The past week saw a huge drop in the number of properties auctioned.
Interest.co.nz monitored the auctions of 244 residential properties around the country over the week of 4-10 April, a decline of 53% compared to the 519 properties auctioned in the previous week (28 March-3 April).
The last time the number of auctioned properties monitored by interest.co.nz dropped that low was in mid-August last year, when the market hit its winter low point.
The low number of properties on offer would have been affected by the school holiday break and the fact this week's auctions follow on from the Easter long weekend.
However, even allowing for that, the latest drop was both sudden and steep.
The sales rate, however, was virtually unchanged from the previous week, with 82 of the 244 properties on offer selling under the hammer, giving an overall sales rate of 34%, barely changed from 33% the previous week.
After steadily declining from this year's high of 45% in early February, the sales rate appears to be settling at around 33%.
One third of properties selling under the hammer, with two thirds being passed in or withdrawn, seems to be the new normal nationally, with some regional variations. The table below shows the latest regional results.
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.
2 Comments
Hmmm that drop in auction numbers looks more like Easter/holidays timing than anything else
Clearance rate basically unchanged at ~33%, so at least on this weekly snapshot things look soft but not obviously gettin worse
Still seems like a “more sellers, fewer buyers, takes longer” market rather than anything blowin up
But if clearance rates start dropping into the 20s and stock keeps building, then yeh different story
Not really seeing that from this auction result alone
Life goes on. I am seeing more sales in the auctions where sellers are accepting lower prices than they actually paid a few years earlier. If a seller gets a pretty good offer at auction they should sell. Life is too short! I am following one property that rejected what I thought was a decent offer yet remains unsold almost a year later.
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