Auctions are gaining momentum across the country as we enter the new financial year, with Ray White New Zealand scheduling 145 auctions last week, up 9 per cent year-on-year.
Clearance rates are also up compared to last year, with the group recording an all sold clearance rate of 57 per cent last week, up 17.47 per cent on the same time in 2022.
Buyer activity remains steady, with an average of 2.9 registered bidders and 2.5 active bidders at Ray White New Zealand auctions last week.
The top result of the week went to 97 Alberton Avenue, Mount Albert, Auckland City, which sold under the hammer for $3 million, a great result for the vendor and Ray White Mt Eden listing agents Rachel Berry and John Covich.
The property attracted two registered bidders on auction day with both bidders active.
“The winning bid went to an international buyer hoping to move their family to New Zealand,” Ms Berry said.
“They really wanted to be in that location. They liked the size of the house and the good aspect, it had potential to add a pool.
“Overall there’s a lot more buyers coming through open homes, we’re seeing a lot more activity.
“Even for auctions that pass in, we’re getting a lot of good offers through post auction.
“Lack of stock is driving that buyers are more willing to compromise than they were a month ago to secure something.
The property which recorded the highest number of bidders was 31 Sterling Avenue, Manurewa, Manukau City which had a whopping 19 registered buyers ready to place a bid on auction day.
Marketed by Ray White Manukau agents Jas Sandhu and Kartik Ohari, the property sold under the hammer for $725,000.
Ray White New Zealand lead auctioneer Sam Steele called the auction.
Mr Sandhu said the property attracted a huge amount of interest throughout the campaign, with 20 groups through the first open home.
“The property needed renovations and all 19 buyers were investors or renovators,” he said.
“There was so much potential – with the land it had future development potential, and the house also needed work so a lot of renovators saw potential to add value.
“The sellers were downsizers who didn’t want to renovate themselves, they were relocating out of Auckland.
“The buyer was a local investor who hoped to do it up and rent it out as well as land bank it for the future.”
Mr Sandhu’s auction was part of Ray White Manurewa, Manukau, Mangere, Mangere Bridge’s in-room event where the group had eight property’s go under the hammer.
The event saw a total of $3,410,700 in property sold, with an auction day clearance rate of 50 per cent.
There were an average of 4.1 registered bidders per auction at the in-room event, with 87.5 per cent of auctions receiving at least one bid.
Ray White Wellington Group held another successful in-room event on Friday, with seven properties going under the hammer.
The event recorded an auction day clearance rate of 85.7 per cent.
The top result went to Ray White Wellington City agent Ben Stevens who sold 9 Huntleigh Park Way, Ngaio, Wellington City, under the hammer for $1.28 million.
With Ray White New Zealand auctioneer Ben East on the gavel, the property attracted four registered bidders at auction, with all four bidders active.
Media contacts:
Ben East
Auctioneer
Ray White New Zealand
beast@raywhite.com
+64 210 231 5560
Cassandra Glover
Media Advisor
Ray White Group
cglover@raywhite.com
+61 447 000 472