Our sales results for the four weeks in June are positive news for all New Zealand property owners.
While there continues to be an area of uncertainty about the real estate market, and indeed many other financial areas, during the first four weeks of June we sold 1,308 properties valued at NZ$1.052 billion. This represents 81.6% of the number of sales that were completed in the same time in 2019. This in itself shows the strong resilience in depth of the buyer pool purchasing property currently.
Prices remain strong and well in line with those achieved in the last 12 months. It is clear that some markets are considerably stronger and buyer activity is best evidenced by the fact that our average number of bidders continues to be higher at 3.3 per auction so far in June, which is up by 25% on the same time last year. We feel that buyers may also be seeking certainty in their purchases and auctions give the transparency that many are looking for to gauge market value.
There are other underlying variables which are assisting the market remaining buoyant and confident for both buyers and sellers.