Residential auction activity sank to a three year low at the beginning of August.
Interest.co.nz monitored the auctions of 197 residential properties over the week of 1-7 August.
That was down from 246 the previous week (-20%), and was also the lowest number of auctions recorded by interest.co.nz since August 2023, apart from the Christmas/New Year holiday periods when the market goes into hibernation.
The number of properties being auctioned has now declined by almost two thirds since the summer peak in late March.
Of the 197 properties on offer at the latest auctions, 89 sold under the hammer, giving an overall sales rate of 45%.
There is no shortage of reasons from the winter slump, with morning frosts, icy roads and a good dumping of snow in many places over the last week.
On top of that buyers are facing rising mortgage interest rates and general economic uncertainty ahead of the General Election in November.
While fewer properties are being brought to auction, there are still plenty of properties available for sale, so buyers are being cautious on price and are taking their time making decisions, while vendors have to bite the bullet if they want to achieve a sale.
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.
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