Auckland sellers get close to asking price

Over the past three years, REINZ statistics show that the sale price of properties was generally about 15% below the asking price, although there had been a slight rise over the past six months.

But for Auckland, the difference between asking price and sale price has been a lot smaller over that time and there had been a significant narrowing of the gap over the past 18 months.

Sale prices are now only about 5% below asking prices.

Helm said there were several possible explanations. “Is it a function of the rising Auckland house prices? Could it be more cautious real estate agents not pricing property too far ahead of expectation in Auckland?”

He said Auckland had a higher proportion of properties going to auction, displayed with a price range rather than a set price.

“Agents who want to attract as many buyers as possible, maybe pitch a property with a range that is below the current market price.”