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Auction activity is steadily rising with an average sales rate of 60% at the latest auctions monitor

Updated: Oct 10, 2019

Auction activity continued to warm up in the last week of September with a spring lift in activity now clearly evident.

Interest.co.nz monitored 206 auctions around the country in the week of September 23-29, compared to 175 the previous week and 159 the week before that.

Of the 206 properties monitored, sales were achieved on 124 giving an overall sales rate of 60%.

And more are selling at prices above their rating valuation (RV) .

Interest.co.nz was able to match selling prices with RVs on 90% of the properties sold, with 63% selling for more than their RV.

Significantly there were only minimal differences between the Auckland and national figures, with sales achieved on 61% of the Auckland properties auctioned with 57% selling for more than their RVs.

There were also very low numbers of properties that were withdrawn from sale or had their auction postponed, with just two postponements and two withdrawals during the week.

 The figures suggest that the market is becoming more buoyant as spring progresses and that Auckland is no longer lagging behind the rest of the country.

Other indicators such as the Quotable Value for September also suggest the market is warming up, after  what was a fairly miserable winter for residential property.


Source: Greg Ninness, Interest.co.nz




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