Recent market data released by the Real Estate Institute of New Zealand (REINZ) reveals an interesting contradiction in New Zealand’s property landscape. While confidence and activity are clearly on the rise, with the days to sell in Canterbury dropping by 5 days in October*, the reality of auction success rates tells a different story than what many might expect.
The Auction Myth Exposed
Here’s a statistic that might surprise you: according to the latest information from REINZ, only 12.2% of properties actually sell “under the hammer” at auction outside Auckland. Even including Auckland, that figure only rises to 17.5%.*
This is particularly striking when you consider how heavily auction marketing is pushed across the country. The reality is that the vast majority of properties marketed for auction end up selling through negotiation after the auction event, often in what agents call “the hot room”.
What makes this even more interesting is what happens to those properties that don’t sell under the hammer. They go into negotiation, and often the sale gets done in the days or weeks following the auction. So when you see a property advertised for auction, you’re looking at a 12% chance of it selling on auction day in the way auctions are traditionally understood.
The Good News
For Buyers, if you’re interested in a property going to auction but feel intimidated by the process, don’t write it off. There’s an 87.8% chance that the property will still be available for negotiation afterwards. You might not miss your opportunity – in fact, you might be in a better position to negotiate once the auction theatre is over and everyone can have a more straightforward conversation about price.
For Sellers considering their options, this data is worth thinking about too. If only 12% of properties are actually selling under the hammer, you need to ask yourself whether the auction process is really the best fit for your situation. Yes, it can create urgency and competition, but it also comes with additional marketing costs and the risk that you’ll end up negotiating anyway – which is what you could have done from the start with a different sales method, one that encourages more buyers along as they have the opportunity to place an offer with the conditions they need.
If you’re interested in finding out more, get in touch with the team at Irelands by clicking this link: Christchurch Property Appraisal | Irelands
*source : REINZ New Zealand Property Report October 2025