More than half the properties offered at the latest Auckland auctions sold under the hammer

By Greg Ninness, Interest.co.nz

There were fewer properties on offer at the latest auctions but the sales rate firmed slightly.

A total of 171 residential properties were offered at the auctions monitored by interest.co.nz from 8 to 13 July, down from 213 the previous week.

The decline in auctions numbers was not unexpected, due to the Matariki long weekend.

Of the 171 properties on offer, 80 were sold under the hammer, giving an overall sales rate of 47%, up slightly from 43% the previous week.

Sales rates were stronger in Auckland where more than half (55%) of the properties auctioned were sold under the hammer, while in Canterbury the sales rate was weaker at just 11%, a reversal of the usual positions with sales usually being stronger in Canterbury and weaker in Auckland.

However one week of results does not make a trend, especially when it is a short week.

One trend that does appear to be emerging is that vendors taking their properties to auction are generally more serious about selling and are accepting current market conditions and becoming more realistic with their price expectations.

Vendors prepared to meet the market are finding buyers, while those hoping for higher prices are tending to remove their properties from the market or hold back from listing for the time being.

If this trend continues it could stimulate sales but would not necessarily lead to an increase in prices.

Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the selling prices and rating valuations of those that sold (where they could be matched), are available on its Residential Auction Results page.

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