Although more properties were auctioned in 2024, the sales rate dropped to 35% from 40% in 2023

As expected there was a sharp downturn in activity at the latest auctions, as the property market prepares to wind up for the Christmas/New Year break.

Interest.co.nz monitored the auctions of 164 residential properties around the country over the short week of 14-19 December, down from 408 over the equivalent period of the previous week.

Of the 164 properties on offer, 60 sold under the hammer, giving a sales rate of 37%, down from 42% the previous week.

Buyers appeared more cautious on price this week too, with just 19% of the properties that sold achieving prices above or equal to their rating valuation, compared with 45% the previous week.

This is our last auction report for 2024. During the year interest.co.nz has monitored the auctions of 17,061 residential properties, up 38% compared to the 12,401 auctions monitored in 2023.

Of the more than 17,000 properties offered at the auctions monitored this year, 5998 were sold under the hammer, giving an overall sales rate of 35% for the year, down from 40% in 2023.

So 2024 was reasonably busy year for auction activity, but sales were a bit weaker overall than in 2023.

The busiest week of 2024 for auction activity was 24 February to 1 March, when 619 properties were offered at the monitored auctions and 212 sold under the hammer.

That was the only week this year when the number of properties auctioned exceeded 600 and the number sold exceeded 200.

Although this is our final auction report for 2024, results from individual auctions will continue to be entered into our Residential Auction Results page. Weekly auction reports will not resume until auction numbers are sufficient to provide meaningful data, probably in early to mid February.

Best wishes to all of our readers for Christmas and the New Year.