Real estate auction activity got off to a quiet start to 2023 with just one in four properties selling under the hammer and the rest either being passed-in, postponed or withdrawn from sale.
Interest.co.nz monitored the auctions of 109 residential properties over the week from 27 January to 3 February, located from Orewa in the north to Gore in the south.
Of those 109 properties, 27 sold under the hammer giving a sales rate of 25%.
Of the properties that sold, eight (30%) sold for more than their rating valuations,18 (67%) sold for less than their rating valuations and one could not be matched with a rating valuation.
It is usually mid-February before auction activity starts hitting its stride, but the auctions have got off to a difficult start this year with extraordinary weather in the upper North Island hampering normal sales activity in many places.
The auction results over the next couple of weeks should give a better indication of how the market is shaping up for the rest of the summer season.
Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including their rating valuations and the prices achieved for those that sold, are available on our Residential Auction Results page.
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