The New Zealand real estate auction market has generally stabilized this week, with a slight increase in clearance rates, although the number of listings has decreased.
This week, a total of 215 properties went up for auction, with auction results collected for 184 properties, among which 88 were successfully sold and 93 failed to sell, resulting in a clearance rate of 48%. Compared to last week, the number of properties auctioned decreased by 42 (around 16.3%), and the number of successful sales dropped by 13 (about 12.9%). However, the clearance rate increased by 1 percentage point, indicating that while market supply has decreased, the proportion of successful transactions has slightly risen.
There were significant differences in performance across regions, with notable increases in clearance rates in Auckland North Shore and Auckland West:
The clearance rate for Auckland North Shore increased by 16 percentage points to 54%;
Auckland West saw a clearance rate increase of 11 percentage points to 55%.
Auckland Central, Auckland East, and Auckland South experienced varying degrees of decline in clearance rates, particularly Auckland East, which saw a significant drop of 7 percentage points, down to 36%. There were no sales on Waiheke Island this week, and the market remains sluggish.
In terms of prices, the mainstream transaction range this week was between $1 million and $1.5 million, with 22 transactions, making up the largest proportion.
The highest sales price this week was for a property at 26 Sarsfield Street in Herne Bay, sold for $3.092 million.
The median sale price for houses this week dropped significantly to $1,017,500, from $1,291,000 last week; the average sale price fell to $974,040, compared to $1,276,237 last week. This reflects a shift in market focus from higher-priced properties to those at lower price points. (Data for reference only)