There was a sharp decline in residential auction activity last week, as winter made its presence felt in the auction rooms.
Interest.co.nz monitored the auctions of 296 residential properties around the country last week (4-10 May), down sharply from 437 the previous week.
It was the first time fewer than 300 properties have been offered at the auctions we monitor since mid-January, when the market was just starting to wake up after its Christmas/New Year siesta.
However while there was a drop in the number of properties auctioned last week, there was a slight improvement in the sales rate, with 97 properties selling under the hammer, giving an overall sales rate of 33%.
That was up from 31% the previous week and 29% the week before that, and was at the upper end of the 28-33% range that has prevailed for the last couple of months.
However at this stage, it's too early to call that an improving trend and we'll need a few more weeks to see where things are likely to settle over winter.
The table below shows the regional trends, and details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the selling prices and rating valuations of the properties that sold, are available on our Residential Auction Results page.
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