The momentum in residential auction activity is increasing, with the number of properties being offered and the number selling under the hammer both rising over the last couple of weeks.
Interest.co.nz monitored 240 residential property auctions around the country last week (5-11 November), adding slightly to the increase achieved the previous week when 235 properties were auctioned.
In the weeks prior to that fewer than 190 properties a week were being offered at the auctions interest.co.nz monitors.
There has also been an increase in the number of properties selling at auction, with 82 properties selling under the hammer at last week's auctions, up from 72 the previous week and sales in the low 60s in the few weeks prior to that.
However although there has been a lift in both the number of properties being auctioned and the number selling under the hammer, the overall sales rate has remained remarkably stable at around a third.
There is usually a seasonal lift in auction activity at this time of year so the increase in activity we have seen over the last few weeks is not unusual.
However the numbers remain low compared to the last few years, suggesting buyers remain cautious and although auction activity will continue to follow seasonal trends, overall activity is likely to remain below the levels seen in the recent past.
The numbers so far suggest we are likely to see a comparatively quiet residential property market this summer.
Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the prices of those that sold, are available on the Residential Auction Results page.
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