This week, New Zealand's real estate auction market showed a significant cooling, with a substantial decrease in the number of listings, but the clearance rate remained stable.
A total of 161 properties were put up for auction this week, with auction results collected for 137 properties. Out of these, 45 were successfully sold, and 90 were passed in, resulting in a clearance rate of 33%. Compared to last week, the number of auctioned properties decreased by 224 (a drop of approximately 58.2%); the number of successful auctions decreased by 46 (a drop of approximately 50.5%). Although the clearance rate remained at 33%, market participation and activity clearly weakened.
Performance varied across regions, with the clearance rate in Auckland North Shore showing significant growth, while Auckland East and Auckland South saw declines:
- Auckland North Shore's clearance rate increased by 15 percentage points to 42%.
- Auckland Central's clearance rate dropped by 5 percentage points to 27%.
- Auckland East's clearance rate decreased by 7 percentage points to 33%.
- Auckland West's clearance rate remained steady at 27%.
- Auckland South's clearance rate slightly decreased by 3 percentage points to 36%.
In terms of prices, the mainstream transaction price range this week was between $500,000 and $1,000,000, with 17 properties sold, holding a clear advantage.
The highest selling property this week was located at 165 Schnapper Rock Road, Schnapper Rock, with a sale price of $2.75 million.
The median price of houses sold this week slightly increased to $1,195,000, while the average selling price rose to $1,199,067. This reflects an increased demand for mid to high-priced properties, slightly elevating the overall market price level. (Data for reference only)