Although the last week of residential property auctions featured less than half the volume of the prior week, as expected, the sales rate did shift up slightly, with 36% of the 211 properties offered at the auctions monitored by interest.co.nz in the week of 16-22 December selling. That is up from a record low 32% in the prior week. Only 26 of the 77 that sold achieved rating valuation or better, a lowish 34% and well down on the 50% level at the prior week. The prior week achieved the lowest sales rate of the year at 32%, so this week's 36% rate isn't a notable gain or achievement. But what is very notable is how well residential auctions are doing in Christchurch.

Source: New Zealand Herald December 23, 2023 12:07 UTC