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.
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44 Comments
14% of 8 sold at or above CV?
10% of 18 did the same?
Did we start selling partial houses? I'm confused.
Not all homes sold have a CV available, so they are removed from the calculation of the % sold, but they were still included in the no. sold.
Oh look at how those drops in interest rates spur the auction clearance rates.
Yeah - funny that. It's highly unlikely the masses will borrow up large when security of employment are becoming front and center. Inventory still rising, sales volumes are stubbornly poor and vendor denial is still apparent.
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 $48 million more for energy than in previous years, impoverishing the system even further.
In short, we're not through the worst of economic headwinds.
The tremors will be felt outside of Taranaki.
I think the knock on effects are very much underestimated by most.
Methinks your confidence in the abilities of others is perhaps misplaced.
I work for a large O&G consultant in Taranaki. Literally all projects have dried up and most are only doing maintanance work until they stop producing. There is not much if anything in the pipeline for the future and i agree its looking bleak. Lots of good incomes will be leaving the region and NZ. Just my opinion but I dont think the ripples have been felt from this yet.
On Trademe for the Whangarei district there are currently 872 listings. Down from close to 1200 a while back. I remember buying a house in 2014 and there were 840 listings at that time so this would tell me that is pretty average listing quantity.
Real estate spruiker here.
Tell the whole story!
Most of the listings have disappeared off TM as they have been de/ unlisted/ unsold. I am currently following over 200 of them in whangarei district alone
Just check the sales v homes " red dots" in their map. Homes is operated by TM.
Whangarei along with most of Northland is crashing due to lack of access, high electric prices, high crime, and KO housing everywhere.
Kerikeri is a cot case!
A quick check of Homes shows that Whangarei property prices in general are down 20% since the peak in 2022. Vendors have probably removed their unsold home from sale because they "dont want to give it away" and are waiting "for prices to recover" which will be sometime very soon because "interest rates are going down".
Oh yes - in my street the other day (Wiroa Road) there were 5 different properties in a row for sale. They weren\t all houses either - a couple of commercial size enterprises..... My sister from Taurangs was very surprised.
Real estate spriuker.
The housing market is Fu$ked up, will take a few years for it to rebalance..
The housing market is perfectly fine, places that are selling down here are going for the new lower RV. Once the new RV's come out in Auckland you will see a reality check at the auctions with more selling at the lower RV.
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.
"It is possible that the falls in house prices so far is just the warmup with the main event still ahead of us."
Maybe. But the RBNZ has its arsenal almost fully stocked and can come riding to the rescue it so desires.
My guess is we'll hover around this level, maybe with small falls, in nominal terms for a very long time (10 years plus) and go backwards in inflation adjusted terms.
Those who loved the 70s will see it again. (God forbid we see 70s fashion come back.)
Yes this is definitely a possible outcome.
It is not within the purview of the RBNZ to rescue house prices.
The "bottom" is when interest rates stop coming down and the easing cycle is over. That coincides with the point where the economy finally starts to look like its turning the corner and people feel confident to go out and spend money again.
Thanks for the economics lesson. Go to the pub. You'll be a superstar.
On a more serious note, you need to read what other posters are saying about housing supply and demand factors before concluding that the only relevant factor is interest rates.
You are very snappy today?
The bottom will not be reached until the overhang of properties for sale are actually sold..... It is a market and things go cheap when there is a surplis available.
I was at the Dunedin auction, of the 5 that were up,
- The first had one registered bidder, didn't meet reserve, but sold for $270k https://homes.co.nz/address/dunedin/andersons-bay/81-somerville-street/…),
- the second had 3 registered bidders, didn't meet reserve, but sold for $800k, https://homes.co.nz/address/dunedin/dunedin-central/300-york-place/MD7Qn
- the 3rd had 1 registered bidder, didn't meet reserve and was passed in after an offer of $725k, https://homes.co.nz/address/dunedin/maori-hill/82-passmore-crescent/oqW…
- The other 2 didn't have any bids/bidders.
The first two that sold both miss the 'houses double every 10 years' nonsense. 1.7% and 5.5%. (Needs to 7.2% / year to double in 10 years.) The 2nd looks like it has had reno money spent recently, hence 5.5%. (Reno money needs to be added to the last sale price which I haven't done.)
The third, had it sold for the $725k bid, would also fail at the 2012 sale price ... Just 6.1% and about 12 years ago. But the last sale was in 2019 and would be even worse, just 3.6%. If they wanted the 2019 price with a 7.2% ROI then the offer would be $888k and there is lots of better places listed with prices for that sort of money.
My read? The first two sellers are being realistic. The 3rd is dreaming.
All 3 are charming. Congrats to the sellers and buyers.
Those are pretty good prices. 270kNZD sounds great for a house with 3 double bedrooms, a large kitchen, a basement, etc. in a town as large as Dunedin, even if it needs renovating, etc.
Yeah, I was shocked, I think it was some sort of forced sale situation (e.g. deceased estate, matrimonial) - the vendors looked really upset/disappointed.
There must've been some sort of major issue, so I wouldn't be surprised if the purchaser valued it at land less demo costs.
I've given you guys a heads up a couple of time in the past about the northwest of Auckland blasting off, and there's almost a full page of it in the Herald today.
Northwest shopping centre, Kumeu, Huapai, Waimauku, Riverhead....massive works going on and future fortunes to be made.
Northwest Estate, 46ha of industrial.
https://www.oneroof.co.nz/news/more-industrial-land-released-at-speddin…
Really? Cool. But this probably got a higher click count ...
It’s an advertisement. Supplied by Colliers.
Correct. But it's fact isn't it?
46 ha of industrial land, much of it already sold.
$130 million of it already sold or under contract. The great kiwi property crash....hahaha
How long will it take you to get to the CBD from there for work Wingman ? I always remember one prospective flatmate said to me once "You are too far out" and I was just 17km from the Auckland CBD.
People commute from Wellsford and Warkworth to the Auckland CBD these days.
From Westgate, in the mornings, probably 40 minutes, depending on the time you depart.
You're dreaming.
From Westgate to Downtown on a weekday, arrive by 9am can take anywhere from 30 mins to 1hr 25 mins. Which means you have to assume 1hr 25mins.
Plus he is not starting at Westgate. Basically the travel time is a killer if you have to allow 2 hours to get to work.
Not really answering the question, how far out to your new place in km's ?
I haven't measured it because I haven't been into Auckland city for years. it's a dump, if I want anything I go to Westgate or occasionally over to Silverdale or the North Shore.
I don't work. Work is the curse of the drinking man they reckon.
Are you selling the house to yourself?
Riverhead and environs will be a big winner.
That's why Neil, Matvin and Fletchers have bought hundreds of acres there.
https://www.aucklandcouncil.govt.nz/UnitaryPlanDocuments/06-pc100-app-4…
Bonnie Doon
He's certainly trying to convince himself.
I bought hundreds of thousands under CV, I don't need convincing.
I sleep very soundly.
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