A chill wind's blowing through the auction rooms, and perhaps a few tumbleweeds as well. There were 157 residential properties on offer at the latest auctions monitored by interest.co.nz (15-21 July), down from 171 the previous week and up over 200 a week prior to that. Fifty eight properties sold under the hammer compared to 80 the previous week and 91 the week before that. That pushed the sales rate down to 37% at the latest auctions, from 47% the previous week and 43% the week before that. It was significant that both auction activity and sales continued to trend down at the latest auctions, even though the previous week was a short one in the lead up to the Matatriki long weekend.

Source: Stuff July 22, 2023 01:47 UTC