A low level of activity in auction rooms around the country continues, with interest.co.nz monitoring the auctions of just 222 residential properties during the week of August 10 to 16, down from 267 the previous week.
Of those, 81 properties sold under the hammer, giving an overall sales rate of 36%, which was unchanged from the previous week.
The big mover last week was in the number of properties that sold at prices above or equal to their rating valuation, which dropped down to 24% from 35% the previous week.
That suggests around three quarters of the properties selling at auction are fetching prices below their rating valuations.
The number of of properties selling for less than their rating valuation was at its second lowest point in the last two years last week.
The only time it has been lower was for one week in June last year.
Those figures are in line with recent data from property sales websites Trade Me Property and Realestate.co.nz suggesting vendors are dropping their asking prices to meet the market.
Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the selling prices of the properties that sold, are available on our Residential Auction Results page.
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