The week of 17-23 May saw a jump in auction activity, with 416 residential properties offered at the auctions monitored by interest.co.nz, up from 259 the previous week.
The increased activity was likely the result of vendors holding off from listing their properties in April to avoid the disruption of the Easter and Anzac Day long weekends, then listing their properties at the end of April/early May.
Those properties are now coming to the end of their marketing campaigns and auction day is arriving, resulting in a burst of activity this week which may continue into next week as well.
Of the 416 properties offered at the latest auctions, 155 sold under the hammer, giving an overall sales rate of 37%.
Of the 155 properties that sold, 42% achieved prices that were equal to or greater than their rating valuations.
Both the overall sales rate and the percentage of sales that met or exceeded rating valuations were at the top end of recent norms, so it was reasonable week for auction activity, all things considered.
Details of the individual properties offered at the auctions monitored by interest.co.nz, including the selling prices of those that sold, are available on our Residential Auction Results page.
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