The latest residential property auctions monitored by interest.co.nz saw a pick up in activity, but the sales rate has remained at 30% for the last three weeks. Of the 375 properties auctioned, 113 were sold under the hammer, giving an overall sales rate of 30%, which was unchanged from the previous three weeks. That suggests a sales rate of just under a third is the current norm. Sales were particularly weak in Auckland, where just 27% of the properties that were auctioned sold under the hammer, down from 31% the previous week. Auctions sales remain particularly strong in Gisborne, Canterbury and Queenstown, although even they have dropped back from the highs being achieved a couple of months ago.
