This week, New Zealand's real estate auction market showed signs of fatigue, with an increase in the number of listings but a slight decrease in the clearance rate.
A total of 387 properties were up for auction this week, with auction results collected for 312 properties. Of those, 125 were successfully auctioned, and 184 were passed in, resulting in a clearance rate of 40%. Compared to last week, the number of properties auctioned increased by 25 (about 6.9%); the number of successful auctions slightly increased by 2 (an increase of about 1.6%); and the clearance rate decreased by 2 percentage points, indicating a slight cooling in the market.
Performance varied across regions, with a significant increase in the clearance rate on Waiheke Island, reaching a 100% clearance rate, while clearance rates in Auckland East and Auckland West declined:
Waiheke Island's clearance rate increased by 50 percentage points, reaching 100%;
Auckland North Shore's clearance rate increased by 8 percentage points, reaching 42%;
Auckland East's clearance rate decreased by 13 percentage points, dropping to 35%.
Auckland Central and Auckland South remained stable, with the former seeing a slight decline and the latter a minor increase. Overall, the market activity showed regional divergence.
In terms of prices, the mainstream transaction range this week remained between $1 million and $1.5 million, with 40 transactions, making up the largest portion.
The highest transaction price this week was for a property at 4/29 King Edward Parade in Devonport, sold for $4.45 million.
The median house price for transactions this week rose to $1,230,000, and the average transaction price increased to $1,404,686, reflecting a slight increase in transactions of higher-priced properties, with the market heat concentrating on mid- to high-end properties. (Data for reference only)