The auction market is still in winter mode. Nationally only 94 properties sold this past week of the 230 offered via auction.
This lower that the average for all of the winter selling season. And it is little differed (-7%) than the numbers on offer in the prior week week, the first week of spring.
While real estate agents may not tell you, mortgage brokers will confirm that lending activity remains low. Their main business is refinance, not new home buying deals.
It is even quieter in the regions than in Auckland. But at least out of Auckland the properties coming under the hammer are more likely to make rateable value.
The light September activity is consistent with the weak REINZ August sales volumes.
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.
15 Comments
Spruikers, springtime playtime not working out so well..........
Oh well, a continued price downtrend and massive stock overhang.......gives the hapless Kiwi renter, hope of buying their own piece of dirt in the near future. Good stuff.
Tony Alex comb will be spitting out his dark coffee, as his Oneroof and NZME handlers lose their grips on NZ society. Their selfish vested interest rent extraction and Debt enslavement ponzi has faded and now crashed into the biggest housing bust witnessed in NZ, since the 1970s - IS STILL ON THE DOWNSLOPE.
BUYERS BEWARE......Offer only the 2015-2018 valuations.......underwater loans are not the place to be!
While real estate agents may not tell you, Mortgage brokers will confirm that lending activity remains low. Their main business is refinance, not new home buying deals.
Isn't it sad that back in 2020/21 our resident duplicitous Property Broker couldn't bring himself to post advance warnings of this great reset. The following was posted only yesterday. It's enough to make your stomach churn.....
After the longest upswing in living memory, a sustained period of falling property values was inevitable
by tothepoint | 3rd Sep 21, 8:39pm - "NZ house prices are increasing - on a sustainable long-term trajectory"
It's crystal clear why the industry can't be trusted.....
As an interest.co.nz website branded spruiker - this news is dissapointing......for me..... so please feel free to point a finger an laugh if you a DGM.. However I believe the following might happen (it is possible) interest rates will drop 1- 1.5% house prices will keep going down however at some point an semi cashed up investors will take the risk (because cash flow will look better) and buy the house with a small return on Money invested. Once we at that point and there is small competition between investor and FHB the market will turn in regards to Capiltal Gain (which is the game). Rose tinted glasses perhaps. As for now please feel free to say: I told you so.
Not sure why FHB would buy in this market. Unless intention is to build a property portfolio, there’s not a lot of sense in paying todays prices. Have been looking at listings vs rentals in Wellington for a while now, once you factor in rates, insurance and maintenance, the effective rent would only be cashflow positive at interest rates around 2021 levels, and a further 10-20% decline in prices. We may get both. Without capital gains, who’s interested?
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