Latest auction data suggests sales are being achieved on one in three properties taken to auction with around two thirds selling for more than their rating valuation

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Auction activity continued at a steady gait in the week ending November 23, according to auction activity monitored by interest.co.nz.

We monitored 310 auctions around the country over the seven days from 17-23 November, which was little changed from the 301 we monitored over the previous seven days.

The agencies we monitored and our methodology did not change during that time.

While there was a very slight, slight change in the number of properties taken to auction in each of the two weeks, the sales rate was unchanged.

In both weeks, the overall proportion of sales achieved was exactly the same at 35%.

That suggests a very steady auction market, although there was some movement in the proportion of properties that sold for more, or less than their rating valuation.

The proportion of sales where the price was above the property’s rating valuation dropped from 74% in the week from 11-16 November to 63% in the week of 17-23 November.

However auction results provide only a partial view of the overall property market and the results from week to week can be affected by many factors, including changes in the mix of properties being offered.

We will have a better idea about how the market is tracking next week when we will have auction data for the full month of November and the major real estate agencies start reporting their full sales results for the month.

But the early data suggests the market is maintaining a steady momentum rather than a galloping pace.

Individual auction results are available on our Residential Auction Results page.

Investors interested in commercial property can find details of commercial sales on our Commercial Property Sales page.

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