The lead up to the general election does not appear to have had the usual dampening effect on the housing market, with auction room activity going gangbusters.
Interest.co.nz monitored 394 residential property auctions in the week from 5-11 October, which was more than double (+133%) the 169 auctions monitored in the equivalent week last year (7-13 October 2019).
Auctions are also busier now than they were in the first two weeks of March, which is traditionally the busiest month of the year for real estate sales.
In the first two weeks of March, before COVID-19 lockdowns were introduced, interest.co.nz monitored an average of just 352 auctions a week, suggesting not only that the market is more buoyant now than it was at this time last year, but that it's also stronger than it was at the height of last summer's selling season.
Not only are more properties going to auction, more of them are being sold.
In the week of 7-13 October last year, the sales rate at the auctions monitored by interest co.nz was 54%.
Over the two weeks from 2-15 March this year the average sales rate was 57%.
In the week from 5-11 October this year the sales rate had climbed to 66%.
Unsurprisingly, prices are also firmer.
In the week of 7-13 October last year, 69% of the properties that sold fetched more than their rating valuations.
But in the week from 5-11 October this year, 91% of sale prices were above their rating valuations.
Details of the individual properties offered and the results achieved at all of the auctions monitored by interest.co.nz are available on our Residential Auction Results page.
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