Auction rooms around the country retained their recent momentum in spite of it being a short week, however there was a slight dip in the sales rate.
Interest.co.nz monitored the auctions of 485 residential properties around New Zealand over the week of 25-31 October, which was almost unchanged from 487 the previous week.
Of the 485 on offer, 214 sold under the hammer, giving an overall sales rate of 44%. That's down from 49% the previous week, however that wasn't a significant drop because it remained well within its recent range.
Similarly, 65% of the properties that sold achieved prices equal to or above their rating valuation, up from 58% the previous week.
But the previous week's selling price /valuation ratio was particularly low and the latest results were more of a return to normal.
Overall, auction room activity is building up a good head of steam as it heads into the main pre-Christmas selling season, but we are not seeing any significant change in market sentiment with buyers remaining cautious on price.
Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the prices achieved for those that sold, are available on our Residential Auction Results page.
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