This week, New Zealand's real estate auction market performed relatively sluggishly, with a slight increase in the number of listings but a notable decline in clearance rates.
A total of 219 properties went up for auction this week, with results collected for 163 of them, of which 64 were successfully auctioned, and 98 passed in, leading to a clearance rate of 39%. Compared to last week, the number of auctioned properties increased by 9 (approximately 4.3%); the number of successful auctions decreased by 19 (a drop of about 22.9%); and the clearance rate fell by 12 percentage points, indicating a decrease in market activity.
Performance varied by region, with significant declines in clearance rates particularly in Central Auckland and Auckland North Shore:
Auckland North Shore's clearance rate dropped by 11 percentage points to 40%;
Central Auckland's clearance rate fell by 20 percentage points to 34%.
Auckland East was the best-performing area this week, with a clearance rate increase of 13 percentage points, reaching 58%. Conversely, both Auckland South and Auckland West saw varying degrees of decline in their clearance rates, and Waiheke Island's clearance rate plummeted from last week's 100% to 0%.
In terms of prices, the mainstream transaction price range this week was between $1 million and $1.5 million, with 20 properties sold in this range, making it the largest proportion.
The highest transaction price this week was for a property located at 67a Baddeley Avenue, Kohimarama, which commanded a price of $3.075 million.
The median price of sold homes this week decreased to $1,046,250 (from $1,273,500 last week), and the average transaction price also dropped to $1,006,535 (from $1,434,599 last week), reflecting a reduced demand for high-priced properties and a tilt towards lower-priced offerings in overall transactions. (Data is for reference only)