Key Facts

  • There was a significant increase in the number of properties auctioned last week.
  • Interest.co.nz recorded 566 residential property auctions, up from 476 the previous week.
  • This marks the first time this year that the number of auctions held in a week exceeded 500.
  • Despite the increase in auctions, the sales rate fell slightly to 39% from 40% the previous week.
  • Sales of properties at prices equivalent to or above their rating valuations increased to 48%.
  • Auction rooms were reported to be the busiest they’ve been all year, with many potential buyers present.
  • Despite the high attendance, bidders remained cautious, resulting in numerous challenging post-auction negotiations.

Article Summary

Last week saw a notable surge in properties being put up for auction, as reported by Interest.co.nz. The tally of 566 homes outstripped the previous week’s figure of 476, marking the first instance this year when the weekly count of properties up for auction exceeded 500.

Conversely, the sales rate dipped marginally to 39%, a drop compared to the previous week’s rate of 40%. This slight dip can be attributed to the fact that the growth in the number of properties sold didn’t quite keep pace with the increase in the number of properties on offer.

Despite the lower overall sales rate, there was a positive shift in the number of properties that fetched prices equal to or higher than their rating valuations, reaching 48%. This figure represents a high for the year to date. Auction rooms were bustling, evidencing a strong presence of buyers. Yet, this did not translate into aggressive bidding, with many buyers remaining cautious during auctions. The result was an unusual number of tough post-auction negotiations.

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