More New Zealand homes have sold under the hammer in February as the market heads towards its busiest month of the year in March.

Data from interest.co.nz – which monitored 187 residential auctions across New Zealand during the first week of February – found homes set for auction increased by 109 properties from the previous week[i].

The auction data was released at the same time the Real Estate Institute of New Zealand’s (REINZ) January 2023 figures were released showing house prices have declined but at a slower rate than seen previously.

REINZ Chief Executive, Jen Baird says prices continue to ease but the pace of the decline is steadying, and the market has glimpses of a new life as January’s seasonally adjusted data shows.

Green shoots of positivity

According to the data from interest.co.nz, the auction sales rate also showed a substantial improvement with 67 properties selling at auction, giving an overall auction sales rate of 36%, compared to 25% the previous week.

The strong auction results were unprecedented for this time of year as the properties were among the first wave listed for sale after the Christmas/New Year break.

Angus Raine, Executive Chairman, Raine & Horne, said selling a home via auction was an invaluable sales method in a challenging real estate market.

“Selling a home under the hammer helps in those instances where a home is unique and difficult to value and price,” he said.

Mr Raine said the benefit of an auction campaign is that it is typically a shorter sales program than compared to selling via private treaty.

“Furthermore, an auction is an open and obvious process where the buyer can buy on the spot without having to endure the waiting game upon presenting an offer on a property while wondering what other offers have been made by other competing, potential buyers,” he said.

“And for the seller their home is sold on the day thanks to the open forum that is an auction.”

For more information about selling your home via auction, contact your local Raine & Horne office.

[i] https://www.interest.co.nz/property/119612/more-properties-offer-and-more-sold-under-hammer-latest-auctions