Spring continues to make its presence felt in the auction rooms with a significant increase in the number of properties being offered for the second week in a row.
Intrerest.co.nz monitored the auctions of 356 residential properties over the week of 21-27 September, up from 320 the previous week and 230 the week before that.
Of the 356 properties on offer at the latest auctions, 141 sold under the hammer, giving an overall sales rate of 40%.
The sales rate has been between 40% and 43% for the last three weeks, suggesting it could be settling around that level for the spring selling season.
That's a reasonable improvement on the sales rate over the winter months when it was generally around 30-33%.
The spring pickup has begun a little earlier this year, with auction numbers not hitting this level until mid-October last year. However, the sales rate was higher at this time last year when it was was generally just under 50%.
Overall, auction activity seems to be following its usual seasonal pattern so far, give or take a week or two.
Details of the individual properties offered at all of 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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50 Comments
The most anaemic Spring flush of sales since the Great Depression. Let's just celebrate the small things.......the spring flowers smell good!!
Meanwhile, The crash has only poked its tip in, so far.
Yes without question, we have had the biggest house price crash since the 1970s. Currently down -30 to -45% in REAL terms.
The crash has had maybe just 50%, of its wicked, yet well required, way.
The pain and squealing of the spruikers here and on the other property spruikuvester pages is palpable.
Many leveraged are hanging on by their cracked fingernails and know their financial end is nigh, all by gambling big on already excessively priced NZ housing. When they leveraged up, entered, then chanted to the revered Ponzi demigods, please give me "one more spin"......
Banks, Lawyers, Real Estate agents just love the useful idiot Ponzi punters, these Vampires clip the tickets on the entry......and don't care, when the punters go belly up.
The ticket is clipped and the Vampire has their fill, lips licked, then onto the next Ponzi enamored.
IT IS A TOTAL PONZI, AND THE LAST ENTRANTS BEEÑ HAD!
Current leveraged, gambling bagholders, are done for.
Home owners and households with diversified investments will be fine......helped especially, if they keep their day jobs.
All good SAH.
I see your one of the good sort LL and possibly not gambling and levered up past your gills.
I see many of the property Gamblers here, who shut-out aspiring FHBs, are completely and obviously, just Winging It.
Much like a bellicose Icarus, laughing at the sun's rays.
- Being unaware of a perilous predicament and only relying on a greater fool, saving their punt.
@Gecko well thank to be honest I am struggling big time - my portfolio is levereged of debt of about 60% which use to be manageable - however that is now a massive loss every year and depretiating assets for any aspiring property investor i would say make sure you not leveraged more than 50% because when govts change you will get nailed - however onwards and upward. If interest wholesale comes back to 5.5% investors will be able to breath again however negative cashflow.
@snow to be honest about 4 years ago i was cash flow positive - and had capital gain at the moment the cash flow is negative -83k due to govt changes and high interest also my assets have depretiated however since december it seems the deprectiation flow has stopped. It is almost impossible to have positive cash flow at the moment - so yea I am waiting for the capital gains, as they say cashflow opens the door but capital gains smash the door down (neither is happening at the moment) However if you get good advice and you ever think of entering the game - the rewards are there - by definitian i am a spruiker here but i am not stupid there is money to be made just go at it a bit slower than I did - keep your debt to Capital gains at 50% and you should be able to weather a storm - and don't get divorced, the divorce is painful enough but paying someone else mortgage as well is really difficult (rightly or wrongly) and puts you right back on toast and beans.
A modern day Shakespeare of the DGM world NZG, the artistic tapestry of your comments are always first class 👌
House prices have definitely shit the bed alright, I reckon you’ve got about another solid 6, maybe 9 months to enjoy poking holes in the spruikers before things might start to change…you will have a few years to sing about “real” losses though as it’ll be a long time before prices “catch up”…enjoy being the sand in their undies while you can 😂
Well thanks, we all talk within and from our experiences, both good and bad. The more it is well expressed, the more it is heard and understood.
Anyway, not sure I should be happy with being the serial-chaffer of others leveraged butt-cracks. It may just be the dusty and sandy Debt-Sherriffs badge, an alert Gecko, has to bear.
- I'm more the happy town crier, of the bleeding obvious.
I hope the reddened buttpain, causes a pause in the wanton Debt stacking obsessions.
Yes Homes will take years to recover to 2021 insanity levels.......mine included. Not a problem for them to revert to 2012 or 2015 prices for a while.
- It will take somewhere between 5 and 20 years for a significant recovery imho, unless the pending deeper NZ/World recession gets more "lubed up" on the slippery slide we have all entered together, then decades like Japan, could be our course.....
https://fred.stlouisfed.org/series/QJPN628BIS
Next, stage left, a prodigal BlackSwan arrives.........that will then be seen as obvious, as is the way of the mischievous Dark Swans.
I can think of many possibilities. As do others, that is a prime reason for the massive market swing towards the Gold/Silver physical/stocks. A 5000 year old, known store of financial security and safety, is hard to top.
NZG "The pain and squealing of the spruikers here and on the other property spruikuvester pages is palpable."
SGT "…enjoy being the sand in their undies while you can 😂"
Strange how some people are continuously more focused about others, rather than use this site to make better financial decisions for themselves.
Yes tens of thousands of stale property Bulls within NZ now, many painfully bereft of fingers, due to the 3rd degree financial burns.
-As rancid as the old Horotui offal pits.....
These stale Bulls are waiting at the gate to exit, as this forth or fifth "market Bottom" is shown to be a mirage and really the hangman's hidden trapdoor, the market will see new lows late 2024 through to 2026.
Everyone is going to print Debt to try to alleviate their domestic economic problems. Everyone. China. The USA. The UK. You name it. They all will, as they did 50 years ago. The result? Mortgage rates went to +20%. I hope we are ready for that.
The difference to last time? The property buying/owing cohort was just getting started, and the 30% pay rises they got allowed them to service the modest Debts they had. Today it's the opposite. That same property owning cohort has aged, and they can't get pay rises to supplement higher mortgage rates. All they can do is sell what they have - if they can find a buyer.
The yield curve inversion we just experienced wasn’t ‘average’. It was over 700 days. The only comparable inversion was the lead up to the 1929 crash as subsequent Great Depression.
So difficult to say if we are about to experience the ‘average’ recession or not. Generally the bigger and longer the yield curve inversion, the bigger the recession.
Heres a chart showing this graphically:
https://x.com/gameoftrades_/status/1836782385649840278?s=46&t=MUwQeKa7M…
And it doesn’t appear that the recession has even started yet - so what we are experiencing now could be relatively good compared to what could happen the next 12-24 months as recession likely takes hold.
Yeah pretty much. To be honest Auctions are not a great way to gauge the market, you need to be cashed up or have prior approval to even be in the game. Probably not a linear graph either, the serious investor money can make a sudden and dramatic entrance when things take off. Found it a great way to buy myself if your available funds exceeds that of the house you are looking at.
Not sure what many get out of talking absolute nonsense?
If it makes you feel better that property prices in the North Island has dropped in value over the past couple of years, then I am happy for you.
Reality is that NZ house prices still represents very good value compared to overseas!
ChCh prices have been stable over the past couple of years I can assure you, and have been pretty active over this period!
Investors generally arent buying to rent out now, more in buy and improve.
Well fantastic!! Apparently the Chch marshlands is just bulletproof.....until it isn't. Its from a much lower base, so ofcouse it won't crash by the higher totals, like the Real -40 to -60% that already there and coming down the pipe, for the Northern cities.
Chch is supposedly armored plated, as recalled all the time here, by various and obviously Overlevereged3andhalflittleMen.....
- Like a steel plated Ned Kelly, before his final showdown with the lawmen.......his exuberance for an easy moneyed life and overleveraging his superior nouse, did not end well!
NZ Gecko, your true colour of green is showing!
you can be as envious as you want to of property owners/investors, but it will not make you anymore financial!
Think you need to worry more about your own financial situation rather than people who have done nicely out of investing in property!
Your generalisation about huge property drops is just boring and very inaccurate, and shows that your knowledge of NZ property values is very limited!
Very good post TM3. I wonder why Gecko is so obsessed with house prices and why he/she is so desperate for prices to drop? He/she will probably gallantly, and falsely claim that it's because it's better for others, I think the real reason is different, and much closer to the "green" colour of envy you mention.
Your point about focussing on improving one's own situation, rather than obsessing on other's business is spot on !
It's nothing to do with the boomers Albert Einstein, it's common financial sense.
https://www.reuters.com/markets/new-zealand-house-prices-rise-6-next-ye…
Really Winger? Bit laughable that article.
Hand clutching straws much?
Really hanging you hat on the Rooters Fake-news-organ?? Really?
They interview your best bud, Tony (5 to 10% gains every year) Alexspruikuzander and relay his warped and always wrong opinions??
Mate get some credibility.
Ole mate Denzel has a good take on the fools, the media routinely suck in by false narratives: you may learn from this......?
(1724) Denzel Washington - About the Fake News (2016) - YouTube
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