Residential auction activity continues to cool along with the weather.
Interest.co.nz monitored 307 residential property auctions in the week from April 3-9, down by a third compared to each of the previous three weeks when more than 400 properties a week were auctioned.
The number of properties being sold has also fallen sharply, declining for three weeks in a row from 263 in the week of March 13-19 to 165 in the week of April 3-9.
However the most telling sign of a cooling in the market is the sales rate, which has declined for four consecutive weeks from 73% in the week of March 6-12 to 54% in the week of April 3-9.
That means the number of properties being sold at auction is declining at a faster rate than the number of properties being offered at auction.
The most recent sales rate of 54% is also well below the average of 66% over the 10 weeks from January 30 to April 9.
If that trend continues there will soon be more properties being passed in at auction than are sold.
The table below shows the trend since the end of January.
|Residential Property Auctions|
|Monitored by interest.co.nz|
|Week||Total auctions monitored||Number sold||% Sold|
|30 Jan-5 February||230||166||72%|
|27 Feb-5 March||316||223||71%|
|27 March-2 April||413||240||58%|
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