sign up log in
Want to go ad-free? Find out how, here.

Weak auction results in Waikato and Bay of Plenty, falling sales rates in Gisborne and Canterbury

Property / news
Weak auction results in Waikato and Bay of Plenty, falling sales rates in Gisborne and Canterbury
Auction flag

The auction rooms were surprisingly busy last week, considering the time of year.

Interest.co.nz monitored the auctions of 364 residential properties around the country last week (20-26 April), up from 345 the previous week, but well down from more than 500 a week over the peak selling season in February/March.

Last week's result was pretty good considering it was the second week of the school holidays and a short week to boot, with Thursday being a public holiday for Anzac Day, with many people also taking the Friday off to have a four day weekend break.

The sales rate was pretty average with 106 properties selling under the hammer, giving an overall sales rate of 29%.

The sales rate has remained between 28% and 31% for the last five weeks, suggesting it is settling there for the time being.

A notable feature of recent auctions has been the very low sales rates in the Waikato and Bay of Plenty, and falling sales rates in GIsborne and Canterbury, which, while still higher than the rest of the country, are well down from the very high sales rates being achieved in those regions late last year. See the table below for the full regional results.

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.

The comment stream on this story is now closed.

•You can have articles like this delivered directly to your inbox via our free Property Newsletter. We send it out 3-5 times a week with all of our property-related news, including auction results, interest rate movements and market commentary and analysis. To start receiving them, register here (it's free) and when approved you can select any of our free email newsletters. 

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.

24 Comments

Ground work is being set for a wet/soft/ soggy winter..

Some initial signs vendors are starting to accept the state of the market conditions.. ✅️

Up
15

Straight to the facts for Auckland, for all you vendors (or potential vendors) out there :   273 property’s went to auction ….. 18.46 property’s sold above CV … or 6.76%

Have a chat to your good buddies, TA, TTP, AC and Onewoof et al …I am sure they will have something “positive” to say.

Just ridiculous prices, compared to incomes. 

 

 

Up
9

Numbers look a bit off

44% x 29 percent x 364 properties

Up
0

Read the first line of my post ... 

Up
2

Confirms what I've observed in the Waikato: delusional sellers = 0 sale.

Up
24

Pure denial. If there is no sale, no price point is known. Some individuals on here interpret this stand-off as a "resilient housing market". They are also in denial. 

Up
22

Agreed. Ponzi wave of cheap cash washed a hi tide mark, but has now completely drained away with no sign of return. Prices to fall back to 2015-2018.

Up
12

For that to ever happen, we would have to be in deep recession, with 8+% unemployment (insert eye-roll here)

Up
3

We are well under sail with stagflation. Lets see what happens...

Up
7

From your comment one could understand house prices are linked to the performance of the economy

I haven't seen any proof of that on the upside (think mid COVID years), so insert eye-roll here I guess as well

Up
6

Agree 2021 was peak stupid on prices fueled by near no cost access to debt and covid panic to escape to the regions. Lets also consider the drop that happened in the GFC, and after 1987. Both significant corrections. So again, lets see what happens...

Up
8

The thinking person’s approach to NZ property at this moment https://youtu.be/bwEwh7sm26w?si=xKmINJopeKN2KwOD

Up
3

LOL. Sad to admit that I bought the trousers after seeing the video. (And still wear them to freak out the kids.)

Up
1

One of the very few - nay, exceptional few - that did double in price every 10 years.

https://homes.co.nz/address/auckland/orakei/38-tautari-street/XY557

Purchased 1991 for $180k. Sold for $2.475m. Gross annualized rate of return ~8.2%

Thoughts?

Up
1

That $3059 a sq m, so would have got dam near 4K at the peak , not knowing the developers plans if they already own the houses beside etc hard to know if they got value 

Up
2

The only reliable thing about RV's is their unreliability. Using them as a basis for comparison is therefore non-sensical.

Up
1

Try telling that to an old couple selling their overpriced family home 

Up
8

Hanging on...until one or both passes or are hospitalized. End of the days its all confusion and delay - a great way to finish your days starving on the pension, while living in a palace.

Up
2

One they are gone, what do the kids do, hang on for peak prices while they service their own eye watering mortgages, or accept market price......

And its gone....

 

Up
6

At a suburb level it’s an interesting yardstick 

Up
2

Garbage in , garbage out . 

Up
0

North Shore almost half above CV, very impressive!

I guess under CV, townhouses and apartments.

 

Up
0

Check the table again, 45% 

My neighbour sold his 50K above CV

Up
0