Residential auction activity was more subdued in May than it was in May last year, particularly in the sluggish Auckland property market.
Interest.co.nz monitored 952 residential property auctions throughout the country in May, down 16% compared to the 1128 that were monitored in May last year using the same methodology.
However the lower number of auctions was almost entirely due to fewer homes being auctioned in Auckland, with the number of Auckland auctions monitored in May being down 24% compared to May last year. But there was less volatility in sales clearance rates.
Of the 952 auctions around the country that were monitored in May, sales were achieved on 339, giving an overall sales clearance rate of 36%. That was down from 41% in May last year.
And prices were fairly evenly divided between those that sold for more or less than their council rating valuations (RVs), with 47% achieving prices that were higher than their RVs, 51% selling for less than their RVs and 2% selling for the same as their RVs.
We are unable to make comparisons between selling prices and RVs from last year's auctions because this is a relatively new feature in our auction reports.
At the Auckland auctions that were monitored in May, sales were achieved on 32% of the properties, down slightly compared to the national sales rate of 36%, and also down from the the 36% sales rate at Auckland's May 2018 auctions.
The number of properties selling for more than their RV was also lower in Auckland at 41% last month, compared to 47% nationally.
Details of individual properties offered at the auctions monitored by interest.co.nz, are available on our Residential Auction Results page.
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