Residential property auction activity has softened slightly over the last two weeks, with fewer properties on offer and fewer selling under the hammer.
The number of residential auctions monitored by interest.co.nz so far this year peaked at 562 in the last week of February, then dipped to 538 in the first week of March, and dipped again to 508 in the week of 7-13 March.
The number of properties sold under the hammer has followed a similar trajectory, peaking at 219 in the last week of February, and declining to 195 at the latest auctions.
Significantly, the under-the-hammer sales rate has been below 40% for the last four weeks, after starting the year in the 42% to 45% range.
February and March are usually the busiest months of the year for both auctions and residential sales activity generally, so it’s too early to say the market has already peaked for the summer season as it could pick up again in the next few weeks.
However, the prevailing mood is one of caution.
This was noted by Real Estate Institute of New Zealand Chief Executive Lizzy Ryley in the REINZ’s latest Housing Market Report.
“February’s housing market shows patience on both sides, with selective buyers and sellers prepared to wait for the right price,” Ryley said.
The latest auction results show many are continuing to wait in March, as they face growing economic and political uncertainties.
Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the selling prices of those that sold, are available on our Residential Auction Results page.
