There was a reasonable jump in the number of properties on offer at the latest residential auctions and an even bigger jump in the sales rate.

Interest.co.nz monitored the auctions of 277 residential properties around the country over the week of August 16-22, up from 238 the previous week and 236 the week before that.

Of the 277 properties on offer, 135 sold under the hammer which gave a sales rate of 49%, up from 37% the previous week.

That was the highest sales rate achieved in any week since the beginning of September 2023.

The main drivers of the higher sales rate was improved sales levels in Auckland and Canterbury.

However there appeared to be only a modest improvement in prices, with 65% of the properties that sold achieving prices that were equal to or above their rating valuation, after several weeks of sitting within a point of two either side of 60%.

We will need a another couple of weeks’ results before we know whether the latest results were just a flash in the pan or a signal that stronger market conditions are just around the corner.

Details of all of the properties that were offered at last week’s auctions, including the selling prices of those that sold, are available on our Residential Auction Results page.

 

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