The sales rate at property auctions has declined from about three quarters to just over half over the last three months
By Greg Ninness
There was a jump in residential auction activity at the end of April but the sales rate remained unchanged at just over 50%.
At the auctions monitored by interest.co.nz in the week of April 24-30, 338 properties were offered for sale, up from 267 the previous week but still below the 369 offered the week before that.
Of the 338 properties offered, sales were achieved on 183, giving an overall sales rate of 54% for the week, almost unchanged from 55% the previous week.
The sales rate at auction has been steadily falling since February.
Over the four weeks from February 6 to March 5, 1367 properties were offered at the auctions monitored by interest.co.nz and sales were achieved on 971, giving on overall sales rate of 71%.
Over the following four weeks, from March 6 to April 2, 1538 properties were offered and sales were achieved on 977, giving an overall sales rate of 64%.
Then over the four weeks from April 3 to April 30, 1281 properties were offered and sales were achieved on 685, giving an overall sales rate of 53%.
So in broad terms, the auction sales rate has gone from almost three quarters to almost two thirds to just over half over the last three months.
This story was originally published on Interest.co.nz and has been republished here with permission.