The number of residential properties being auctioned by Auckland's largest real estate agency is increasing but the sales rate is declining.
Interest.co.nz monitored 90 residential properties auctioned by Barfoot & Thompson last week (22-28 January), up 50% from the 60 properties the agency auctioned the previous week.
However the number of properties that sold at auction only increased from 25 to 34, which meant the sales rate declined from 42% in the week of 17-21 January to 38% in the week from 22-28 January.
The number of properties auctioned last week was particularly low on the North Shore and in Papakura and Franklin, with most of the action focused on properties in west Auckland, Manukau and Auckland's central suburbs.
However January's auctions are not necessarily a good indicator of what is to come in the housing market, because auctions generally require at least a two to three week marketing campaign, so there is a possibility that some potential buyers may still have been on holiday in the second half of January, which could have reduced the competition for some properties.
However activity typically builds strongly over February and peaks in March, so the next few weeks' auction results should give a more reliable indication of the state of the market.
The table below shows Barfoot & Thompson's latest auction results by district.
You can view the results of all of the auctions from throughout New Zealand that were monitored by interest.co.nz, on our Residential Auction Results page.
The comment stream on this story is now closed.
- You can have articles like this delivered directly to your inbox via our free Property Newsletter. We send it out 3-5 times a week with all of our property-related news, including auction results, interest rate movements and market commentary and analysis. To start receiving them, register here (it's free) and when approved you can select any of our free email newsletters.
We welcome your comments below. If you are not already registered, please register to comment
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.