Residential auction activity has continued to steadily increase post-lockdown, with the number of properties auctioned in July up 71% compared to July last year.
Interest.co.nz monitored 903 residential property auctions over the four weeks from 1-28 July, compared to 529 in the equivalent four week period of last year.
The number of auctions monitored by interest.co.nz has bounced back quite quickly post lockdown, increasing from almost nothing in April, to 244 in the four weeks from 4-31 May, to 806 in the four weeks from 1-28 June, to 903 in the in the four weeks from 1-28 July.
The number of properties sold increased proportionally over that time but has remained remarkably consistent at about 50%.
That compares with a sales rate of 40% in July last year (see table below).
However prices appear to have firmed since lockdown.
Where interest.co.nz was able to match the selling prices of the properties that sold with the corresponding rating valuations (RVs), 81% sold for more than their RVs in July compared to 69% in June, 68% in May and 50% in July last year.
That suggests that the residential property market has not only recovered from the lockdown, it has been surprisingly buoyant over winter.
Details of all the 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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|Auctions Monitored by interest.co.nz|
|Four week period||Number of properties auctioned||Number of properties sold||% of properties sold|
|4-31 May 2020||244||126||55%|
|1-28 June 2020||806||387||48%|
|1-28 July 2020||903||490||54%|
|1-28 July 2019||529||213||40%|