Key Facts

  • Residential auction activity decreased slightly last week, but the number of properties being auctioned remains high in comparison with the general trend in 2023.
  • Out of 498 residential properties auctioned from 2-8 December, 197 were sold, giving a steady overall sales rate of 40%.
  • The sales rate for the last four weeks has been consistently around 39% or 40%, indicating relative stability in the market.
  • About 46% of the properties sold reached prices equal to or above their rating valuations, showing little variation from previous weeks.
  • Total auction numbers are expected to decline over the next few weeks with the Christmas/New Year break.

Article Summary

Last week saw a reduction in residential auction activity, yet still remaining significantly high in the light of 2023 statistics, especially as we approach the Christmas break. Interest.co.nz monitored a total of 498 auctions held around the country between 2-8 December, a decline from the 2023 record of 566 auctions held the week prior.

What’s interesting to note is the consistent sales rate of 39% or 40% over the last four weeks. During the latest auctions, out of 498 properties offered, 197 were sold, summing up to an overall stable sales rate of 40%. This consistency suggests that the market remains reasonably steady despite the approaching holiday period.

There’s similar steady trend with respect to the properties’ selling prices in relation to their rating valuations. Nearly half of the properties sold (46%) fetched prices at or above their rating valuations, showing little fluctuation from previous weeks. Residential auction activity is predicted to reduce incrementally over the next few weeks and likely to significantly drop during the Christmas/New Year period.

Source Link: To read the full article, click here.