Residential auction activity remains relatively upbeat, with 285 properties offered at the auctions monitored by interest.co.nz over the week of 23-29 September. That was almost unchanged from the 284 properties offered the previous week and up slightly on the 274 offered the week before that. However the sales rate eased back slightly, with 114 properties selling under the hammer at the latest auctions giving an overall sales rate of 40%, down from 43% the previous week and 47% the week before that. If that trend continues were are likely to see selling prices that are above rating their valuations passing the 50% mark in the next few weeks. Overall, the auction rooms have become progressively busier over the last few weeks as the market has moved from winter to spring, suggesting a reasonably positive start to the summer selling season could be in the offing.

Source: Stuff September 30, 2023 09:42 UTC