Hammer busy at property auctions

Interest in property auctions appears to be picking up again.

Christchurch real estate agency Harcourts Grenadier is reporting the average number of auction bookings for June was twice that for the same month last year.

Auction manager Roger Dawson says last year was tough, but there are signs the situation is improving. He says in 2008, the success rate dropped to around 30 per cent under the hammer, but now around 50 per cent of auctions are resulting in a sale.

Dawson says another 20 per cent of properties are being sold within a week of the auction.

- NEWSTALK ZB