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Sharp rise in auction properties foreshadows tough market

Sharp rise in auction properties foreshadows tightening market

AUCKLAND, 4 August 2011 – The number of properties put up for sale by auction has skyrocketed in the last two months, prompted by the drop in inventory of unsold houses.

Data provided by Realestate.co.nz shows that in the months of June and July 2011 the number of auction properties spiked to 1,168 and 1,132 respectively. In a typical month, around 600 properties come onto the market advertised as auction sales.

Alistair Helm, CEO of Realestate.co.nz, says that these figures show dramatically how the New Zealand property market is now trending in favour of sellers, as was indicated by figures in this month’s NZ Property Report.

“When listings are in short supply, as we are seeing at this time, we tend to see a rise in the proportion of properties being marketed as auctions. In absolute terms, these last two months have seen the highest recorded numbers for auction properties looking back over the past four years.”

“This data should be a call to action for potential sellers who can put their homes on the market with confidence that there will be high demand.”

Mr Helm says the spike is even more significant when viewed against the decline in new listings witnessed this year.

“As a percentage, the number of properties brought to the market in June was the highest ever seen at 13% – far outstripping the prior high of 9% back in September and October 2009.”

Mr Helm says the vast majority of properties marketed as auctions are in the Auckland region – in June Auckland accounted for 56% of all of the 1,132 auction properties marketed across the country last month.

For more analysis of this data can be found on www.unconditional.co.nz, the news and information website for New Zealand real estate. http://unconditional.co.nz/blog/sharp-rise-in-auction-properties-foreshadows-tighteness-in-the-market/

ENDS

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