There were some interesting trends at the real estate auctions in March, with the number of properties being auctioned increasing as the month progressed, while the overall sales rates steadily declined.
In the first week of March (February 27 to March 5) interest.co.nz monitored 316 residential property auctions, with sales being achieved on 213 of them, giving an overall sales rate of 71%.
The number of properties being auctioned rose significantly in the middle of March and remained above 400 a week for the rest of the month.
However while there was a big increase in the number of properties being auctioned, the number being sold at auction rose more slowly, resulting in the sales rate declining steadily from the second week of March onwards.
In the last week of March (March 27 to April 2) interest.co.nz monitored 413 properties that were auctioned, up from 316 at the beginning of the month.
But only 240 of those properties were sold at auction, only slightly up from the 223 sales achieved in the first week of the month.
As a result, the overall sales rate at all of the auctions monitored by interest.co.nz declined from 71% at the start of March to 58% at the end of the month.
That trend is very clear in the week-by-week breakdown in the chart below.
Details of all of the individual properties offered at the auctions monitored by interest.co.nz and the results achieved, are available on our Residential Auction Results page.
|Residential Property Auctions|
|Monitored by interest.co.nz in March 2021|
|Week||Total auctions monitored||Number sold||% Sold|
|27 Feb-5 March||316||223||71%|
|27 March-2 April||413||240||58%|
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