Key Facts

  • Auction rooms for residential properties were busy last week, with 364 properties being auctioned, up from 345 the previous week but significantly lower than 500 a week during peak selling season.
  • The sales rate has remained consistent over the last five weeks, ranging from 28% to 31%, with a total of 106 properties selling under the hammer last week.
  • Waikato and Bay of Plenty have been experiencing notably low sales rates while Gisborne and Canterbury register falling sales rates.

Article Summary

Last week saw a considerable activity in the auction rooms around the country as 364 residential properties went under the hammer. This represented an increase as compared to 345 properties auctioned the previous week. However, numbers are still well below the over 500 properties per week during the peak selling season in February/March.

The sales rate remained somewhat consistent at around 29% with 106 properties sold. This stability was registered over the last five weeks, where it fluctuated between 28% to 31%, suggesting a settling trend.

Regions like Waikato and Bay of Plenty have reported significantly low sales rates. In contrast, Gisborne and Canterbury have documented declining sales rates, which are still higher than the rest of the country. Despite the decline, these rates are much lower from the very high sales rates recorded in these regions late last year.

Source Link: To read the full article, click here.