Residential property auction rooms experience their second busiest week of the year

By Greg Ninness

There was a slight drop in activity at the latest auctions although the number of properties going under the hammer remains elevated.

A total of 321 properties were offered at the residential property auctions monitored throughout the country by interest.co.nz in the week of 14-20 October, down from 367 the previous week.

However the previous week's auctions had the highest number of properties offered in any week this year and the latest week's auctions had the second highest of the year. That means the auction rooms are still the busiest they have been so far this year, surpassing the levels of activity back in March, which is usually the busiest time of the year.

The number of sales achieved also dipped slightly at the latest auctions, with 151 properties selling under the hammer compared to 167 the previous week.

The overall sales rate has been fairly steady for several months, usually remaining within the 40% to 50% range since early May.

The results of the last few weeks suggest a reasonable start to the spring/summer season, although things are usually a bit quieter during a short week so it may be difficult to pick a trend from next week's results.

The chart below shows the latest regional results from the auctions Interest.co.nz monitors around the country, and details of the individual properties offered at all of the auctions it monitors, including the rating valuations and prices achieved for the properties 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.