This week, New Zealand's real estate auction market showed a slight contraction, with a decrease in the number of listings but a slight increase in the clearance rate.
A total of 185 properties were up for auction this week, and auction results were collected for 131 of them, with 62 successfully sold, 68 passed in, and a clearance rate of 47%. Compared to last week, the number of properties auctioned decreased by 128 (a drop of approximately 40.9%); the number of successful auctions decreased by 56 (a drop of approximately 47.5%); however, the clearance rate increased slightly by 1 percentage point, indicating that although market activity declined, the auction success rate improved.
Performance varied by region, with the clearance rate in South Auckland showing a notable increase, while other regions remained relatively stable or experienced slight declines:
- South Auckland's clearance rate increased by 15 percentage points to 66%;
- North Shore Auckland's clearance rate increased slightly by 3 percentage points to 47%;
- Central Auckland's clearance rate increased slightly by 1 percentage point to 46%;
- West Auckland's clearance rate decreased significantly by 36 percentage points to 33%.
Both East Auckland and Waiheke Island saw a decline in clearance rates, with Waiheke Island experiencing no sales this week.
In terms of prices, the main transaction range this week was between $500,000 and $1,000,000, with 17 properties sold, making up the largest proportion.
The highest sale price this week was for a property at 34 Norwood Road in Bayswater, which sold for $2,605,000.
The median sale price for properties sold this week dropped to $772,500, and the average sale price also fell to $659,115, reflecting a market leaning towards lower-priced properties and some concentration of sales activity in the mid to low-end market. (Data for reference only)