Residential property auction rooms getting busier but still well short of this time last year

Residential auction activity continues to slowly pick up, with the number of properties on offer rising above 300 for the second week in a row.

Interest.co.nz monitored the auctions of 322 properties around the country over the week of 10-16 October, up from 313 the previous week and 275 the week before that.

That suggests a slow but steady increase in activity as spring continues.

Of the 322 properties on offer at the latest auctions, sales were achieved on 108, giving an overall sales rate of 34%.

In the equivalent week of last year, the sales rate was 43%, suggesting a more subdued market now compared to a year ago.

A similar trend is evident with prices, with just 47% of the properties that sold at the latest auctions achieving prices equal to or above their respective rating valuations, compared to 62% that hit that mark in the equivalent week of last year.

Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the selling prices of those that sold, can be found on our Residential Auction Results page.