This week, New Zealand's real estate auction market cooled slightly, with an increase in the number of properties going under the hammer, yet a slight decline in clearance rates.
This week, a total of 302 properties were auctioned, with results collected for 230 of them. Out of these, 97 were successfully sold, and 127 were passed in, making the clearance rate 42%. Compared to last week, the number of properties auctioned increased by 43 (approximately 16.6%); the number of successful auctions grew by 14 (an increase of approximately 16.9%). However, the clearance rate slightly dropped by 1 percentage point, indicating that market demand has yet to pick up significantly.
Performance varied across regions. Auckland South stood out with the clearance rate rising by 20 percentage points to 65%, indicating strong market demand. In contrast, Auckland North Shore's clearance rate fell significantly from 53% last week to 41% this week, a decrease of 12 percentage points, suggesting potential challenges in the local market. Auckland Central's clearance rate dropped to 37%, down 6 percentage points, indicating a slight market slowdown in that area. Clearance rates in Auckland East and West improved, reaching 43%.
In terms of prices, the mainstream transaction range this week was $1 million to $1.5 million, with 22 properties sold in this range, having a substantial share. The highest sale price this week was for a property at 610 Massey Road, Mangere, which fetched $9.11M. The median house price for sales this week dropped to $1,164,000, a decline of $19,000 compared to last week, while the average sale price rose to $1,359,524. This increase reflects a higher proportion of high-priced property sales, indicating a market concentration towards high-end properties. (Data for reference only)