, but they are going backwards, mostly at the top end of the market. Looking forward to this month's HPI report to confirm it, just a pity there isn't a stratified HPI report so we can see what different segments of the market are doing.

Although I can report that at the higher end of the market, the highest quality properties are often selling well above CV.
A couple of recent examples being:
- 19 St Albans Avenue, Mount Eden; CV 2.3, Sold for 3.05
- 39 Maungakiekie Avenue, One Tree Hill; CV 4.7, Sold for 6.1

Maungakiekie seller paid 1.65 in 2006, which at 6.1 sale is roughly four fold increase. (Gobsmacked)

Yeah I think you'll find that they're the wrong type of millionaire. It's really easy now to spot the Money Launders especially when they're paying way of the RV value in a declining market. Not something we like to acknowledge here in NZ but at least the Canadian's are starting to realize the damage this has on their cities and overall economy. Better Dwelling article: How A Little Money Laundering Can Have A Big Impact On Real Estate Prices

Canadian housing market at least in Vancouver is terrible
Sadly Quebec still allows foreign “business” migrants to simply loan the province a small 5 year loan for permanent residency Although Canada’s federal government axed the foreign business migrant scheme many years ago Quebec is the only Canadian province which retained it
These “business” migrants are usually wealthy Chinese wives & children who simply purchase a 5 to 10 million dollar mansion in Vancouver BC and contribute 0 apart from living expenses to Canada
Many of these “business” migrants reported paying less income tax than refugees in Canada
Sadly Auckland NZ has achieved similar results
I’m glad I’m in Trumpland

19 St Albans was a full no expense spared refurb, how much had they invested?
Can't see an ad for Maungakiekie, I suspect the same thing applies there. And freehold on the boundary of Cornwall Park is a great location.

Cornwall park, although nice is just a large green open space, what's the big deal, not that speshul.

Whaaaat? Cornwall Park and One Tree Hill Domain together are one of the most special parks in the world. To describe it as just an open green space must mean you have never been there. It's like a little piece of beautiful England with its rock walls, fields and gardens.

There is just so much to this park:

Star Dome Observatory

The obelisk and Sir John Logan Campbell’s grave where people still leave flowers.

A working farm with sheep and cattle. Hundreds of lambs in spring.

Pheasants, chickens, rabbits, quail, rosella, wood pigeon, fantails and tui.

Maori fortifications. You can get a good look at the rings of defence and where the palisades were.

Interesting volcanic craters

Pioneer house you can go through

Two cafes


Beautiful trees, especially in autumn with the gingko and oak changing colour

Live music around the rotunda

Ethnic picnics (once it was like I was in Africa)

Wedding photos

Views of the city

People leaving messages using rocks in the crater. Occasionally you will see a giant phallus which I think taps into something quite primeval. I have photos! Campbell left a permanent one high on the hill.

An interesting history of Maori occupation, Chinese market gardens, American military hospital, tree chopping and protest

Archery club

Exercise area and great for jogging

U2 wrote a song called One Tree Hill

An asteroid named after it that was discovered by the observatory

Children’s playground

Cricket and rugby fields

Yeah that's right and of course I have been there, so what if it has lambs and pheasants, maybe even a few cuddly possums. If love it so much then rent or buy something nearby for far far less and invest the cash.

Houseworks, lesson of the day "Know your locale before spouting off". Cornwall Park, One Tree Hill is a sanctuary within a rat race. I have fond childhood memories of my own and I visit there often with family. Make your first visit there and discover it for yourself! Yes, I've visited your Hamilton Gardens, its pretty awesome too but just not on par in my opinion.

Oh have I insulted aucklands sacred cow retired poppy?? Well then rescan my post and think about the point I was making before trying to diss me. Btw it isnt a popularity contest of who has the nicest park, yet Hamilton gardens are rated at the top of the top. Your esteemed leader is into popularity contests and she will be pulling out all the stops to divert attention from the real facts by about this time next year. The year of results ... ahem. There I go again.

Oh, I agree that both properties likely had big $$$ put into them. Maungakiekie house was something like 500m² so I imagine the refurb was well north of $1m. My main point is that, for the right property, there do seem to be buyers willing to pay well over CV.

I found photos of 39 maungakiekie, to me it looks plain. The only thing mildly in its favour is the one tree hill spot, but a green outlook is not unique. I saw a house auction about 4 or 3 years ago with a similar renovated property next to Cornwall which sold for 1.6 mil

Yeah, I think we'll let other readers judge the (dis)honestly of your statement for themselves.

From the ad "A unique opportunity to purchase an outstanding, generous 1198m² freehold property on the park that has been completely rebuilt to the highest standard by our current owners for their family."

Even allowing for the fact it is RE agent marketing speak, somehow Houseworks equates that to "it looks plain".

The "plain looking" house of which Houseworks speaks..

An ordinary weatherboard home of which there are many, looks out onto fields and crappy skillion ceilings (the upstairs is built into the roof cavity, pragmatist). I guess one of the questions would be what else could you buy with 6.1 million .... gee that's a tough one. Pragmatist could buy his first home and have over 5 million change.

You are slowly moving from amusingly silly to completely absurd.

CV/RV is a only a rough guide. If its a rundown dog of a house you need to take ~20% off RV, if its just been fully and properly reno'd then you need to add an appropriate amount. Point being RV of a freshly renovated/extended house isn't anything like an accurate reflection of what the house is now worth. So these people aren't paying way over what the house is worth, they are getting a lot more house than the RV reflects.

For sure. If we get a true crash, maybe even the fully renovated places will be selling at or under CV. One can live in hope!

1/2 CONISTON AVE, TE ATATU. Previously sold for 771 in 2015, now for 700.. 100k loss

Like I've said on here before, money launderers won't be too fussed if they lose $100k on their purchase. It's still a 100% gain for them.

Our overseas vendor has decided to sell this delightful house provides space and convenience ready to move in for a discerning family buyer or an astute investor.

Is it possible that the FBB has caused some foreign money to be redirected from housing to commercial real estate?

872 X .44 = 384
650 X .58 = 377.

Implying outside Auckland almost nothing sells below RV.
Greg, would be so kind as to tell us how many properties in each category couldn't be matched to RVs?

Sugar Tree 1 bdrm of 54sqm sold for $455k on an RV of $550k. That's a bit of a bath. I recall their sales material and there's no way the original buyer bought that for less than $500k.

If the original buyer was not one of our beloved money launderers then they must be a bit unhappy with that return.