Ray White New Zealand wrapped up spring selling season with 255 properties scheduled to go under the hammer last week, recording a clearance rate of 57.4 per cent.
The group recorded an average of 2.6 registered bidders and 2.2 active bidders per auction.
“With the nation relieved to have interest rate relief this week with the Reserve Bank’s announcement on Wednesday of a further 0.50 basis point drop to the OCR, Ray White’s auctions continue to outperform,” Ray White New Zealand head auctioneer Sam Steele said.
“Ray White saw 255 scheduled auctions last week across New Zealand with a success rate of 57.4 per cent.
“While stock levels on the market remain high, the number of new listings coming to the market continues to drop with close to 15 per cent less than this time last year.
“This comes at a paradox when Loan Market figures show the number of loan pre-approvals 52 per cent up on the same period, leading to the widely pondered conclusion that there may be an avalanche of stock hit the market in the New Year.
“Ray White showed its reach across a multitude of asset classes with auctions selling from $65,000 to $6.3 million.
“Sellers last week were rewarded with an average of 2.6 registered bidders per auction while buyers await the delayed ‘summer stock’ which we may not see until 2025.
“Interestingly, in the past week 75.5 per cent of properties sold at auction were to owner-occupiers and 24.5 per cent to investors.”
The top sale for the week went to Ray White Mangere agents Pat Lapalapa and Charlie Brothers who sold 59 McKenzie Road, Mangere Bridge, Manukau City under the hammer for $6.3 million. With Mr Steele on the gavel, the auction saw five registered bidders but only one active buyer.
Not only was the sale the top auction of the week, but it also marked Ray White New Zealand’s top auction sale of the year (so far).
The auction with the highest number of bidders went to Ray White Blockhouse Bay agents Martin Ferretti and Sonia Jiao who recorded 15 registered bidders and six active bidders at their 11 Cleve Road, Green Bay, Waitakere City auction. The property sold under the hammer for $1.635 million.
“I sold it to the vendors 27 years ago and it was a different house then. They did a big renovation which really enhanced the property,” Mr Ferretti said.
“It was a flat quarter acre section in Green Bay, it was perfect for families. It had a lovely sunny aspect, there was a sleepout and good garaging. It was a very family oriented home.
“Most of our registered bidders were young families, but it was actually a young couple who landed the winning bid. They want to use it for multigenerational living.”
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