More confidence can already be felt across the auction market, with Ray White New Zealand scheduling 217 properties to go under the hammer last week, up 41.8 per cent when compared to the same period last year.
The network recorded a 52.3 per cent clearance rate, with an average of 2.4 registered bidders and 1.8 active bidders per auction.
“Public confidence is on the rise, and with growing inventory levels, Ray White’s auction market is experiencing remarkable momentum,” Ray White New Zealand head auctioneer Sam Steele said.
“Over the past week, there has been a significant surge in activity, with auction volumes steadily increasing, spurred by a series of large-scale auction events.
“Nationwide, Ray White held 217 auctions in the last seven days, marking a 41.8 per cent increase in volume with a clearance rate of 52.3 per cent.
“This reflects the expanding property supply and greater options available to buyers. An average of 2.4 registered bidders per auction indicates a notable uptick in buyer engagement.
“Notably, auctions with three or more registered bidders achieved success rates exceeding 85 per cent.
“Choosing the right sales method is vital, and auctions continue to outperform other approaches, with an average time on market of just 23.5 days compared to 48 days for private treaty sales.
“This underscores the importance of selecting the optimal sales strategy in today’s competitive landscape.
“Our sales teams have observed a shift in buyer sentiment, as many now recognize that the ‘buyer’s market’ may be ending, with increasing urgency to secure properties.
“The transparency and competitive nature of auctions are increasingly valued, leading to stronger outcomes and heightened confidence.
“Ray White New Zealand’s focus on auctions reinforces our leadership in this method, driving engagement and boosting market confidence as we move into seasonal cycles.”
The top result for the week went to Ray White Parnell agent John Quiambao who sold 19 Albury Avenue, Epsom, under the hammer for $5,660,500. With Mr Steele calling the auction, it recorded five registered bidders and five active bidders.
“The buyers were a local family, the under bidders were also families looking at upgrading and the school zones,” Mr Quiambao said.
“The flow of the home was amazing, the position and sun aspect, and the renovations also really appealed to the marketplace.
“We had at least 40-50 groups through, There wasn’t a lot of competition from other homes on the market which was very beneficial.”
Mr Quiambao said the sellers were a family who had only lived in the home for three months.
“I sold them this home three months ago, however I made an introduction to a builder who was building an identical home in Remuera where it was walking distance for the kids to go to school,” he said.
“They’d always wanted to live in Remuera so they told me to put this home on the market.”
Ray White Wairarapa agent Lisa Cumming recorded the highest number of registered bidders at her 10 Puriri Crescent, Masterton, auction seeing 15 registered bidders, with five active. The property sold under the hammer for $400,000.
Ms Cumming said it was a mortgagee sale, and her first ever auction. She said buyers had zero access to the property beforehand, so they were all bidding site unseen.
“It’s a good house on a good street but it needs some TLC. There were definitely people who thought they’d get a bargain,” she said.
“But the market is changing a bit here and everyone is happy and more confident which created a really good buzz.
“The majority of bidders were investors, a lot were locals we already knew of, then there were a few from out of town.
“The winning bid went to a local investor who bought his first house via mortgagee auction when he was 19 years old.”
Sam Steele
Head Auctioneer
Ray White New Zealand
+64 27 864 3254
ssteele@raywhite.com
Cassandra Glover
Senior Media Advisor
Ray White Group
+61 447 000 472
cglover@raywhite.com