This despite challenges brought by Cyclone Gabrielle
Auction activity around New Zealand increased last week, edging up slightly to 38% despite the challenges caused by Cyclone Gabrielle in the upper North Island.
interest.co.nz monitored 251 residential property auctions across the country last week, with the results surprisingly including two properties in Coromandel district that were auctioned last Thursday after Gabrielle wreaked havoc in the area.
interest.co.nz’s auction coverage found that 96 of the 251 properties offered at auction last week were sold, resulting in an overall sales rate of 38%, a slight increase from 36% the previous week, which suggests the property market is now in peak selling mode as it heads towards the traditionally busiest month for residential real estate, March.
Prices are still mostly soft. interest.co.nz was able to match selling prices with the rating valuations of 91 properties that sold at auction and found that 34% of the sales achieved prices greater than or equal to their rating valuations – down from 41% the previous week. Sixty-six per cent (66%), meanwhile, sold for less than their rating valuations last week.
The table below shows the residential auctions monitored by interest.co.nz from Feb. 11-17 by region.
|
Region |
Total |
Sold |
% Sold |
|---|---|---|---|
|
Northland |
3 |
1 |
33% |
|
Auckland |
162 |
59 |
36% |
|
Waikato |
17 |
6 |
35% |
|
Bay of Plenty |
13 |
4 |
31% |
|
Coromandel |
2 |
1 |
50% |
|
Gisborne |
1 |
1 |
100% |
|
Taranaki |
4 |
2 |
50% |
|
Wairarapa |
2 |
0 |
0 |
|
Nelson/Bays |
3 |
0 |
0 |
|
West Coast |
1 |
1 |
100% |
|
Canterbury |
43 |
21 |
49% |
|
All of Aotearoa |
251 |
96 |
38% |
For details of the individual properties offered at all the auctions monitored by interest.co.nz, visit the news hub’s Residential Auction Results page.
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