The past week in the New Zealand property auction market has showcased some noticeable shifts, particularly in regional price changes. A total of 226 auctions were listed from 21 April to 27 April 2025, reflecting a decrease of 139 listings compared to the previous week. The national success rate also fell to 26.1%, down by 7.9 percentage points.
Auckland, as usual, accounted for a significant portion of the auction activity with 146 listings. However, it saw a substantial drop in its median sale price by 17.5% to $990,000, as well as a lower success rate at 28.8%. This indicates a challenging market environment in the region, possibly influenced by the reduced number of auctions.
The Bay of Plenty saw an increase in listings by 10, but a dramatic fall in the success rate by 30.4 percentage points to 12.5%. The median sale price in this region plummeted by 46.4% to $735,000, which could be attributed to the higher number of lower-priced properties sold.
Canterbury presented a contrasting picture with a notable increase in its median sale price by 23.3% to $918,750, despite a lower number of auctions. This suggests a strong demand for higher-priced properties in this region.
Otago stood out this week with the highest increase in median sale price, soaring by 113.9% to $1,465,000. This dramatic rise might be due to the sale of high-value properties, which skewed the median price upwards significantly despite low auction volumes.
In conclusion, the New Zealand auction market this past week was marked by regional disparities, with Otago and Canterbury showing strong price performance amidst lower auction volumes. These shifts highlight the importance of regional dynamics in understanding the overall property market trends.