This week, the New Zealand real estate auction market cooled down, with both the number of listings and clearance rates declining.
A total of 194 properties were up for auction this week, with auction results collected for 159 properties, of which 70 were successfully sold and 84 were passed in, resulting in a clearance rate of 44%. Compared to last week, the number of properties up for auction decreased by 41 (roughly 17.4%); successful auctions decreased by 19 (a drop of about 21.3%); and the clearance rate fell by 3 percentage points, indicating a reduction in market activity.
Performance varied across regions, with notable increases in clearance rates in Auckland North Shore and Auckland East:
The clearance rate in Auckland North Shore rose by 13 percentage points to 58%;
The clearance rate in Auckland East rose by 13 percentage points to 45%.
In contrast, Auckland South experienced a decline, with the clearance rate dropping by 26 percentage points to 32%, indicating a slowdown in demand. Clearance rates also declined in Auckland Central and Auckland West.
In terms of price, the mainstream transaction range this week was between $1 million and $1.5 million, with 19 properties sold, making up the largest proportion.
The highest sale price this week was for the property at 28 Gladwin Road, Epsom, which reached $3.395 million.
The median price of homes sold this week dropped to $1,259,500, and the average sale price decreased to $1,179,740, reflecting an increase in the proportion of lower-priced properties being sold, indicating a market preference towards entry-level properties. (Data is for reference only)