PHOTO: Auctions. FILE

The downturn in the Auckland housing market has seen five auctions cancelled due to a lack of interest.

The cancelling of auctions has been put down to the slowing housing market, which is underpinned by a high supply of homes as sales activity plummet and house prices drop.

According to the Real Estate Institute’s (REINZ) latest report, the number of properties sold fell 35.2 percent annually to 4860 but the total number of houses for sale nationally increased by 70.8 percent to 27,050.

Tanya Kwasza

Profile your business – FOR 12 MONTHS | $999 plus GST

This has seen one real estate company cancel the auction of five homes the night before they were due to go up for bidding because no one pre-registered.

Only 23.4 percent of homes that made it to auction day in the last month got sold, according to property website OneRoof. While, real estate company Barfoot & Thompson only had 25 out of 131 homes sold in the last week at auction, according to media outlet

Fergs Coffee - BLEND

Rising interest rates and cost of living pressures are also affecting house prices.

The Reserve Bank on Wednesday raised the OCR to two percent, up 50 basis points, in the face of 30-year-high inflation. That takes the cash rate to its highest point since mid-2016 and means a likely rise in mortgage rates.


Don't be shy! Have your say....