The sales rate hit the two thirds mark at the latest residential property auctions monitored by interest.co.nz.
There were 350 properties offered at auctions monitored by interest.co.nz over the week from 17-23 February, which was up 25% compared to the equivalent week (18-24 February) of last year.
Although that was a reasonable increase in properties being offered by auction compared to the same time last year, the more spectacular increase was in the number of properties that sold.
In the third week of February last year, 107 of the 280 properties offered were sold, giving an overall sales rate of 38%.
But in the the third week of February this year, 234 of the 350 properties offered were sold giving an overall sales rate of 67%.
Prices were also firmer compared to a year ago, with 79% of sales this year being for more than their Rating Valuations, compared to 44% a year ago.
So by almost any measure the market is considerably more buoyant now than it was at this time last year.
Separating out the figures for Auckland, which is far and away the country's largest auction market, activity was also well up compared to a year ago, but not by as much as the national figures.
The total number of properties offered at the Auckland auctions monitored by interest.co.nz was up 19% compared to a year ago, while the sales rate increased from 35% last year to 52% this year.
However prices in Auckland were consistent with the rest of the country, with 76% of Auckland sales being for more than their Rating Valuations, compared to 79% nationally.
Details of the individual properties offered at the auctions monitored by interest.co.nz and the results achieved, are available on our Residential Auction Results page.
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