Just over a third selling under the hammer looks like the new normal in the auction rooms

By Greg Ninness, Interest.co.nz

Residential auction activity seems to have settled into a fairly steady rhythm in spite of the weather-related disruptions in the upper North Island.

Last week (18-24 February) interest.co.nz monitored 244 residential property auctions around the country, slightly down from 251 the previous week.

Of those, sales were achieved on 88 properties, giving an overall sales rate of 36%, also slightly down from 38% the previous week - see the table below for the regional results.

Interest.co.nz was able to match the selling prices and rating valuations of 79 of the properties that sold, with exactly a third fetching prices more than or equal to their rating valuations and two thirds selling for less.

That was also in line with the previous week's selling price versus rating valuation results.

Overall, the market remains relatively quiet for what is usually the busiest time of the year, but auction room activity remains reasonably consistent week by week.

Details of all of the individual properties offered at 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.