This week, New Zealand's real estate auction market showed signs of fatigue, with a slight decrease in the number of listings and a small drop in clearance rates.
A total of 170 properties were up for auction this week, with auction results collected for 70 properties. Of these, 36 were successfully sold, and 34 were passed in, resulting in a clearance rate of 51%. Compared to last week, the number of properties put up for auction decreased by 25 (about 12.8%); the number of successful sales decreased by 17 (about 32.1%); and the clearance rate dropped by 1 percentage point, indicating a weakening in market activity.
The performance varied across regions, with Auckland North Shore and Auckland South showing significant declines in clearance rates:
The clearance rate in Auckland North Shore fell by 24 percentage points, down to 43%;
Auckland South's clearance rate plummeted by 58 percentage points, down to 0%.
In contrast, Auckland East and Auckland West experienced significant improvements in clearance rates:
Auckland East's clearance rate increased by 42 percentage points, reaching 75%;
Auckland West's clearance rate rose by 42 percentage points, up to 80%.
Auckland Central's clearance rate saw a slight decline, with substantial fluctuations across the market.
In terms of prices, the main transaction range this week was between $500,000 and $1,000,000, with 5 sales in this range, representing the largest portion. The highest sale price this week was for the property at 122A Marua Road in Ellerslie, with a sale price of $1.625M. The median price of sold houses this week dropped significantly to $751,750, while the average price also fell to $762,730, reflecting that the transactions were mainly concentrated in the mid to low-price segment. (Data for reference only)