The number of auctions monitored by interest.co.nz in June was down by around a quarter compared to June last year, but perhaps surprisingly, the sales rate was almost unchanged, with sales achieved on just over 40% of the properties monitored.
Interest.co.nz monitored 606 residential property auctions throughout the country over the four weeks from June 2-29, which was down 24% from the 799 it monitored over the equivalent four week period of last year (3-30 June).
However, the decline in the number of auctions did not appear to have resulted in a reduced sales rate.
Of the 606 residential properties marketed for auction in the four week period of June this year, 226, were sold under the hammer, 23, were sold prior to the commencement of their auctions and six were sold in negotiations immediately after their auctions, taking total sales to 255 and giving an overall sales rate of 42%.
Of the 799 properties marketed for auction in the equivalent four week period of last year, sales were achieved on 325, giving an overall sales rate of 41%.
Sales in June this year were also evenly divided between those that sold for more than their rating valuation and those that sold for less.
Where a sold property could be matched with its rating valuation, 49% sold for more, 48% sold for less and 3% sold for the same as their rating valuation.
Details of the individual properties offered and the results achieved are available on our Residential Auction Results page which is interactive and can be searched by location.
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