Activity is already heating up at residential property auctions and there's plenty of activity on the commercial property front too
Sales activity is already firing up again in both the residential and commercial property markets, which look set to continue from where they left off last year.
Barfoot & Thompson, Auckland's largest real estate agency, kicked things off with 14 early residential auctions over the week from 9-15 January and achieved a 100% sales rate.
That was followed with auctions for 69 residential properties the following week, (16-22 January) with an overall sales rate of 75%. Only one of the properties that sold went for less than its rating valuation.
Things also got off to a cracking start in the Bay of Plenty last week where Eves Real Estate took 21 properties to auction and the sales rate was 86%. Details of those individual properties and the results achieved are available on our Residential Auction Results page.
Things have also been busy on the commercial property front with Bayleys Real Estate reporting a slew of recent sales in Auckland and Christchurch.
The Auckland properties were all smaller commercial units of a type that would appeal to private investors, with prices ranging from $680,000 to $1.23 million.
Net rental yields on the properties that were tenanted were all within a tight band of 5.25% to 5.5%.
Sales from Bayleys' Christchurch office were more of a mix, with prices ranging from $446,600 to $5.6 million and the net yields were in the 6.52% to 10.07% range.
This story was originally published on Interest.co.nz and has been republished here with permission.