The momentum in residential auction activity is increasing, with the number of properties being offered and the number selling under the hammer both rising over the last couple of weeks.
Interest.co.nz monitored 240 residential property auctions around the country last week (5-11 November), adding slightly to the increase achieved the previous week when 235 properties were auctioned.
In the weeks prior to that fewer than 190 properties a week were being offered at the auctions interest.co.nz monitors.
There has also been an increase in the number of properties selling at auction, with 82 properties selling under the hammer at last week's auctions, up from 72 the previous week and sales in the low 60s in the few weeks prior to that.
However although there has been a lift in both the number of properties being auctioned and the number selling under the hammer, the overall sales rate has remained remarkably stable at around a third.
There is usually a seasonal lift in auction activity at this time of year so the increase in activity we have seen over the last few weeks is not unusual.
However the numbers remain low compared to the last few years, suggesting buyers remain cautious and although auction activity will continue to follow seasonal trends, overall activity is likely to remain below the levels seen in the recent past.
The numbers so far suggest we are likely to see a comparatively quiet residential property market this summer.
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 the Residential Auction Results page.
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7 Comments
"The numbers so far suggest we are likely to see a comparatively quiet residential property market this summer. "
No room left for any more nails in this Coffin. Would it be rude to backfill the Grave Hole with Nails ?
Does anyone know when this month's REINZ reports will be released? Must be today or tomorrow?
9am tomorrow. Enjoy!
Interestingly both Hawkes Bay properties that sold went for above their midpoint estimate shown on homes.co.nz. Yes, I know, "homes" is an agent-driven rort, but neither property's valuation history shows evidence of fiddling. To corroborate I checked QV and they were even further over QV's estimates.
Both properties were well presented homes on large sections (2,000sqm and 6,000sqm) and on the urban fringe. The three that didn't sell were well within urban boundaries on small sections.
Rich have a lot of spare money which they do not know what to do with it. So they buy houses.
So there will be sales like this where some in the country are paid too much money just like our politicians abd bureaucracts.
This suggests that more and more vendors are rushing to sell before it gets worse.
At the same time more vendors are ready to accept the best price offered in auction than wait - vendors are ready to meet the market.
It is as clear as day and night that it will get worse before getting normal and when will it get better, should be years.
Cashed up boomers are not selling their specuboxes as they expect last years super bubble. That reflects in the lack of sales hitting the regions.
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