Auction rooms around the country remain busy but the number of properties being offered remains below the peak set in the last week of February.
Interest.co.nz monitored the auctions of 456 residential properties around the country over the week of 15-21 March.
That's a healthy number but for the third week in a row it was well below this year's peak of 601 properties in the last week of February.
However, something that hasn't changed over the last four weeks is the sales rate.
Of the 456 properties auctioned last week, 170 sold under the hammer, giving an overall sales rate of 37%.
The sales rate has been stuck on 37% exactly for the last four weeks, making it remarkably consistent with not so much as a single percentage shift in either direction.
Even in Auckland, which is the country's auction capital, the sales rate was 36% at the latest auctions, and 38% for the two previous weeks.
The table below shows the regional results from the auctions we monitor around the country, and details of all of the individual properties auctioned, including the prices of those that sold, are available on our Residential Auction Results page.
12 Comments
Now that borrowing rates are more favourable, it's no surprise that many will be impatiently wondering what it will take to push the sales rate north of 50%. accompanied with 10%pa capital gains. This new normal is more of a lurking reset that, through the eyes of some, has been hiding in plain sight all along.
Oompa, FOOP-a, doompa-dee-do...
How does the rest of the song go? A cautionary tale about greed and vanity, sounds like it could apply to the NZ housing market.
Plenty of uncertainty and FOOP at the moment.
There's a similarity, greedy investors, afraid of an orange man.
Is Dti the silver bullet after all. Even at 7x income for debt, the equity overhang required had stopped speculation dead. It's almost like their equity to income is maxed out. Who indeed can buy, China has its own very real issues of to much debt and population decline.
Consider for a moment if Dti had been at similar levels to other countries and between 3-5x. Yikes.
🍿
So once the new lowered CV's are released in a couple of months, disaster for the auckland market?
I think the stock over hang is a more ominous sign than a CV declines.
where have all the buyers gone? You would think that the investors would be hovering property with such a low level of competition…..
The investors boats are already overfilled with proooperty.......and even they will likely divest into any upturn.....
No busloads of cash toting Chinese anywhere in sight either - no bagholders Whitehorse coming, to bail out the haplessly overleveraged.
- So a soggy market into 2025/2026 is most likely, with another -10 to -15% reduction in values.
Another 10-15% from current values?
That is some aggressive optimism for property pessimism 🏠🪓
Mince n cheese on it 🤝…flat this year, a few percent bump next, nothing exciting for either side of this property keyboard war ⚔️🛡️
Considering this article came out 12 hours ago, I’d say this is probably the first time in many, many years that spruikers haven’t commented on the auction results.
You alone are 40% of the comments on this one…stuck doing the heavy lifting 😂
3 of 8 comments or 37.5%, Like the auction results, you’d like to think it’s above 40%. Any thoughts on the auction results?
”when our powers combine”…we are now 71% of the comments section!
Nothing too mind blowing in the auction results for either side, anyone hoping for those ‘21/‘22 days to return is out of luck, anyone hoping for a total capitulation is similarly out of luck.
The ridiculous Covid era gains are washed out, the cycle continues 🤷🏻♂️
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