As expected there was a sharp downturn in activity at the latest auctions, as the property market prepares to wind up for the Christmas/New Year break.
Interest.co.nz monitored the auctions of 164 residential properties around the country over the short week of 14-19 December, down from 408 over the equivalent period of the previous week.
Of the 164 properties on offer, 60 sold under the hammer, giving a sales rate of 37%, down from 42% the previous week.
Buyers appeared more cautious on price this week too, with just 19% of the properties that sold achieving prices above or equal to their rating valuation, compared with 45% the previous week.
This is our last auction report for 2024. During the year interest.co.nz has monitored the auctions of 17,061 residential properties, up 38% compared to the 12,401 auctions monitored in 2023.
Of the more than 17,000 properties offered at the auctions monitored this year, 5998 were sold under the hammer, giving an overall sales rate of 35% for the year, down from 40% in 2023.
So 2024 was reasonably busy year for auction activity, but sales were a bit weaker overall than in 2023.
The busiest week of 2024 for auction activity was 24 February to 1 March, when 619 properties were offered at the monitored auctions and 212 sold under the hammer.
That was the only week this year when the number of properties auctioned exceeded 600 and the number sold exceeded 200.
Although this is our final auction report for 2024, results from individual auctions will continue to be entered into our Residential Auction Results page. Weekly auction reports will not resume until auction numbers are sufficient to provide meaningful data, probably in early to mid February.
Best wishes to all of our readers for Christmas and the New Year.
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32 Comments
Not bad for a year that had the worst recession in 30 years - imagine if we have bottomed out ? 38% more properties sold in 2024 - how many more can be sold when we realise the recession is over in 2025 or 2026?
The recession is deepening, its not over.
Spend up large & invest.
Let's be happy in 2025.
You know what a 'double dip recession' is, right? Take care.
Lol... whatever makes you happy during Christmas..
I really don't want to rock your boat, let's reconvene in the new year.. maybe your eyes will open to the reality..
Luxy and Willis have glazed eyes as well...
Back on track, yeah right.
@it guy maybe I am drinking the coolaid however I feel they are working pretty hard trying to steady the ship? I feel they were left a dog with fleas - just my opinion - I would be very surprised if greens /TPM and Labour would have had NZ in a better place ? Bar capital gains tax suggestion - what policy have they came up with ?
They have been working hard to sink the ship in my humble opinion..
We need to tax capital gains or money will only move to segments where gains can be made untaxed.
Holding assets does not employ people (apart from a tiny maintenance spend).
If national do not wake up the Left will bring this tax in, either next or after election.
Guaranteed election loser.
Read the room - it’s imminent
should change to property guy - keeps banging on and on...
Then I would ask you to do your civil duty and educate as many around you as possible on how the system is fundamentally flawed and needs restructuring to tax land and capital, and remove the incentive to keep hoovering assets. The more educated the masses, the sooner we will have enough willing to put their money where their mouth is at the voting booth and demand change that benefits the majority, not just those with assets and who keep accumulating more.
civil duty?
have you seen the circus that is the parliament
https://edition.cnn.com/2024/11/15/world/video/new-zealand-parliament-h…
Will CGT be applied across the board? shares, arts, own homes,
.
When was the last time NZ was in a recession? Since the start of the 1990s it has been one year after another of rising prices and expectations. If we take the share crash of 1987 as the last "recession when people lost their jobs and houses," then to have been a working adult in 1987 you would have needed to have been born before 1967. In other words, no one under the age of 57 in NZ today would have any memory of the last recession from a mortgage-paying perspective.
Kids in their 30s and 40s have no idea what a recession can be like. "Vacant" and "For Sale" prices on the fronts of high-street shops. Media stories of "doom and gloom for mortgage holders."
And mainland Chinese will have no clue of recession since they have generally only known decade after decade of economic growth since the 1980s.
The difference with this recession is that unlike the late 80s early 90s there is no further path to recover....we still had the ability to increase output back then (globally at least , if not in the west)...that option disappeared around 2008 and we have been papering over the cracks since.
Would’ve loved to see the usual table breaking down the results!
Wait so the real title is, there was more stock on the market and the sales rate was poorer?
It was a great year, Luxy offloaded a few dungers
"Listen, what I've been saying to you very clearly is, at the end of the day, I'm wealthy and sorted."
Luxon’s above comment would have to be one of the stupidest and most insensitive comments made by a PM in a very long time. It lost him a lot of votes. You don’t rub people’s noses in it when they are already feeling fiscally challenged. The last thing people want to hear is how rich you are when they are struggling to feed their families properly. He is a complete and utter twit. I voted National in 2023. If he is leading it in 2026 like many others I will be having a look elsewhere.For the record I would be considered wealthy but I certainly do not talk about it with anyone. No one likes to hear it.
Luxon wasn’t rubbing anyone’s nose in it.
He was sick of the jealous going on about having 7 houses and selling some.
I can assure you that he was not selling them as he thought there is a capital gains coming.
His properties would not be liable for any capital gains tax!
The time has come for a universal CGT based on land valuation increases. We are talking non-avoidable, applicable to every property sale, where there is an increase in the underlying land value.
So yes, Luxon would be paying, and no, he won't be able to avoid it through legal wrangling.
He was sick of the jealous going on about having 7 houses and selling some.
Was he? I'm inclined to think he's selling up because he's planning to leave NZ and move overseas in future. He's demonstrated that he doesn't think a lot of NZ and its people:
Christopher Luxon has called New Zealand a "very negative, wet, whiny, inward-looking country" as he chatted to farmers in Helensville on Monday.
Prime Minister Christopher Luxon has come under fire after describing former business delegations as C-listers and tag-alongs.
And his wealthy and sorted comment was tone deaf.
I would expect this comment from you. I suspect you have a similar stature to Luxon. Like him you need to talk about your wealth. And your pseudonym says it all.
Beware of the NZ jealousy of success, aka "Tall Poppy Syndrome."
Tall poppy syndrome is one of the healthiest attitudes a society can have.
The roman republic constantly battled to make sure individuals, even brilliant ones, never got too big for their boots, as that was a surefire road to perdition. Hence the Auriga (slave).
Lol Tall Poppy Syndrome is only adopted by people who can not achieve success on their own
When 'success' requires the demise of community is it success?
He will always be known for making such a silly and insensitive comment. We are in a deep recession and many New Zealanders are doing it tough. National will need to get rid of him if they want a second term.
Don't flatter yourself. When your success is built on having capital and then buying land and having the underlying value of land increase, through no work of your own, then it's not really something you can claim as being your own 'achievement. Yes, I understand there is effort involved, but not productive work (unless you build improvements on the land with your own two hands).
It's a product of a narrow world view to consider critique of land speculation as jealousy. There are many other value systems than currency
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