Auction Activity in New Zealand Continues to Rise, According to New Report
According to a recent report by interest.co.nz, auction activity in New Zealand is on the rise. The site recently measured the number of auctions that occurred across the country in September and found that there has been a significant upswing in auction activity as of late.
Numbers were measured on a week-by-week basis and saw a consistent increase over time. For the week of 23-29 September, 206 auctions were monitored across the country, compared to 175 and 159 in previous weeks. Interest.co.nz also noticed a 60% sales rate for the properties monitored with many properties selling above their rating valuations.
Only two auctions were postponed and two properties were withdrawn from auction, a promising figure for the auction industry in New Zealand.
The report also notes that Auckland figures were in line with the rest of the nation, demonstrating an improvement for the city which had previously been behind the rest of the country in terms of sales.
Many are attributing the rise in auction activity to the changing seasons as winter in New Zealand brought about a significant lull in the real estate market.
Details from the report can be found on interest.co.nz’s residential auction page.