Ray White New Zealand scheduled 163 auctions last week, up 4.5 per cent year-on-year, with a clearance rate of 42.3 per cent.
The group recorded an average of two registered bidders and 1.8 active bidders per auction.
Properties which sold under the hammer last week were rewarded with premiums an average of 14.6 per cent higher than the highest offer received prior to auction.
“Last week marked the pinnacle of a nationwide campaign push, resulting in high listing numbers with 164 scheduled auctions and a 42.3 per cent success rate,” Ray White New Zealand head auctioneer Sam Steele said.
“An average of two registered bidders nationwide highlights the surge in stock levels and expanded options for buyers in what was previously challenging market conditions.
“Additionally, vendors’ steadfast confidence in auctions persists, as this method continues to outperform alternative sales approaches with average days on market for auctions 28 days, while private treaty saw 45 days on average. Those auctions with four or more registered bidders delivered a success rate of over 90 per cent.
“More than a quarter of all properties introduced to the market by Ray White in the last month were via auction, accounting for 26.6 per cent of total stock nationwide.
“Twenty-four offices across the country listed more than 50 per cent of their stock as auctions.
“Nationwide, all metrics tracking auction success are anticipating an upcoming surge of stock and renewed buyer interest.”
The top result for the week went to Ray White Ellerslie agent Graham Young who sold 7 Korau Road, Greenlane, under the hammer for $2.84 million. The auction recorded six registered bidders and four active bidders.
Mr Young said the home received interest from developers and renovators.
“The winning bid went to a family who lived next door. They are going to renovate it together in some sense,” Mr Young said.
“The home is not beyond renovation but the renovations would have to be so extensive you might as well knock it down. But it’s a 921sqm section in the double grammar zone, so a lot of people were interested in it because of that.
“The guy that lived there had lived there most of his life and was ready to downsize as he was sick of getting the lawn mowed. But he didn’t want to leave until he had somewhere to go.
“I searched the market for homes in his price range. At house number 36 I found the perfect house in his price range.”
The auction with the highest number of bidders was at Ray White Papatoetoe agents William Vaea and Julie Vaea’s auction at 269 Shirley Road, Papatoetoe which recorded 11 registered bidders, and sold under the hammer for $1.55 million.
“A developer landed the winning bid in the end. We had two home buyers and nine developers which is unusual in this market,” Mr Vaea said.
“It’s a good location at the end of the Indian community. It’s a corner site right next to the shops.
“We had another property on the same street which was a bigger lot and sold for around $1.4 million, so this was a really good price.
“The sellers are relocating to Fiji. They are from Fiji and they run a business over there. They had lived in the home for more than a decade.”
Media contacts:
Sam Steele
Head Auctioneer
Ray White New Zealand
027 864 3254
ssteele@raywhite.com
Cassandra Glover
Media Advisor
Ray White Group
+61 447 000 472
cglover@raywhite.com