This week, New Zealand's real estate auction market showed signs of activity overall, with a decrease in the number of listings but a significant increase in clearance rates.
This week, a total of 166 properties were auctioned, with results collected for 132 properties: 59 properties were successfully auctioned, and 71 were passed in, achieving a clearance rate of 45%. Compared to last week, the number of auctioned properties decreased by 60 (approximately a 26.5% decrease); the number of successful auctions increased by 2 (approximately a 3.5% increase); and the clearance rate rose by 10 percentage points, indicating a slight rebound in market interest.
Performance varied across regions, with the most significant increase in clearance rates observed in Auckland North Shore, where it increased by 27 percentage points to 58%. Auckland East also saw a significant rise in clearance rates, up by 20 percentage points to 45%. Clearance rates in Auckland Central and Auckland West increased by 5 percentage points and 6 percentage points, reaching 44% and 43% respectively. Meanwhile, Auckland South saw a slight decline of 2 percentage points, bringing the clearance rate to 31%.
In terms of prices, the most common transaction range this week was between $1 million and $1.5 million, with 17 properties sold in this range, constituting the highest proportion. The highest sale price this week was at 118 Remuera Road, Remuera, which fetched $4.12 million. The median sale price this week rose to $1,280,000, with the average sale price at $1,239,277, slightly lower than last week, indicating a stronger preference in the market for medium to high-priced properties. (Data is for reference only)