Residential auction activity continues to build steadily as warmer weather and low interest rates stimulate activity in the housing market.
Interest.co.nz monitored 293 residential property auctions in the week from October 28 to November 3, up from an average of 120 a week over the previous few weeks.
Of those, sales were achieved on 130 properties with 120 selling under the hammer and another 10 being sold either prior to auction or immediately afterwards.
Although total sales numbers were up compared to previous weeks, the sales rate slipped back to 44% from just over 50% over the previous few weeks.
There was no difference between the sales rates in Auckland and the rest of the country.
Interest.co.nz was able to match selling prices with rating valuations on 84% of the properties that sold and of those, 57% sold for more than their rating valuations while 43% sold for less.
A notable feature of last week's auctions was the very low number of properties that were pulled just prior to their auction, with just one property having its auction date postponed and another being withdrawn from sale.
That suggests that in almost all cases there is sufficient buyer interest to give the agents and their vendors confidence to proceed on auction day, knowing that if a property doesn't sell under the hammer there will likely be conditional buyers waiting in the wings.
Details of all the auction properties monitored by interest.co.nz are available on our Residential Auction Results page.
Details of commercial properties that have sold, including their selling prices and yields, are available on our Commercial Property Sales page.
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