Sales rate at residential property auctions increased to 31% from 27% over the last few weeks

The number of residential properties being brought to auction has declined for three weeks in a row while the percentage of properties selling under the hammer has increased slightly over the same period.

Auction numbers have been steadily declining since the week of 14-20 May when interest.co.nz monitored the auctions of 258 residential properties around New Zealand.

Those numbers have declined every week since, and last week (4-10 June) interest.co.nz monitored the auctions of 203 properties, a decline of 21% from three weeks earlier.

 But over the same period the percentage of properties sold under the hammer has increased slightly to 31% from 27%.

In the districts where at least 10 property auctions were monitored last week, the sales rates ranged from 15% for properties in Manukau and the North Shore in Auckland, to 60% in Canterbury.

The overall sales rate in the Auckland region was 26% last week, up from 23% the previous week.

Details of the individual properties offered at all of the auctions monitored by interest.co.nz and the results achieved, including the selling prices of those that sold under the hammer, are available on our Residential Auction Results page.

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