The number of homes being auctioned is holding up fairly well but the sales rate is declining as autumn winds blow across the housing market.
Interest.co.nz monitored 266 residential property auctions in the first week of April (April 1-7), about the same number per week that were monitored over March, which is traditionally the busiest month of the year for the residential property market.
Of those, sales were achieved on 30% of the properties, which was down from the March average of 37%.
If that trend continues, it could suggest a hardening of attitudes towards price by prospective buyers and a build up of unsold properties to be sold by negotiation post auction. That could mean some vendors may have to make a tough call and accept a more realistic price or withdraw their property from the market.
Where interest.co.nz was able to match up properties' selling prices with their Rating Valuations (RVs), exactly 50% sold for more than their RVs and 50% sold for less.
However the sales rate was weaker than the national average in Auckland, where it dropped to just 26% last week compared to the March average of 36% for Auckland.
But although fewer properties were selling at auction in Auckland, the percentage that were selling for more than their RVs held firm at 36% compared to the March average of 38%.
Details of the individual properties auctioned and the results achieved are available on our Residential Auction Results page.
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