Auction room activity continues to go from strength to strength, with auction numbers overtaking those at the peak of last summer's selling season.
Interest.co.nz monitored 737 residential property auctions over the two weeks form September 21 to October 4.
That was almost double (+97%) the 374 properties offered at the auctions monitored by interest.co.nz in the equivalent two weeks of last year (September 23 to 6 October 2019).
And it also slightly ahead of of the 706 properties auctioned in the first two weeks of March, which is traditionally the peak of the summer selling season.
So it does seem as though summer has definitely arrived early for the housing market this year.
It will be interesting to see if it can maintain that momentum or starts to loose some puff as we head towards the Christmas/New Year break, but with the Reserve Bank determined to keep downward pressure on interest rates, a slow down in activity looks unlikely for the time being.
However the overall sales rate did ease slightly to 65% at the auctions from 21 September to 4 October, down from 71-72% over the previous two weeks and down even further from the 75% sales rate at the auction in the first two weeks of March this year.
That could suggest that some vendors are starting to have unrealistically high price expectations and as a result their properties are being passed in.
Details of all of the individual properties offered at the auctions monitored by interest.co.nz are available on our Residential Auction Results page.
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