There was no change in the number of properties offered at the auctions monitored by interest.co.nz last week, but the sales rate increased from a quarter to just over a third.
Interest.co.nz monitored the auctions of 148 residential properties around the country last week (6-12 August), which was unchanged from the previous week, with 54 of those selling under the hammer, giving an overall sales rate of 36%, up from 25% the previous week.
The increase in the sale rate was largely driven by some strong auction results in the South Island, with sales rates of 74% in Canterbury, 78% in Central Otago-Lakes and 100% in Southland.
Around the rest of the country the sales rates remained mostly about 25% or less.
Overall, the number of properties being brought to auction remain at very low levels.
Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the prices of those that sold, are available on our Residential Auction Results page.
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5 Comments
Carbon farming?
Perhaps the housing market is showing the first glimmer of stability - following falling prices over the past 9/10 months…….??
Wait and see.
TTP
Yes, pack it in everyone, the market has now turned into a sellers market.
Lol
I don't think so. These auction updates are now meaningless.
The market won't stabilise until all rate hikes are fully priced in. Still a majority of mortgages on historical low rates and such low turnover and lots of choice still. Many agents/brokers will now be feeling the affect on thier personal finances.
Smart buyers with strong cash position will wait patiently and watch HPI data. Wherever that goes.
There are too few real quality listings in the SI and there are a lot of cash up people wanting them. Simple fact.
Be it residential or land holdings. Most are not auctions.
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