Auction activity slides sideways in quiet trade with Gisborne well off the boil

It was steady as she goes at the latest auctions, with hardly any change in the overall results over the last two weeks.

Interest.co.nz monitored the auctions of 354 residential properties around the country over the week of 7-13 November, which was exactly the same number of properties that were offered in the previous week.

There was almost no change in the sales rate either, with 125 properties selling at the latest auctions compared to 127 the previous week, which pushed the sales rate down to 35% at the latest auctions from 36% the previous week.

However, the sales rate is lower now than it was at the same time last year, when it was in the mid-40% range, compared to mid-30% now.

One auction of note was the latest auction in Gisborne, where 31 properties were offered, a substantial number for that area. But sales were achieved on just seven of them giving a sales rate of 23%.

That comes after the latest REINZ figures which showed Gisborne had the biggest decline of any region in median selling prices in October compared to October last year, down 9.5%.

Over the latest couple of years Gisborne has been one of the stars of the property market but it appears that its star may now be fading.

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.