Less than a third sold under the hammer at the latest auctions during a three day week

A sharp drop in activity featured at the latest residential property auctions, with fewer properties on offer and fewer selling under the hammer.

Interest.co.nz monitored the auctions of 196 residential properties around the country from 19-24 April, down from 398 the previous week and 508 the week before that.

That drop in activity was not a surprise, with the auctions occurring in the second week of school holidays and during a short, three day week wedged between two long weekends.

The bigger surprise was the decline in sales numbers, with 54 of the properties on offer selling under the hammer, giving an overall sales rate of 28%. That's down from 35% in each of the two previous weeks.

There was a particularly low sales rate in the Bay of Plenty, where interest.co.nz monitored the auctions of 19 properties with just one of them selling under the hammer, giving an overall sales rate of 5%.

However, the unusual timing of the latest auctions in between two long weekends, means we probably shouldn't read too much into what these latest results mean for the market.

Things should return to normal over the next couple of weeks, which will provide a better idea of how the market is sitting at it heads into winter.

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

The table below shows the regional results.

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