You could almost see the icicles forming at the latest auctions as a cold, wintry blast cast a chill on proceedings.
Interest.co.nz monitored the auction of 212 residential properties around the country over the week of 13-19 July, down from 304 the previous week and 348 the week before that.
That puts auction activity at its lowest level in 11 months, apart from during the Christmas/New Year break.
Of the 212 properties on offer, 66 sold under the hammer, which was the lowest number of sales outside of the Christmas/New Year period in the last 12 months.
However while the number of properties on offer and those selling under the hammer were both at low levels, there was no change in the sales rate (the percentage of properties selling under the hammer), which was unchanged from the previous week at 31%.
In fact the sales rate has been remarkably stable, and has stayed within the narrow range of 29-33% for the last three months.
Details of the individual properties offered at all the auctions monitored by interest.co.nz, including the selling prices of those that sold, are available on our Residential Auction Results page.
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7 Comments
It might be worth actually looking at those that sold above RV for some perspective. It is an extremely crude measure, so houses like this will quite obviously sell well above their RV: https://rwgreylynn.co.nz/properties/sold-residential/auckland-city/grey….
How many sold below RV? And by how much?
Funny, not much talk these days about pent up buyer demand just waiting to pounce. Many hope-fools made that call in early 2023 and that was a complete dud. The effects of job insecurity were greatly underestimated right from the start. Open homes dead, sales volumes anemic, inventory piling on and it's not even spring. It's hard to form a picture of a floor - at least one that's sustainable.
I think that despite imminent interest rate relief, the depths of this recession is around Christmas and barring some random global shock, will probably last around six months from there.
Great insight and hindsight! I'm wondering what steps to take and whether I should buy a home or stay renting. I have cash in NZ shares bonds and TDs, though would welcome using the home as security for a mortgage, that way I can maximise any asset gains as interest rates undoubtedly drop. Switching from TDs seems the obvious choice
No.
Why would anyone buy into housing, while it's still mid crash ?
Renting is still just 1/2 the price of a mortgage, so wring out that advantage, as the landlords sweat the losses and while house prices are still crumbling away.
Only buy, once the 2015 pricing become the norm again.
I don't see any respite from the Crashing house market until retail mortgage rates get near 4%. This maybe years away.
REAL VALUE will be obvious when the rental yields are in the 7 to 10% range.
Buying with a lesser yeild, leave you fully open to negative equity, that in now both financially mentally taxing tens of thousands of buyers from over the last 5 + years.
Don't be the last holders, Usefull Idiot.
Tauranga looks good 100% above RV but is it ?...rate values have declined 8% since 2021... Are there other locales where the RV has also declined? Everyone waits for some sort of monstrous pivot that just isnt there looking forward . Fuel prices will need to drop significantly .Shipping costs?...not even gonna bother looking considering the Houthis are still active. All I see is a period of stagnation...Unemployment still too low ... YOY growth demands will put more pressure on .... not a good year and its still got some bite left in it... that said dont let me stop you jumping in and filling your boots those currently treading deep water will thank you for it....lol my 10 cents
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