Just 35% of the Auckland properties that sold at auction achieved prices above or at least equal to new Rating Valuations

The number of residential properties going to auction continues declining as we head further into winter, with interest.co.nz monitoring the auctions of 246 properties around the country over the short week of 14-19 June, down from 284 the previous week.

The shortened week leading up to Matariki would undoubtedly have been a significant factor in the lower level of activity.

Of the 246 properties on offer, 87 sold under the hammer, giving an overall sales rate of 35%, down slightly from 39% the previous week.

Interestingly, the release of new Rating Valuations (RVs) by Auckland Council almost two weeks ago does not seem to have had any noticeable effect on the percentage of sold properties achieving prices equal to or above their RV.

Just 35% of the Auckland properties that sold achieved prices equal to or above their RV, the same as the previous week.

Because the new Auckland RVs had an average 9% decline in value from their previous valuations, it was expected to lift the percentage of selling prices at or above the latest valuations, but that appears not to have happened, at least not yet.

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, which is searchable by location.

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