This week, the New Zealand real estate auction market has seen increased activity, with both the number of listings and the overall clearance rate rising.
A total of 399 properties were up for auction this week, with results collected for 192 of them, of which 87 were successfully sold, and 102 passed in, resulting in a clearance rate of 45%. Compared to last week, there were 15 more properties auctioned this week (an increase of about 3.9%); the number of successful auctions increased by 18 (a rise of about 26.1%); and the clearance rate rose by 5 percentage points, indicating a slow market recovery.
Performance varied across different regions, with notable improvements in the clearance rates for Auckland's North Shore and East Auckland:
The North Shore's clearance rate increased by 23 percentage points to 64%;
East Auckland's clearance rate rose by 20 percentage points to 53%.
The clearance rate in Central Auckland decreased from last week's 40% to 26%. South Auckland saw a significant improvement in its clearance rate, reaching 55%, showing relatively positive performance. West Auckland remained stable, while Waiheke Island had no sales, indicating continued market softness.
In terms of prices, the predominant transaction range this week was between $500,000 and $1 million, with 19 properties sold in this range, making it the dominant category.
The highest sale price this week was for 8 Oceania Place in Mellons Bay, which sold for $3.4 million.
The median sale price for this week dropped to $1,125,000, while the average sale price fell to $1,055,886, reflecting an increased preference for medium to low-priced properties, with a higher transaction volume concentrated in the lower price range. (Data for reference only)