The number of properties being offered at auction is dropping as fast as the outside temperature on a cold winter's night

Residential property auction activity continues to decline as the market moves further into winter.

Just 264 residential properties were offered at the auctions monitored by interest.co.nz over the week of 13-19 June. That's down from 296 the previous week and 345 a month ago. So the auction room temperatures are definitely dropping.

Of the 264 properties offered at the latest auctions, 97 sold under the hammer, giving an overall sales rate of 37%.

The sales rate has been bouncing around in the mid-to-high 30% range over the last several weeks so there's no real change there. But it's down from the 40%-plus sales rates at the start of the year.

Of the 97 properties that sold under the hammer at the latest auctions, just over half (51%) achieved prices equal to above their respective rating valuations, down from 57% the previous week.

Selling prices appeared to be particularly soft in Auckland, where just 40% of the properties that sold fetched prices equal to or above their respective rating valuations. 

The table below gives a regional break down of the 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.