Auction sales rate drops to 17% in Auckland and 26% across New Zealand

By Greg Ninness

Auction activity appears to be already winding down as the housing market heads towards the Christmas break.

Interest.co.nz monitored 287 residential property auctions around the country last week (26 November - 2 December), down from 307 the previous week.

Of those, 76 sold under the hammer, down from 85 the previous week.

That pushed the overall sales rate down slightly to 26% from 28% the previous week.

Sales appear to be particularly weak in Auckland where the overall sales rate was just 17% last week, down from 26% the week before that.

Conversely, sales rates were much higher in Canterbury at 52% and Central Otago/Lakes at 62%.

When the figures for Canterbury and Central Otago are excluded, the overall sales rate for the rest of the country was 17% last week, the same as for Auckland.

Looking ahead at the Orders of Sale for next week suggests auction numbers will continue to decline until they wind up for the year in a couple of weeks.

Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the 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.