The spring lift in residential auction numbers has arrived but there's no change in the sales rate

Spring has finally sprung in the residential auction rooms with the number of properties on offer passing the magic 300 a week mark.

Interest.co.nz monitored the auctions of 329 properties around the country over the week of 19-25 September.

That was up from 298 the previous week and was the most properties offered at the monitored auctions since May, marking the start of the spring selling season.

If auction activity maintains its usual seasonal trend, the number of properties being auctioned should steadily increase over the next couple of months.

However, while the number of properties on offer increased over the last week, there was no improvement in the sales rate.

Of the 329 properties on offer, sales were achieved on 120, giving an overall sales rate of 36%.

The sales rate has alternated between 36% and 37% for the last six weeks.

At this time last year, sales rates in the low-to-mid 40% range were the norm, so buyers are being a little more cautious than this time last year.

Details of the the individual properties offered at the latest auctions, including the selling prices of those that sold, are available on our Residential Auction Results page.