Auction numbers took a dip at the end of February, with fewer properties being offered and the sales rate taking a tumble compared to the previous week, although prices remained firm.
Interest.co.nz monitored 323 auctioned properties in the week from February 24 to March 1, down from 350 the previous week and down from 337 in the equivalent week of last year (February 25 to March 3).
However while the decline in the number of properties going to auction was relatively minor, there was a more significant decline in the number of properties being sold compared to a week earlier
Interest.co.nz recorded 181 sales at the 323 auctions it monitored from 24 February to 1 March, giving an overall sales rate of 56%.
That was well down from the overall sales rate of 67% the previous week but was still up compared to the equivalent week of last year, when the sales rate was 41%.
Although the sales rate was down,compared to a week earlier, prices appeared to be holding firm near recent highs, with 75% of selling prices being higher than the same properties' rating valuations, compared to 79% the previous week and 56% in the equivalent week of last year.
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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