Nearly twice as many homes are being offered at auction compared to this time last year.
In the week from 6-12 July, interest.co.nz monitored 253 residential property auctions, which was up 86% compared to the 136 auctions in the equivalent week (8-14 July) of last year.
The sales rate was also higher, with 116 sales recorded in the week from 6-12 July this year, which gave an overall sales rate of 46%, compared to 50 sales recorded in the equivalent week of last year which gave a sales rate of 37%.
However auction activity is still well below the peak of where it was in March just prior to the COVID-19 lockdown commencing.
In the week of 9-15 March, interest.co.nz monitored 341 auctions and recorded sales on 194, giving an overall sales rate of 57%.
Even so, the current level of auction activity is extremely respectable given that we are now in the middle of winter.
Auction prices also appear firm.
In the week from 6-12 July this year, interest.co.nz was able to match selling prices with the rating valuations of 98 of the 116 properties that sold.
Of those, 81% achieved prices that were higher than their rating valuations.
In the week of 9-15 March, 75% of selling prices were above their rating valuations and in the week of 8-14 July last year only 54% were higher than their rating valuations.
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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