Auction volumes remain high as we enter November, with Ray White New Zealand scheduling 220 properties to go under the hammer last week, up 14 per cent year-on year.
The group saw an average of two registered bidders and 1.7 active bidders per auction, recording a clearance rate of 57.5 per cent.
“Public confidence is rising, and with growing inventory, Ray White’s auction market is gaining exceptional momentum,” Ray White New Zealand head auctioneer Sam Steele said.
“In the past week across New Zealand, Ray White conducted 220 auctions achieving a clearance rate of 57.5 per cent.
“An average of two registered bidders per auction highlights an uptick in buyer engagement, with auctions featuring three or more bidders reaching success rates over 88 per cent.
“Selecting the right sales method is crucial, and auctions continue to outperform other approaches, with an average market time of just 24 days, compared to 49 days for private treaty sales.
“This demonstrates the importance of choosing the optimal strategy in today’s competitive market.
“Our sales teams are noticing a shift in buyer sentiment, as many now sense that the ‘buyer’s market’ may be shifting, driving urgency to secure properties.
“The transparency and competitive nature of auctions are increasingly appreciated, leading to stronger outcomes and growing confidence.
“Ray White New Zealand’s emphasis on auctions reinforces our leadership, driving engagement and bolstering market confidence as we enter the seasonal cycle.”
The top result for the week went to Ray White Mt Albert agent Emma Duncan who sold 16 Sadgrove Terrace, Mount Albert, Auckland City, under the hammer for $2.9 million with two registered bidders and two active bidders.
“The vendors had lived there for more than 30 years and their kids have all moved overseas so they’re moving to Melbourne,” Ms Duncan said.
“The winning bid went to another family.
“The setting was incredible, when you’re up there you felt really serene.
“The views were amazing and the grounds were beautiful. The mountain was almost right in your backyard.”
The auction with the highest number of registered went to Ray White Orakei agents Edwina Nathan and Krissie Maguire who recorded 14 registered bidders at his 85 Atkin Avenue, Mission Bay, Auckland City, auction. With Ray White auctioneer John Bowring on the gavel, the property sold under the hammer for $1.39 million.
Ms Nathan said the 1930s property was in need of some TLC, but was full of potential. She said it received a huge amount of interest, with bidding opening at $1 million.
“It was incredible, we had more than 175 groups through the property throughout the campaign,” she said.
“It was actually uninhabitable. It hadn’t been on the market for 41 years. But it was full of potential and was just minutes from the beach.
“We met most of the local builders, renovators and developers. There were a lot of couples interested who were in the building industry.
“We sold to a lovely couple (pictured above) who had lived in the Mission Bay area their whole lives. They are going to renovate and reside in the property.”
Media contacts:
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