This week, New Zealand's real estate auction market performed worse than last week, with an increase in the number of listings, but a decline in the clearance rate.
This week, a total of 384 properties were up for auction, with auction results collected for 173 properties. Of these, 69 properties were successfully sold, while 101 were passed in, resulting in a clearance rate of 40%. Compared to last week, the number of properties up for auction this week increased by 39 (an increase of approximately 11.3%); the number of successful sales decreased by 7 (a decline of approximately 9.2%); and the clearance rate fell by 8 percentage points, indicating a slight weakening in market activity.
There was significant variability across different regions, with clearance rates declining in Auckland North Shore, Auckland Central, and Auckland South:
The clearance rate in Auckland North Shore dropped by 22 percentage points to 41%;
Auckland Central's clearance rate decreased by 3 percentage points to 40%;
Auckland South's clearance rate fell by 21 percentage points to 43%.
In contrast, the clearance rate in Auckland East saw some improvement, reaching 33%; Auckland West's clearance rate rose by 7 percentage points to 45%.
In terms of pricing, the mainstream transaction range this week was between $1 million and $1.5 million, with 18 properties sold in this bracket, making it the largest share.
The highest transaction price this week was for a property at 12 Cedar Road in Epsom, fetching $4.5 million.
The median house price for transactions this week rose to $1,341,500, while the average price increased to $1,395,463, reflecting a growing demand for mid to high-priced properties and a slight upward shift in the overall market transaction price focus. (Data is for reference only)