There has been a big jump in the number of properties being sold at auction in the Bay of Plenty over the last 12 months.
Over the two weeks from October 24 to November 6, interest.co.nz monitored 54 properties auctioned by Bayleys Real Estate and Eves Real Estate in the Bay of Plenty.
That was a significant increase from the 44 properties auctioned by the same agencies over the first two weeks of March (February 29 - March 13), which was at the height of the peak summer season and just before the Level 4 lockdown sharply curtailed real estate activity.
But it was almost unchanged from the 55 properties auctioned by the same agencies in the equivalent weeks of last year (October 26 - November 8).
However while the number of properties being auctioned might not have changed over the last 12 months, there have been big changes in the number of properties being sold at auction.
Of the 55 properties auctioned in the two weeks from October 26 to November 8 last year, 20 were sold, giving a sales rate of 36%.
Over the two weeks from February 29 to March 13 this year, 22 of the 44 auctioned properties were sold, giving a sales rate of exactly 50%.
In the latest period, from October 29 to November 6 this year, 36 of the 54 auctioned properties were sold, giving a sales rate of 67%.
So over the last 12 months the auction sales rate has increased from just over a third, to exactly half at the peak of last summer's selling season, to two-thirds now.
Selling prices also appear to have firmed over the same period.
In the two weeks from October 26 to November 8 last year, 76% of the properties sold at the Bay of Plenty auctions monitored by interest.co.nz achieved prices that were higher than their rating valuations.
That figure climbed to 81% in the two weeks from February 29 to March 3 this year, and then hit 97% in the two weeks from October 29 to November 6 this year.
Those trends of relatively flat numbers of properties being brought to auction while sales ratios and prices are pushing higher, suggest the number of properties coming to market could be a problem in the Bay of Plenty, with demand exceeding supply.
That's potentially good news for vendors, but could put buyers under pressure to secure the property they want.
Details of the individual properties at all of the auctions monitored by interest.co.nz are available on our Residential Auction Results page.
The comment stream on this story is now closed.
You can receive all of our property articles automatically by subscribing to our free email Property Newsletter. This will deliver all of our property-related articles, including auction results and interest rate updates, directly to your in-box 3-5 times a week. We don't share your details with third parties and you can unsubscribe at any time. To subscribe just click on this link, scroll down to "Property email newsletter" and enter your email address.