Just under half the residential properties being auctioned are selling under the hammer

By Greg Ninness

There was a slight dip in the number of properties offered at the latest residential property auctions monitored by interest.co.nz, but the auction rooms still had their third busiest week of the year.

The number of properties offered at auction peaked at 367 in the week of 7-13 October, dipped to 321 the following week and dipped again to 315 between 21-27 October.

However the last three weeks have all seen more properties being auctioned than any other week of the year, and October has already been the busiest month of the year for auctions, with still a few days to go until the end of the month.

At the latest auctions 141 properties sold under the hammer, giving an overall sales rate of 45%, little changed from the last few weeks where the sales rate has hovered around that level.

The chart below shows the district-by-district results from all of the auctions we monitor. Details of the individual properties offered at all of those auctions, including the selling prices of those that sold, are available on our Residential Auction Results page.

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