Residential Auction Activity Rises with a Third of Properties Selling Under the Hammer

Date Published: 26 March 2024

Key Facts

• Auction activity saw a surge last week after several weeks of decline.
• Last week, 568 residential properties went to auction, marking the third highest weekly number in over a year.
• The overall sales rate was 31%, with 127 properties sold under the hammer.
• Approximately 42% of the properties sold fetched a price equal to or exceeding their rating valuations.
• With March typically the busiest month for residential property sales, a one-third selling rate under the hammer seems to be a trend currently.
• The early Easter break could signify the climax of the peak summer season selling as the market winds into autumn.

Article Summary

The recent slowdown in New Zealand’s property auction market appears to be reversing, with heightened activity observed last week. A total of 568 residential properties went under the hammer last week, making it the third highest weekly figure in over a year. It’s worthy to note that March is usually the most active month for residential property sales, hence the uptick isn’t entirely surprising.

Of the 568 properties auctioned, 127 were sold, suggesting an overall sales rate of 31%. Additionally, close to half of the properties sold garnered prices that were either equal to or greater than their rated valuations. This roughly one-third sales rate under the hammer appears to be consistent, with this trend emerging over the last five weeks.

Market predictions for the upcoming week suggest a continuation of the lively trend, although factors such as an early Easter break this year could signal the wrap-up of the peak summer selling season. As the seasons transition, the property market too, is expected to start slowing down as it typically does during autumn.

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