Residential property auction volumes in spring mode but sales rate stuck below 40%

The auction rooms just had their busiest week since the beginning of May, which wasn't bad considering it was a short week.

Interest.co.nz monitored the auctions of 380 residential properties around the country over the week of 24-30 October.

That was up slightly from 374 the previous week and signals that the market is now well and truly in spring/summer mode.

 So the forthcoming election doesn't appear to have dampened activity.

However, caution remains pervasive. Of the 380 properties offered at the auctions monitored by interest.co.nz, sales were achieved on 139, giving an overall sales rate of 37%. The sales rate has been hovering around that level since mid-August.

Just under half (46%) of the properties that sold at the latest auctions achieved prices that were above or equal to their corresponding rating valuation, down from 52% the previous week.

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.