The New Zealand real estate auction market was somewhat sluggish this week, with both the number of listings and clearance rates experiencing declines.
A total of 214 properties were up for auction this week, with auction results collected for 178 of them. Out of these, 68 were successfully sold, while 109 failed to sell, bringing the clearance rate down to 38%. Compared to last week, the number of properties up for auction decreased by 53 (a drop of about 19.9%), the number of successful sales fell by 14 (a drop of about 17.1%), and the clearance rate decreased by 2 percentage points, indicating a weakening of market activity.
Performance varied across different areas, with a significant drop in clearance rates observed in Auckland Central:
Auckland Central's clearance rate fell by 8 percentage points to 27%;
Auckland West's clearance rate dropped by 32 percentage points to 38%;
Auckland South's clearance rate rose by 11 percentage points to reach 56%;
Auckland North Shore and Auckland East saw small changes of 1 and 6 percentage points respectively, but remained overall stable.
In terms of prices, the mainstream transaction range this week was between $1 million and $1.5 million, with 9 properties sold, making it the largest segment.
The highest transaction price this week was for a property at 34 Curran Street in Herne Bay, selling for $2.905 million.
The median sale price of houses this week rose to $1,277,500, and the average sale price climbed to $1,288,164, reflecting an increased proportion of high-priced property sales and a concentration of market activity in the mid-to-high-end segment. (Data for reference only)