Finally, the much anticipated, or should that be hoped for, spring lift in residential property sales activity appears to be underway.
It may not have a lot of strength to it yet and it's a month or two overdue, but there was a definite increase in activity in auction rooms around the country last week.
Interest.co.nz monitored 235 residential property auctions last week (29 October - 4 November), up from 187 the previous week and 186 the week before that.
Looking ahead, the Orders of Sale suggest the higher level of activity is likely to sustained.
However while the number of properties being offered for sale at auction has increased, the sales rate remains low.
At the auctions monitored last week, 72 of the 235 properties offered were sold under the hammer, giving an overall sales rate of 31% (see the table below for the district-by-district results).
That compares with overall sales rates of 33% last week and 34% the week before that.
Auctions are a leading indicator of real estate activity and the latest figures suggest there will be a seasonal increase in activity levels over the next few weeks as we head towards summer, but the market is likely to remain quieter compared to previous years.
Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the prices achieved for those that sold, are available on our Residential Auction Results page.
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46 Comments
That’s a misleading headline. Looks deader than a dead thing to me
Looks a bit like a late rush is occurring here. If the vendor needs to sell and holds on too long, the bigger the losses will be.
To the rescue will be Tim in his usual spin-it mode with HW2 along with a Pa1nter in tow although neck-n-neck with Nifty50
You can tell when someone has just discovered the bold feature and are trying so desperately to be seen...
...so defensive already. HW2, Pa1nter & Nifty50 are one person.
They all have numbers in their names, too. A clue?
You know you are right
2-1-50
Is it a code ?
Is 50-2-1 the odds on house prices rising with this spring bounce?
That's it, HW2.
2 - A painfully obvious reference to the Second Scroll
1 - Also obviously, referring to this coming January - the first month for those of you struggling to keep up
50 - The prophesized average mortgage rate in Jan 2023
Plan accordingly. We have been warned.
Crash-Crusader’s (aka Retired-Poppy) use of bold typeface is completely in accord with his loud, bombastic manner.
He’s like an empty kerosene can falling down concrete steps - a lot of noise/ bolshiness but never anything constructive (or even humorous).
TTP
Projection (Psychological)
1) An unconscious self defence mechanism characterized by a person unconsciously attributing their own issues onto someone or something else as a form of delusion and denial.
Tim, perhaps there is therapy? 🤕
The other day he learnt that past performance does not guarantee future performance. Someone may have been whispering it to him
No definite uptick in the market down here in Tauranga, plenty of SOLD signs. Very seasonal market, prices down and people getting in before rates go even higher.
FOMO
So supply up, demand remains low. Not good news for vendors who must now compete for the persistently small pool looking to buy at this time.
"Spring finally arrives at the residential auctions with a late lift in activity"
Headline is not wrong as more houses are up for auction but when one reads the headline it gives a positive connotation that market sentiment / price has lifted where actually it reflects that more vendors are rushing to sell before situation gets worse.
Another headline, which too will be correct : Rush to Sell in Auction before it gets worse.
34%......33%.....31% week by week dropping, hardly a lift, more like a downward accelerating spiral
Or houses sold by auction, 63...... 62..... 72
Numbers can be interpreted in many ways.....
72 sold by auction for the whole country in one week. It’s not looking good for housing market, stock going up every day as more and more people aware paper profits are disappearing quickly and over leveraged will be in negative equity over next few months.
We'll be generous and make the average sale $1m, so $72m in sales. 3% average commission is $2.2m. 18000 employees in the business = $122. per person. $6,355 per person per year
That's not going to pay the mortgage? This is the high season for the industry. I'm sensing problems ahead.
There are way more than 72 houses sold throughout the country, Interest follows only a sample of auctions
It's not 72 sold for the whole country silly, the number of sold houses throughout the country will be way higher, Interest follows only a sample of auctions
So you get gleeful when there is a lift of 10 for whole of nz
Yeah but this is just the auctions monitored by Interest.co.nz
So the trend contains some information, but not so much the absolute value of the sample unless we knew what proportion of the NZ market the monitoring includes.
Do you have the stats for the rest of the auctions?
Greg
Are you able to give us an idea of the rough proportion of NZ auctions you monitor?
And has there been an attempt to make them a representative sample?
Sales have gone up, but the prices have gone down. That should wipe away the Glee.
Can you point out where it states that the prices have gone down in the article above ?
Not at all DGM, I don't care about glee, I'm more into facts, if you re-read my post, I said "numbers can be interpreted in different ways", in this case % down, numbers up. Simple, no emotion attached, apart from yours.
Also it's not a lift for the whole of NZ, silly.
There's been a big increase in letterbox drops from local agents in my area. Looks like management has told them all to cast the net far and wide as they search for buyers. It must cost them a fortune to print the big, glossy, double page agent listing booklets, but they make excellent plates for the cat food.
I've taken to calling the agents who disregard my no junk mail sticker.
Oftentimes you can hear the excitement in their voice to be getting calls. The whipsaw when they realise Im just calling to bitch is almost heartbreaking.
Oh do behave !
Property Brokers will put the flyer into a nice white envelope, then it goes into your mailbox. This trick is to throw you off the scent and make you feel it is not junk mail. But it is.
L .C. - How would you respond to that type of Tim Mordaunt trick ?
Do a return to sender without your address.. Or write Reply Post with some random number i am sure they will get a bill for incorrect reply post permit !
👍😆
Criminal mastermind 🤡
Also had a couple of letter drops from cleaners offering a whole house clean for a good sum. Maybe they're also feeling the pinch, as properties don't sell there's no need to get the house cleaners in.
It meant to bounced few times before the the final stage of Rigor Mortis..
The balloon has only started deflating, long way to go until you see what a property market crash really looks like. Sit back and enjoy the show.
Sit back and enjoy the show. [Wiseguy]
You've been sitting back for long enough, Wiseguy, but I'm afraid it won't get you on the property ladder.......
Time you got off your behind and made something of yourself. The same applies to your lazy, greedy DGM mates.
TTP
Hi tothepoint.
I have been a member here for yonks, but only recently returned. I am trying to understand your above comment, which almost seems like a dig at me? (I have been investing my money weekly, sitting back before entering the property market)
I am far from lazy, and have certainly made something of myself - why does my waiting for the right time for me to buy a property make me lazy?
You're a rare exception here.
Keep it up!
TTP 👍
Stress from lack of sales transactions, and vaporizing capital gains. Best to ignore.
"Time you got off your behind and made something of yourself." Aren't you a renter? Is it time for you to get off your behind and made something of yourself??
Hi Chairman Motor Moa,
Like the commendable Wiseguy (above) I'm a rare exception too.
TTP 😁
How is the R.E Agent recruitment going there Tim ? You sound a little frustrated.
I guess the good news is you no longer have to fill the Napier Ahuriri Branch.
And that Havelock North shoe box size office cant take much to fill. I wonder why its taking you so long ?
When our very own king of greed Timmy Trumpet says "The same applies to your lazy, greedy DGM mates." it must be the end of times....
Repent Timmy and get thee to the confessional for all the sin that comes from those lying fingers on the keyboard. At least you'll have more time to search for some integrity now your offices are closing left, right and centre.
Oh, no place on the property ladder for Wiseguy. I can tell he's gutted about that.
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