Fewer properties offered at residential property auctions, less than a third selling under the hammer

By Greg Ninness

Residential property auction activity continues to ease as the market heads into autumn, with 345 properties offered at the latest auctions monitored by interest.co.nz (13-19 April). That's down from 472 the previous week.

At the height of the summer selling season more than 500 properties a week were being offered at the auctions monitored by interest.co.nz, so the decline is auction activity that usually occurs in autumn is now well underway.

The sales rate remains soft with 107 of the properties offered at the latest auctions selling under the hammer, giving an overall sales rate of 31%.

The sales rate has been under a third for the last five weeks, compared to 40% to 50% late last year.

Of the properties that sold, just 36% achieved prices that were equal to or above their rating valuations.

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.

The table below gives the district-by-district results from the latest auctions.

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