Key Facts
- Residential property auctions monitored by interest.co.nz showed increased activity from 22 April to 3 May, with 437 properties for sale.
- The number of properties auctioned spiked from 364 the previous week but was still lower than the peak selling period in February and March which saw over 500 properties auctioned weekly.
- The number of properties sold under the hammer remained relatively stable at 136, maintaining an overall sales rate of 31%.
- The sales rate has remained consistent between 28-31% for the past six weeks.
- The current condition of the auction room is reflective of the overall property market, with an abundance of properties for sale but a slower sales pace as cautious buyers are selective with their purchases.
Article Summary
The residential property auction sector tracked a noticeable surge in activity from 22 April to 3 May, according to data monitored by interest.co.nz. During this period, the number of properties on offer for sale rose to 437, marking a noteworthy increase from 364 in the previous week. Despite this increase, it still falls short of the active weekly auction activity during the February and March peak period when more than 500 properties were auctioned each week.
The surge in auction listings did not translate into a proportionate increase in sales. The number of properties sold under the hammer stayed fairly stable, culminating in 136 sales. This resulted in an overall sales rate of 31%, which remained consistent with the sales rate range of 28-31% observed over the past six weeks.
A closer look at the auction room trends resonates with the overarching property market conditions. While there is a plenitude of properties available for sale, the buoyancy of sales has diminished. This slow pace of sales may be attributed to potential buyers adopting a cautious approach, being meticulous with their selection and price considerations.
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