Ray White Ellerslie|Mt Wellington sold more than $13 million as part of their in-room auction event yesterday.
The business saw 14 properties go up for auction at the event, with eight selling under the hammer.
Another five auctions were brought forward, selling under the hammer before yesterday’s event, with another property selling prior to auction, marking an campaign clearance rate of 65 per cent.
The top auction of the day went to Ray White Ellerslie’s Monica Subritzky who sold 16 Whakatupu Place, Flatbush, under the hammer for $1.18 million with two registered bidders.
The auction with the most number of registered bidders was at agent Sudu Srikant’s auction at 3 Macky Place, Mangere, which recorded a whopping 17 registered bidders and seven active. After a total of 133 bids, the property sold under the hammer for $796,000.
“Bidding went crazy really quick. It was on the market after three bids. The vendors were in tears as the bidding went up,” Mr Srikant said.
“It was an investment for the sellers, they’d owned it for 29 years and had extended family living there for most of that time.
“It’s the one of the worst houses I’ve ever been in, it needed a lot of work. But it attracted a lot of traders looking at flipping it.
“What also helped was the vendors were also open to different conditions, such as early access, so the buyer could get the keys and start renovating right away. There were no consenting issues with the house, it just needed to be updated.
“It was predominantly investors and traders bidding, as well as two homeowners. An investor/trader landed the winning bid.”
Ray White Ellerslie|Mt Wellington principal Arthur Subritzky said the event saw plenty of auction action.
“We saw super strong activity, suggesting our market is starting to see the effects of lower interest rates, and we’re witnessing the first stages of a potential bounce back,” Mr Subritzky said.
“Investors are now back in force, as evident by the interest pre-auction and at auction on development and ‘do-up’ properties.
“All signs show confidence is coming back and the bottom of the market has passed.
“Perhaps now is a good time for home buyers to purchase, before they have to compete with the investment market.
“We expect to see continued auction success heading into Christmas and 2025.”
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Media contacts:
Arthur Subritzky
Principal
Ray White Ellerslie|Mt Wellington
+64 21 485 688
arthur.subritzky@raywhite.com
Cassandra Glover
Senior Media Advisor
Ray White Group
+61 447 000 472
cglover@raywhite.com