Big jump in number of properties offered at latest residential property auctions but only 39% sold under the hammer

There was a strong jump in residential auction activity over the last week, particularly in the Bay of Plenty and Canterbury.

Interest.co.nz monitored the auctions of 562 residential properties around the country over the week of 21-27 February, well up from 427 the previous week. It was the busiest week for auction activity since the final week of November last year.

Most of that increase was due to some very large auctions in the Bay of Plenty and Canterbury, with 72 properties auctioned in the Bay of Plenty, up from 26 the previous week, and 98 properties auctioned in Canterbury, up from 32 the previous week.

Unfortunately the increase in auction activity did not result in an increase in the sales rate.

Of the 562 properties offered at auction nationwide, 219 were sold under the hammer, giving an overall sales rate of 39% for the week.

That was just a little bit lower than usual, with the sales rate mostly running above 40% since the beginning of August last year.

It suggests that buyers and sellers are both active in the market, with buyers maintaining the cautious approach to price evident since last year.

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.

The table below shows the latest results by district.