Little movement in sales rate at the latest auctions with 43% of properties selling under the hammer
There was a slight drop in activity at the latest auctions, with interest.co.nz monitoring the auctions of 344 residential properties around the country over the week of 11-17 October, down from 357 the previous week.
However, that may have been the calm before the storm, with early Orders of Sale suggesting there could be as many as 450 properties going under the hammer in the coming week, which would push activity squarely into the early summer season.
While the number of properties being offered at auction has fluctuated a bit over the last few weeks, there has been no significant movement in the sales rate, with 149 properties selling under the hammer at the latest auctions.
That gave an overall sales rate of 43%, bang in the middle of where it has been for the last couple of months.
Similarly, there does not appear to be much movement in selling prices.
So it appears to be a bit of a Goldilocks market at the moment – neither too hot nor too cold.
Perhaps the jump in the number of properties being auctioned in the coming week will provide more clues about where the market is headed over summer.
Details of the individual properties offered at all of the auctions covered by interest.co.nz, including the selling prices of those that sold, can be viewed on our Residential Auction Results page.
