Auction rooms have been exceptionally busy over the last week, 22-28 February, with interest.co.nz monitoring the auctions for 601 residential properties around the country.
The only other time the number of monitored auctions has exceeded 600 in a week over the last two years was in the equivalent week, 24 Feb - 1 March, of last year, when 619 properties were auctioned.
However, that number could still be exceeded in the next few weeks with the peak summer selling season traditionally lasting until the end of March.
Of the 601 properties offered at the latest auctions, 222 sold under the hammer, giving an overall sales rate of 37%, with the sales rate hovering around or just under the 40% mark for the last few weeks.
Of the 222 properties that sold under the hammer, just over a third (34%) sold at prices equal to or above their rating valuations, with the rest selling for prices below rating valuation.
There were particularly strong levels of auction activity in Auckland's central suburbs plus Manukau, and in the Waikato and the Bay of Plenty, while a flurry of activity in Queenstown was dominated by the auction of sections in a subdivision.
The table below shows the latest auction results from around the country, and details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the prices of those that sold, are available on our Residential Auction Results page.
25 Comments
A lot of houses added to the pool.. more pressure on prices with just a month of peak selling season to go..
The only bright spot is the gradual decline in the percentage selling above cv, indicating more realistic sellers
Huge amounts of houses sold, interest rates dropping, test rates dropping, record number of investors taking up new mortgages. Could we see house prices going up again very soon ?
Your dreaming mate!
Kiwis fleeing to the West Island and the Chinese economy gurgling its way, down a perilously debt clogged crapper!
The perilously Deadly DDDebt levels, is a NZ scourge as well. This won't end well for NZ housing being the get rich quick scheme, for the REA aligned cockroaches.
Nah. Just capitulating vendors.
Nah, 10% house prices rises this year, guaranteed!
Brace yourselves, doomy gloomies .......
You're in for a rude shock.
TTP
Who let you out of the clink?
Are you referring to the shock of being a fraudulent sack of potatoes Timmy?
https://comcom.govt.nz/news-and-media/media-releases/2017/property-brok…
Do we even know for sure he is the infamous Mordaunt?
Good to see you have decided to contribute, well done!
As far as I know, there is no evidence at all that he is Tim Mordaunt, only speculation.
by Pragmatist | 1st Mar 25, 12:50pm
Yvil, you are coming across as a bit of a dick with your harping on about this.
Yeah true that.
No
https://www.oneroof.co.nz/news/how-did-nz-house-prices-quadruple-in-the…
How did NZ house prices quadruple in the space of 25 years?
A quarter of a century on - what NZ got right and wrong about real estate.
“We’ve created a system whereby we almost ideologically believe the housing market is a money-making machine for individuals, and wealth-generating machine. In doing that we’ve kind of ignored the fact that it’s also a requirement.
“Shelter is a requirement in society, so we need to maybe develop alternative tenures that have different structures.”
There are many that will just ignore the facts
Tides are turning:)
Agree mate, going backwards.. 37% sold
@houses overpriced - very good 😊 let’s see
Two houses being sold in my extended family at the moment for two different of the real estate agent three D's. The stress is emerging as the mirage of "my house is worth what it was at the peak" is dispelled. Most people don't pay much attention unless it directly affects them. Hopefully they work through ok.
Where are offers relative to peak?
Offers not in yet, deadline sale still to close. I'll try and remember to post the percentage once.they wrap up.
Funny mentality that, I get it and it's easy to rue "what could have been" but unless you purchased at the peak and are forced to sell now why does it matter. If the home has been owned for five(ish) years or more then it seems unlikely to sell at a loss, if its a retiree selling then its a fair assumption they are still making bank after decades of ownership and if buying and selling in the same market then surely its irrelevant what peak values were.
Tide could be starting to turn though...a simple measure for that is more comments about the need to tighten DTIs/LVRs popping up lately, if these same folks truly believed there wasn't going to be another property cycle then they wouldn't be worried about the need to ensure restrictions are in place to cap growth 🤷🏻♂️
I think somewhere in the middle between Kraken and Yvil might be the real prediction for the next 24 months 🔮😂
Seems like a short list this week... are some areas not having auctions? Where's wellington?
Hi Kraken, well done for deciding to contribute. Have you seen that swap rates lately ? They are down across the board.
Yvil, you are coming across as a bit of a dick with your harping on about this.
Lets not limit the scope of the investigation.
Swaps are coming down because the US Economy is looking shakey and the MAG7 are in technical correction, with momentum based CTA funds about to sell more and realistically the S&P500 200 day moving average (200-Day 5,723.57) being the target for this down wave.
The S&P 500, the most important equity market in the world and the proxy for all risk assets, is down 4.6 per cent from the record high it set on Wednesday night as part of a three-year bull market that has seen the index climb more than 61 per cent.
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