Auction activity easing back as the housing market heads deeper into autumn

By Greg Ninness, Interest.co.nz

Auction activity jumped back up last week but the sales rate appears to be on the slide.

There were 472 residential properties offered at the auctions monitored by interest.co.nz last week (6-12 April), up from 303 in the week immediately after Easter, but down from more than 500 a week in the weeks leading up to Easter.

It appears auction activity is easing its way into the lower volumes of autumn.

Sales also appear to be a bit softer, with 132 of the properties auctioned selling under the hammer last week, giving an overall sales rate of 28%.

The sales rate has been at 28% to 30% for the last three weeks, after easing back from around a third over the six weeks prior to that.

Prices look a bit weaker too, with 32% of the properties that sold under the hammer last week achieving prices equal to or greater than their rating valuations, after averaging about 40% over the previous few weeks.

All in all, the the latest auction results suggest the market is weakening slightly as it comes off its summer highs and heads into the traditionally slower autumn months.

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 its Residential Auction Results page.

This story was originally published on Interest.co.nz and has been republished here with permission.