A sharp drop in activity featured at the latest residential property auctions, with fewer properties on offer and fewer selling under the hammer.
Interest.co.nz monitored the auctions of 196 residential properties around the country from 19-24 April, down from 398 the previous week and 508 the week before that.
That drop in activity was not a surprise, with the auctions occurring in the second week of school holidays and during a short, three day week wedged between two long weekends.
The bigger surprise was the decline in sales numbers, with 54 of the properties on offer selling under the hammer, giving an overall sales rate of 28%. That's down from 35% in each of the two previous weeks.
There was a particularly low sales rate in the Bay of Plenty, where interest.co.nz monitored the auctions of 19 properties with just one of them selling under the hammer, giving an overall sales rate of 5%.
However, the unusual timing of the latest auctions in between two long weekends, means we probably shouldn't read too much into what these latest results mean for the market.
Things should return to normal over the next couple of weeks, which will provide a better idea of how the market is sitting at it heads into winter.
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.
The table below shows the regional results.
6 Comments
"the bigger surprise was sales numbers"
Really?
Would not be surprised to see sales volumes hit 20% or below over winter.
As the ability of FHBs and other buyers decline and lala land vendors hold out for the now long distant moonbeam prices has ended.
Capitulation is still to come in 2026/2027.
The fat dog is still to hit the wet lino!
New Auckland CVs must be close, that will help reduce the "lala".
The fake reality of the covid cheap debt bubble is starting to reach the greedy. But...but it was worth this in 2021...then ya should have sold then.
2012 to 2015 prices are coming back.
Buyers should wait or offer in these previous price ranges, or just walk.
Many thousands are unsold and withdrawn from sale. The massive amount of properties available for sale are just the tip of a much, much larger iceberg of unsold inventory.
Those holding back and hoping for a NZ Housing price rebound (as all the banks are nervously praying for) soon, are the bag holding fools.
Those holding back from selling (in what looks likely as a lost decade of housing price growth) is economic self-sabotage, as prices fall further......the longer they wait.
The banks & politicians (of all parties) will find cunning ways get more cheaper money into supporting residential house prices.
https://www.downtoearth.kiwi/post/finance-minister-willis-is-economical…
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