The New Zealand real estate auction market cooled slightly this week, with a reduction in the number of listings, but the clearance rate saw a modest rebound.
This week, there were 345 listings up for auction, with results collected for 159 of them. Out of these, 76 were successfully auctioned, 81 passed in, resulting in a clearance rate of 48%. Compared to the previous week, the number of listings for auction decreased by 113 (approximately 24.7%); although the number of successful auctions fell by 28 (approximately 26.9%), the clearance rate increased by 4 percentage points, indicating that the market remains somewhat active despite the reduced supply.
There was a divergence in performance across different regions, with notable increases in clearance rates in South Auckland and Auckland North Shore:
South Auckland's clearance rate increased by 28 percentage points to reach 64%;
Auckland North Shore's clearance rate rose by 12 percentage points to 63%.
Meanwhile, the clearance rate in Auckland East fell by 18 percentage points to 29%. Although the number of listings decreased in Auckland West, the clearance rate rebounded by 16 percentage points to 38%. Auckland Central experienced a slight decline, with a clearance rate of 43%, while data for Waiheke Island is still being collected this week.
In terms of pricing, the mainstream transaction range was between $1 million and $1.5 million, with 17 transactions, making it the largest proportion.
This week's highest sale was a property on 8 Stirling Street in Remuera, with a transaction price of $5.88 million.
The median house price for this week's transactions slightly declined to $1,245,000 (from $1,275,000 last week), while the average transaction price increased to $1,370,857 (from $1,314,634 last week), reflecting a higher proportion of high-priced property sales and indicating that market attention is focusing on mid to high-end properties. (Data is for reference only)