Although fewer properties were on offer at the latest auctions the overall sales rate was one of the best so far this year

Auction activity around the country continues to decline in line with the change of seasons.

Over the week of 3-9 May, interest.co.nz monitored the auctions of 252 residential properties. That was the lowest number so far this year (excluding the New Year shoulder weeks) apart from the short week in between the Easter and Anzac long weekends.

Even as recently as the first week of April more than 500 properties a week were on offer at the auctions we monitor, so the winter drop off in activity has been remarkably swift.

However, the decline in the number of properties on offer seemed to stimulate sales, with 103 properties selling under the hammer, giving an overall sales rate of 41%. That's the second highest sales rate so far this year.

Anecdotal evidence from agents suggests the message that the market is overstocked giving buyers the upper hand, is finally starting to get through to vendors, who are adjusting their price expectations downwards to achieve a sale.

However, we have also noticed an increase in the number of properties being withdrawn from auction, suggesting some vendors are preferring to take their properties off the market rather than accept a disappointing price.

Details of all the properties on offer at the latest auctions, including the selling prices of those that sold, are available on our Residential Auction Results page.

The regional results are in the table below.