Selling prices were fairly evenly clustered around rating valuations at the residential property auctions monitored by interest.co.nz in the week from 18-24 February.
Of the 355 residential property auctions around the country monitored by interest.co.nz during the week, sales were achieved on 131 (including those that were sold prior to the auction and those that were sold immediately afterwards), giving an overall sales rate of just over a third (37%).
The remaining 224 properties were mostly passed in, but a few were either withdrawn from sale just prior to their auction or had their auction date postponed.
There were 106 properties where the selling price was able to be successfully matched to a council rating valuation (RV), and they were pretty evenly divided between properties that sold for more than their RV (57) and those that sold for less than their RV (48), with one property selling for the same as its RV.
The highest level of auction activity was in Auckland, where interest.co.nz monitored 234 auctions.
Of those, sales were achieved on 83 properties giving an overall sales rate of 35% in Auckland.
Of the 68 Auckland properties where selling prices could be matched with RVs, 31 (46%) sold for more than their RV, 36 (53%) sold for less than their RV and one sold for the same as its RV.
Interest.co.nz – 2nd March 2019