We may have just had the first week of spring but there was no sign of any sort of spring lift in activity at the latest auctions monitored by interest.co.nz.
Altogether 247 residential property auctions were monitored around the country over the week of 31 August to 6 September, down from 255 the previous week.
Of those, 88 properties sold under the hammer, down from 104 the previous week, giving an overall sales rate of 36%, compared to 41% the previous week.
While the decline in activity compared to the previous week wasn't huge, it does mean that auction activity is back to its winter lows.
Any seasonal upturn taking place is yet to show itself in the auction rooms.
Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the selling prices of the properties that sold, are available on our Residential Auction Results page.
14 Comments
NZ's O&G sector is on track to contract by 25 percent this year as output dwindles sharply. The tremors will be felt outside of Taranaki.
It is estimated that our public schools and hospitals will be paying $48 million more for energy than in previous years, impoverishing the system even further.
In short, we're not through the worst of economic headwinds.
Real estate spruiker here.
Tell the whole story!
Most of the listings have disappeared off TM as they have been de/ unlisted/ unsold. I am currently following over 200 of them in whangarei district alone
Just check the sales v homes " red dots" in their map. Homes is operated by TM.
Whangarei along with most of Northland is crashing due to lack of access, high electric prices, high crime, and KO housing everywhere.
Kerikeri is a cot case!
There is a lot of talk of having reached the "bottom" of the property cycle with interest rates coming down, however from what I am seeing, hearing and reading we are not yet at the economic "bottom" which is holding everything back. I am seeing a lot of empty shops, businesses closing, people struggling to service their debt, people losing their jobs. Yes it's negative but it’s real.
Definitely, we’re in for a shit ride for a fair wee while yet…can we ride it out and try to get some stability in a few years after a grunty correction…or, is it printers on full speed with lending rates/restrictions getting slashed…it will be bloody interesting to see what fork in the road NZ Inc chooses
Yes global yield inversions are just starting to normalise so in my view things are about to get much worse over the next 12-24 months than what we’ve just experienced the past 12-24 months.
It is possible that the falls in house prices so far is just the warmup with the main event still ahead of us.
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