Overall sales rate of 42% at the latest residential property auctions

Auction activity picked up strongly in the last week, aided by a couple of very large auctions conducted by Ray White, which each had more than 50 properties on offer.

Overall, interest.co.nz monitored the auctions of 315 properties around the country in the week from 27 January to 2 February.

Of those, 131 sold under the hammer, giving an overall sales rate of 42%.

Where selling prices were able to be matched with their rating valuations (RVs), 44% achieved prices that were above or equal to their RVs.

That wasn't a bad result considering that January is usually the quietest month of the year for real estate and many people would just be finishing their summer holidays.

At the final full week of auctions before the market shut down for the Christmas break in December, 512 properties were offered and 165 (32%) were sold under the hammer. So compared to that, the latest results aren't too bad.

However, we expect auction room activity to start cranking up in earnest over the next couple of weeks, which should give a good indication of where the market is headed in 2024.

The table below shows the latest results by district. Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the selling prices and rating valuations of those that sold, are available on our Residential Auction Results page.

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