Plenty of properties on offer at the auctions but still only a third selling under the hammer

By Greg Ninness

Auction activity perked up again last week after a couple of weeks of decline.

Interest.co.nz monitored the auctions of 568 residential properties last week (16-22 March), which was the third highest number in a single week in more than a year.

Of those, 127 were sold under the hammer giving an overall sales rate of 31%, while 42% of the properties that sold achieved prices equal to above their rating valuations.

The high number of properties auctioned is not a surprise because March is usually the busiest month of the year for residential property sales, and the sales rate has remained within a per cent or two of 33% for the last five weeks. So a third of properties selling under the hammer appears to be the overall norm for the time being.

This week also looks like it will be a lively one in the auction rooms, although the early Easter break this year could mark the end of peak summer season selling as the market starts winding down to autumn.

The table below shows the latest results by district, while details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the prices achieved for 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.