Residential auction activity was remarkably solid in June after the turmoil of the lockdown-affected months of April and May.
Interest.co.nz monitored 806 property auctions over the four weeks from 1-28 June, which was up 32% compared to the 609 auctions monitored in the equivalent four week period of last year (3-30 June 2019).
Although the number of properties being brought to auction this year was higher, the sales rate was similar to last year.
Of the 806 properties marketed for auction in the four weeks of June this year, sales were achieved on 387, giving an overall sales rate of 48%.
The sales rate has been running at about the 50% mark for several weeks, which was a slight improvement on last year.
In the equivalent four weeks of June last year the overall sales rate was 43%.
Prices also seemed reasonably solid.
Interest.co.nz was able to match up selling prices with rating valuations on 94% of the properties that sold at the auctions monitored over the four weeks from June 1-28.
Of those, 223 (69% of the matched properties) sold for more than their rating valuations.
In the equivalent four week period of last year 51% of matched sale prices were higher than their rating valuations.
Details of all the properties at the auctions monitored by interest.co.nz and the results achieved, are available on our Residential Auction Results page.
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