Fewer properties being offered at auction compared to November/December but the sales rate is holding up

There was a sharp drop in activity at the latest auctions although the sales rate improved slightly overall.

Interest.co.nz monitored the auctions of 356 residential properties over the week of 7-13 February, down from 416 the previous week.

The decline in activity was surprising given the previous week was a short one leading up to Waitangi weekend.

The lower level of activity was also well below where it was over the period from mid-November to mid-December last year, when the number of auctions monitored by interest.co.nz ranged from 486 to 599 properties a week.

That suggests the market has yet to fully hit its summer stride, although there's still a couple of months to go for it to get back up to speed.

However, the sales rate has held up reasonably well, with 45% of the properties offered at the latest auctions selling under the hammer, compared to sales rates of 38% to 42% over the mid-November/December period of last year.

So overall, the auctions are humming along ,but so far there hasn't been a hiss or a roar.

The table below shows the latest results by district, while the details of all of the 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.