Auction rooms the busiest they've been since early June but no improvement in the sales rate

There was a reasonable lift in activity at the latest residential property auctions although there wasn't a matching increase in the sales rate.

Interest.co.nz monitored the auctions of 290 residential properties around the country over the week of 22-28 August. That was up from 214 the previous week, a 36% increase.

Of the 290 properties on offer at the latest auctions, sales were achieved on 103, giving an overall sales rate of 36%, exactly the same as the previous week.

Of the properties that sold, 52% achieved prices at least equal to or above their respective rating valuations, up slightly from 49% the previous week.

The 290 properties on offer at the latest auctions was the most since the second week of June, perhaps signalling that the usual spring lift in auction activity is knocking at the door.

However, the 36% sales rate suggests buyers are remaining cautious, especially as mortgage interest rates continue to rise and the possibility of a capital gains tax being introduced after the election.

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.