Property auction success PLUMMETS at Auckland's biggest agency - Property News AU/NZ | propertynoise.co.nz & propertynoise.com.au

PHOTO: Auctions. FILE

According to STUFF the number of properties selling under the hammer fell to 18% during the seven days to April 22 at Auckland’s largest real estate agency, Barfoot and Thompson.

Ray White also reported a sharp decline nationally over the last seven days, with clearance rates at 37%, down 24% on the week before, a reduction the company’s lead auctioneer said was partly down to the long weekend.

Property investor Matthew Ryan, who owns roughly 100 properties, said it was time for estate agents to abandon auctions, because they reduced the amount potential buyers were willing to pay.

Ray White franchise owner Glenn Carpenter, however, said auctions are still useful, because they cut the time properties remained on the market which was important during a market downturn.

Of North Shore properties, only two of 20 properties sold, and in Manukau only one of 21 properties sold.

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Other areas had a stronger showing, with four of six Franklin properties selling during the week, and the only property listed in Papakura also selling.

Barfoot and Thompson has been approached for comment.

Ray White also registered a fall in the number of registered bidders in the last seven days, with an average of 1.9 bidders per property, down 0.9 compared to the week before.

The agency also reported that over the past week a little over half (57%) of auctions received bids, down 24% on the week before.

Auction clearance rates had been falling for a while, with one investor saying in March the sales method had had its day with the market appearing to tank.