The New Zealand residential property auction market saw some intriguing developments during the week of 24th to 30th March 2025. A total of 518 auctions were listed nationwide, up by 60 from the previous week. However, despite this increase in listings, the national auction success rate dipped slightly by 1.8 percentage points to 33.8%. The median sale price also saw a decline of 4.1% to $1,101,000, reflecting a shift in buyer sentiment or possibly a change in the types of properties being sold.
Regionally, Otago stood out with a 100% success rate for its three auctions, although this was based on a small number of auctions. The median sale price in Otago surged by 57.3% to $1,100,000, which could indicate that high-value properties were in demand, or possibly a limited supply scenario driving up prices.
In contrast, Auckland, which had the highest number of auctions at 349, experienced a marginal success rate increase of 0.1 percentage points, landing at 35.2%. However, the median sale price in Auckland dropped by 7.8% to $1,166,000. This suggests a potential correction in the market or a shift towards more affordable property sales during the week.
Gisborne's market saw a notable increase in its median sale price by 37.0% to $685,000, even though the number of auctions decreased by 18. This might indicate strong demand for the limited properties available, driving up the prices. On the other hand, Northland experienced a significant 20.7% drop in its median sale price to $697,750, despite a slight improvement in its success rate.
In summary, the past week has revealed varied regional dynamics in New Zealand's auction market. While some areas like Otago and Gisborne saw dramatic price increases, others like Auckland and Northland experienced price declines. These fluctuations highlight the diverse nature of the property market across the country.
New Zealand Auction Market Overview - 24 March to 30 March
Key nationwide statistics for the past week, with week-over-week (WoW) comparison:
- Total Auctions Listed: 518 (+60 WoW)
- Auctions Sold: 175
- Success Rate: 33.8% (-1.8pp WoW)
- Median Sale Price: $1,101,000 (-4.1% WoW)
- Average Sale Price: $1,248,946
- Price Range (Sold): $244,000 - $8,230,000
Regional Snapshot
| Region | Auctions Listed | Δ WoW | Success Rate | Δ WoW (pp) | Median Price | Δ WoW (%) |
|---|---|---|---|---|---|---|
| Auckland | 349 | +79 | 35.2% | +0.1pp | $1,166,000 | -7.8% |
| Bay of Plenty | 9 | -10 | 11.1% | -25.7pp | $925,000 | +20.6% |
| Canterbury | 64 | +6 | 37.5% | -5.6pp | $1,012,000 | +15.0% |
| Gisborne | 8 | -18 | 37.5% | +2.9pp | $685,000 | +37.0% |
| Hawke's Bay | 0 | 0 | 0.0% | 0.0pp | N/A | N/A |
| Manawatū-Whanganui | 2 | +1 | 0.0% | 0.0pp | N/A | N/A |
| Marlborough | 0 | -6 | 0.0% | -33.3pp | N/A | N/A |
| Northland | 30 | +11 | 40.0% | +3.2pp | $697,750 | -20.7% |
| Otago | 3 | -5 | 100.0% | +75.0pp | $1,100,000 | +57.3% |
| Southland | 0 | 0 | 0.0% | 0.0pp | N/A | N/A |
| Taranaki | 0 | 0 | 0.0% | 0.0pp | N/A | N/A |
| Tasman | 0 | 0 | 0.0% | 0.0pp | N/A | N/A |
| Waikato | 23 | -8 | 13.0% | -22.4pp | $1,565,000 | +22.7% |
| Wellington | 12 | -1 | 25.0% | +1.9pp | $800,000 | -32.8% |
| West Coast | 0 | 0 | 0.0% | 0.0pp | N/A | N/A |
(Note: WoW = Week-over-Week change. All figures based on available data. Success rates/prices based on sold auctions.)