Auction rooms much quieter with fewer properties on offer and less than a third selling under the hammer

The overall sales rate at the latest residential property auctions has dropped below a third for the first time this year.

Interest.co.nz monitored the auctions of 333 residential properties around the country over the week of 25 April to 1 May. Of those, 101 sold under the hammer giving a sales rate of 30%.

That's the lowest sales rate achieved at the auctions monitored by interest.co.nz, and also the first time it has been below a third, in just over a year.

The national sales rate started this year above 40% but has been in a slow decline since the second half of February.

Just over half (54%) of the properties that sold under the hammer achieved prices at least equal to or above their respective rating valuations, with the rest fetching prices below valuation.

The latest results may have been slightly dampened by the fact it was a short week following the ANZAC long weekend, but even allowing for that, auction activity appears to be slowing significantly as the market heads towards the quieter winter months.

The table below shows the latest results by region, and 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.