October’s residential auction results look a reasonably positive indicator for the coming summer selling season

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Real estate auction rooms appear to have more than held their own in October compared to a year ago, according to interest.co.nz’s Residential Auction Results, which monitored 1224 residential property auctions over the period 1-28 October. That’s up 29% compared to the equivalent period of last year (2-29 October) when 950 auctions were monitored using the same methodology.

However while the number of properties marketed for sale by auction was up strongly, the sales clearance rate stayed almost the same, with sales on 513 (42%) in October this year compared to sales on 380 (40%) in the equivalent period of last year.

Of the 434 sold properties where the selling prices were able to be matched up to their rating valuations (RVs), exactly two thirds (258) sold for more than their RVs while 168 sold for less and eight were the same as their RVs.

Interest.co.nz has only recently started including rating valuations with its auctions results so the comparable figures for last year are not available.

Interest.co.nz’s auction coverage is concentrated mainly in Auckland, the Bay of Plenty and Christchurch where there are high levels of auction activity.

In Auckland, 893 auctions were monitored from 1-28 October this year, up by a third from the equivalent period of last year.

But the sales rate edged down very slightly, from 41% last year to 39% this year.

And of the 283 sales that could be matched with rating valuations, 148 (52%) sold for more than their RVs, 129 for less and six were the same.

In the Bay of Plenty 85 auctions were monitored from 1-28 October, and sales were recorded on 38 of them (45%).

Comparable figures for the equivalent period of last year are not available for the Bay of Plenty at this stage.

Almost 100% of the sales recorded this year were for more than their rating valuations, however the rating valuations in Tauranga were set in July 2015 so that result is not surprising.

In Christchurch 142 auctions were monitored from 1-28 October, up just 6% from the equivalent period of last year, while sales were recorded on 72, giving a sales clearance rate of 51%, up from 41% last year.

Of the 70 sales where prices could be matched against rating valuations for sales recorded from 1-28 October, 36 (51%) were for more than their RVs, 32 were below and two were the same.

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