Auction rates reflect quieter market

According to the latest REINZ data, auction sales are steady with 280 dwellings nationwide sold by auction in January.

This represented 7% of all sales and was a decrease of 138 (-33%) on the number of auctions in January 2016, when 418 dwellings sold at auction.

The bulk of auction sales were in Auckland and Waikato/Bay of Plenty, with the two regions accounting for 51% and 26% of the total respectively.

Back in July 2016, before the latest investor-focused LVRs started to impact on the market, 1,674 dwellings nationwide were sold by auction