The strong level of residential auction activity that was evident at the end of August has continued in the first two weeks of September.
Interest.co.nz monitored 205 residential auctions around the country in the first week of spring (August 31 - September 6), with sales achieved on 153 of those, giving an overall sales rate of 75%.
While the number of properties being offered was slightly down on the 224 properties auctioned the previous week (24-30 August), the sales rate was exactly the same at 75%.
In the second week of September (7-13 September) the number of properties auctioned lifted to 222 and the sales rate dipped slightly to 72%.
That meant that over the first two weeks of September the total number of properties offered at auctions monitored by interest.co.nz was 427, compared to 299 in the comparable two week period (2-15 September) of last year.
The overall sales rate for the first two weeks of September this year was 73%, compared with 53% for the comparable two weeks of last year.
So there is significantly more auction activity this year and more properties are being sold, both in total and as a percentage of what is being offered.
Prices also appear generally firmer.
Where interest.co.nz was able to match up selling prices with a property's rating valuation, 86% of the selling prices in the first two weeks of this year were above their rating valuations, while over the comparable two weeks of last year just half (52%) of selling prices were above their rating valuations.
Considering we are now just one month from a General Election and economic uncertainties abound, the latest auction figures suggest the residential property market remains remarkably resilient.
You can check out the details of the individual properties offered and the results achieved at the auctions monitored by interest.co.nz on our Residential Auction Results page.
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