Auction rooms around the country were busy in the first week after the end of daylight saving, with interest.co.nz monitoring the auctions of 508 residential properties over the week, up from 445 the previous week.
Of the properties offered at auction, 176 were sold under the hammer, giving an overall sales rate of 35%.
That's down by the narrowest of margins from 36% to 37% over the previous few weeks.
Of the properties that sold, 37% achieved prices equal to or above their rating valuation.
Next week could be a bit quieter with the start of the school holidays and a short week due to the Easter break.
The table below shows the latest regional results from the auctions monitored by interest.co.nz.
Details of the individual properties offered for auction and the prices achieved for those that sold, are available on our Residential Auction Results page.
31 Comments
Wow, Auckland getting close to the 20's..new milestone for the soggy housing market.. buyers looking forward to the new lowered CV's while rates jump?
37%, 37%, 37%, 37%, 36%, 35%
OCR cuts, lower rates, and lower clearance
Does anyone know how much it is for an auction campaign? I don’t understand why anyone would take the advice of an auction when you can see that you only have 1/3 of a chance of it being successful.
“Hey jump out of this plane. You have a 30% chance of surviving, go on that’s great odds!!”
Consider how many sell shortly after auction... with conditional offers etc.
The cost of an "auction campaign" is the same as the cost of a "price my negotiation campaign" or cost of an "asking price campaign" except for the additional cost of an auctioneer which was around $1,000 the last time I did it. Auction campaigns transition to price campaigns without any extra significant cost so, you only gamble that auctioneer fee.
I don’t understand why anyone would take the advice of an auction when you can see that you only have 1/3 of a chance of it being successful.
That one's easy
- greed
- desperation
One of your most honest responses
Uhhhh, thanks for offering a compliment and an insult in the same sentence?
Convenience.
Getting a genuine market price and interest indicator.
So...isn't a no bid at the auction a strong indicator, agents will have clearly socialized a fairy tail price in the lead up.
Getting a low bid, perhaps but even no bids is important feedback although open to interpretation.
Auctions generally work in favour of the agent. They take advantage of people like myself that are "bird in the hand" people. Buyers can take advantage of people like me however that is justifiable as they are taking more of a risk buying at auction. Agents should recommend not going to auction if you really want the best price but don't mind more hassle.
Getting a genuine market price and interest indicator.
Of the segment of the market that are pre qualified, and willing to bid at auction.
Exactly. So no one making a bid...equals?
why waste you time paying for a inspection until you have a conditional offer accepted?
Unfortunately not how auctions work. Perhaps the seller should have that done and supply all the info.
Having been confronted with indesputable evidence, even some of the most hardened denialists and contrarians of the world realize how vulnerable our housing market still is. There is much less basis on which so called "conspiracies" can be ridiculed.
The world's a turbulent place.
Not sure how many conspirists' bingo cards closely mirror reality though.
Idk, Recently Yvil’s turned a corner, every comment's been about the bond market. I'm just waiting for him to say 10% rates by Xmas at this point.
10% guaranteed
I don't think I've turned a corner Kraken, it's simply that I can distinguish between short and long term rates. I understand why long term UST are rising, but I don't extrapolate this into short term interest rates in NZ rising. That's why I have been pushing back against predictions that NZ rates are about to rise across the board..
Any thoughts on what will keep the short end down? Will it be the only safe place for cash to seek yield?
Imo inflation will remain sticky. A crash in equities will only bring the short end down temporarily. The long end’s going above 5%, and the short end will eventually follow.
I figure if long-end debt isn’t worth holding, then short-end debt isn’t either.
A crash in equities will only bring the short end down temporarily.
I think it all depends how much transfers into the real world if a recession, or major credit event (too big to fail) occurs. If recession effects start hitting banks in US and Europe at the same time, and China as well.... you could see almost synchronized QE , but if just the US does it this time... ? In my mind the world is too interconnected (Especially the Global BOND market), and if the US goes recession so is Europe. QE will stick around longer each time they try it IMHO, until it doesn't produce the desired effect.
QE during stagflation might lead to a loss of confidence in central banks.
It's going to depend on the environment and if inflation remains below target.
I think CBs only enter QE as a last resort, when to not try it would be the end (multiple massive counterparty failures rippling across the word, with no real recovery....). I think this trumps inflation targeting.
I agree, QE as a last resort, if it happens, have an inflation hedge. QE next time won't be to save the stock market, but to save the bond market while destroying the IOUs at the same time.
I think we are going to experience some supply chain issues popping up. Shipping out of china towards the US is collapsing.
There will be unintended consequences.
What could possibly go wrong?
https://www.afr.com/policy/economy/albanese-offers-first-home-buyers-5p…
All first home buyers will be able to enter the property market with just a 5 per cent deposit from next year under a new policy to be unveiled by Labor that could significantly boost housing demand if it wins the election.
Prime Minister Anthony Albanese will announce the dramatic expansion of the federal government’s first home guarantee scheme at the launch of Labor’s election campaign in Perth on Sunday, alongside a $10 billion investment to build up to 100,000 homes exclusively available to first home buyers.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.