Auction results from the week of October 27 to November 2 suggest the housing market remains on a reasonably steady footing.
Interest.co.nz monitored 333 auctions around the country over the week, and sales were recorded on 126 of them, giving an overall sales rate of 38% for the week.
That compares with an overall sales rate of 41% for the entire month of October.
The selling prices were able to be matched up with Rating Valuations (RVs) for 108 of the properties that sold. Of those, 75 (70%) sold for more than their RV, three sold for the same as their RV, and 30 sold for less than their RV.
That was a slight improvement on the 60% of sales that sold for more for than their RVs in the month of October.
Auckland remains the country auction capital, with 212 auctions monitored in the region in the week from October 27 to November 2, which was 64% of the auctions monitored nationally.
However the sales rate was lower in Auckland than in other parts of the country, with sales achieved on exactly a third of the properties offered at the Auckland auctions, compared to 38% in Tauranga and 49% in Christchurch.
Of the 56 Auckland properties that could have their selling prices matched up with their Rating Valuations (RVs), 30 (54%) sold for more than their RVs, in Tauranga 90% sold for more than their 2015 RV, and in Christchurch almost two thirds sold for more than their 2016 RV.
Details of the individual properties auctioned are available on our Residential Auction Results page.
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51 Comments
But for non-Auckland RVs when were the RVs updated?. saying 70% sold for more than RV if the RVs are from 2015 doesn't exactly mean much.
And to put the Auckland sales in another light:. 1/6th of Auckland auctions hit RV or better, 1/6 sold for less than RV, and 2/3rds failed to sell.
No. Section sales and apartment sales in Auckland City actually.
Sales over $1.2m have been falling for months.
Also, remember that comparator is 2017 which was an abysmal year compared to 2016.
Try comparing to 2013 and you will see sales are LOWER now than were then.
Why? Bleeding obvious - prices
Stock up, sales down. So much for being demand and supply led.
Why are banks offering silly low rates? Because interest rate is price of credit and no one wants it - lending is 28% below 2016 if you study RBNZ figures. Sales will disappoint over Spring and collapse in summer due to AML and turn in China economic cycle
Hi TM2,
Palmerston North housing market also thriving with buoyant house sales - and upward price pressure.
A good choice for families, students, young professionals and retirees who prefer a slower pace of life than the larger centres. Lower cost of living remains a big attraction......
TTP
A flat, charmless town with a serious crime problem and lack of police presence. Not to mention gang head quarters spread throughout the city, including up market suburbs like Hokowhitu and Kelvin grove.
Brisbane (2 million people vs Palmerston Norths 90,000) is similarly priced. Why not buy there, earn better money, pay less for groceries, enjoy better police protection and keep your family safe?
You're an REA. You couldn't make it in Australia right now. Why talk like that's an option?
snakes/spiders... lame. sub 100k towns with crime problems are as expensive as 2 million people state capitals with higher wages. No matter what way you spin it, it's a bad choice.
Here's a recent post I saw on reddit the other week, describing the situation at one of the towns largest employers:
Palmerston North Hospital had like 20+ car break ins like last year (over 2-3 week period)
Most weren't sick folk - but workers.
We also had the scummy gang members who live across the street, send their 7-10 yo children into parts of the hospital (read: past "secure" doors) to steal workers credit cards etc, while they were working;
took them no less than 20 minutes to spend some of it at hallensteins in the central city.
The Hospital Security knew about it - they knew who they were; but didn't want to get in trouble with both the Gang, or the police for scaring a child...
this is really really common stuff.
500,000 for to live in an average house and be in-amongst this vibrant lower north island community. Your children will thank you for it!
I lived in PN through winter and didn’t encounter any smog - and neither has anyone else I know.
That’s hardly surprising, as the Palmy breeze would soon disperse any smoke/fog.
If Palmy is beyond your station in life, may I respectfully suggest picturesque Hawera in Taranaki......
TTP
I was referring to Christchurch, that has smog.
If Palmy is beyond your station in life, may I respectfully suggest picturesque Hawera in Taranaki......
You don't get it do you. Perth is the same price as Palmy. You would have to be a gibbering moron to buy there instead of Perth.
Sorry - but 85,000 people think otherwise.....
And they can’t all be glibbering morons. (Some are academics from Massey University, hospital medical specialists, successful business people and so forth.)
In fact, Palmy is a good place to buy a home and raise a family.
Palmy doesn’t have the vibrancy of Ponsonby - but it has very good sports/recreation, education & other facilities.
TTP
I've lived in PN, I know people in PN, you can't pull the wool over my eyes. It's over-priced, under-policed, has a gang problem, a p problem, a violence problem, and is as expensive as an australian capital.
Almost every man I've known who has lived in Palmerston North has a story about being bashed in by strangers. Good place to buy a family? You make me sick.
Does this make you sick as well?
https://www.stuff.co.nz/national/89850315/A-love-letter-to-Palmerston-N…
We lived there for about 8 years just recently - never burgled, never bashed, never felt unsafe. Perhaps it has changed for the better since you lived there?
We lived in Riverdale, Hospital, Aokautere and Hokowhitu - one son was in Takaro and another in West End. And none of us while there were ever the victim of any crime. I'm only speaking from experience but don't recall it being a big subject on Neighbourly either. Finding that aspect a bit different since moving to the Hutt - lots more talk on Neighbourly about thefts and break ins. But, hey, I'm sure your rellies have experienced something different and that's a shame.
Why auction? Many reasons. We have bought and sold through auctions and it can have varied results up or down from what you were expecting or hoping for. Auctions can get results when other methods don't. As a buyer, I prefer going through auction than having to buy through tender where agents try their best (worst) to deceive.
Yeah that's true NL, at least you know when they are vendor bidding. Agents also pause an auction and negotiate with both sides, possibly just the two parties of buyer and seller, so the agents have various tactics during an auction. What I was talking about with tender is the way some agents run their tenders to get you to pay more. Plus when you tender you never know what others are thinking. Auctions are in the same room and in public, at least.
How do the estate agents run sales campaigns where you are?
To the contrary a lot of us here are merely being objective
The trend line has indeed altered from the continual rises
There has been a level off overall and in some instances a decline
Of course exceptions exist but no amount of puffery alters the facts
I’d be very concerned considering Sydney + Melbourne declines & my RE buyer on GC informs me not all’s well there either although nothing like the big cities
Mikekirk29, not sure what you mean about your question about Chinese not likeing ChCh!
There is basically 2 areas in Ch.Ch. Where it is like Chinatown with shops!!
As far as I can see there are plenty around but they tend to keep to their own.
Don’t mind the Chinese as they work hard and have good takeaways!
As far as I can see there are plenty around but they tend to keep to their own.
Keep to their own, eh?
Enclaves are the new black. That wasn't the Kiwi dream. Has the twice the average OECD rate been swamping that old dream?
But it was necessary because that and rising house prices were what constituted "sound fiscal management".
Just a few weeks back this article
https://www.interest.co.nz/property/96570/sales-rates-rising-bayleys-au…
Now a 28% last week and a 33% this week. Looks like the FBB is doing its trick!
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