The auction sale rate edged up slightly to 38% last week

By Greg Ninness

Auction activity continued to increase around the country last week, in spite of the challenges brought on by Cyclone Gabrielle in the upper North Island.

Surprisingly, our auction coverage also includes the results for a couple of properties in the hard hit Coromandel district that were auctioned last Thursday after Gabrielle had done its worst, a sign perhaps that life goes on even in the face of extreme adversity.

Across New Zealand interest.co.nz monitored 251 residential property auctions last week, up from 187 the previous week and 109 the week before that.

That suggests the market is now in peak selling mode as it heads towards March, which is traditionally the busiest month of the year for residential real estate.

Of the 251 properties offered at auction last week sales were achieved on 96, giving an overall sales rate of 38%, little changed from 36% the previous week.

Prices remain mostly soft, and interest.co.nz was able to match selling prices with the rating valuations of 91 properties that sold at auction, with 34% achieving prices greater than or equal to their rating valuations and 66% selling for less than their rating valuations, down from 41% that sold for more than their rating valuations the previous week.

The table below shows the auction results by region, while details of the individual properties offered at all of the auctions monitored by interest.co.nz are available on their Residential Auction Results page.

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