Weak auction results in Waikato and Bay of Plenty, falling sales rates in Gisborne and Canterbury

The auction rooms were surprisingly busy last week, considering the time of year.

Interest.co.nz monitored the auctions of 364 residential properties around the country last week (20-26 April), up from 345 the previous week, but well down from more than 500 a week over the peak selling season in February/March.

Last week's result was pretty good considering it was the second week of the school holidays and a short week to boot, with Thursday being a public holiday for Anzac Day, with many people also taking the Friday off to have a four day weekend break.

The sales rate was pretty average with 106 properties selling under the hammer, giving an overall sales rate of 29%.

The sales rate has remained between 28% and 31% for the last five weeks, suggesting it is settling there for the time being.

A notable feature of recent auctions has been the very low sales rates in the Waikato and Bay of Plenty, and falling sales rates in GIsborne and Canterbury, which, while still higher than the rest of the country, are well down from the very high sales rates being achieved in those regions late last year. See the table below for the full regional results.

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

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