As we head towards the end of 2024, Ray White New Zealand saw 218 properties go under the hammer last week.
The group recorded a clearance rate of 62.1 per cent, up 8.97 per cent, with buyers and sellers eager to transact before the end of the year.
There was an average of 2.3 registered bidders and 1.9 active bidders per auction.
“As 2024 draws to a close and the quarter quell of 2025 approaches, Ray White’s auctions have continued to achieve exceptional results throughout the festive season,” Ray White New Zealand head auctioneer Sam Steele said.
“Over the past week, Ray White hosted 218 scheduled auctions across New Zealand, achieving a clearance rate of 61.4 per cent. This reflects a growing inventory of properties and increased options for buyers.
“With an average of 2.2 registered bidders per auction, buyer activity has noticeably strengthened. Selecting the right method of sale is more critical than ever, and auctions remain a standout choice.
“Properties sold via auction average just 23 days on the market, compared to 48 days for private treaty sales, underscoring the efficiency of this approach in today’s dynamic market. Our sales teams have observed a shift in buyer sentiment, with many acting decisively to secure properties as the ‘buyer’s market’ appears to wane.
“The transparency and competitive nature of auctions continue to attract strong engagement, building trust and delivering successful outcomes.
“Ray White New Zealand’s commitment to auctions reinforces our leadership in this proven method, fostering confidence and connection as we navigate the traditional market cycle.”
The top result for the week went to Ray White Mt Eden agent Mike Robson who sold 43 Prospect Terrace, Mount Eden, under the hammer for $3.675 million. With Ray White auctioneer John Bowring on the gavel, the auction recorded two registered bidders and two active bidders.
“The home was a special project by the vendor, who purchased it in May this year and renovated it fully with an extension in six months and did an amazing job,” Mr Robson said.
“So it’s effectively a new home, although the villa has been standing for more than 100 years.
“The buyers were a family who are very excited and were successful after bidding against another party who also was very keen to buy the property.
“The successful buyers have a brother and sister in-law living a few doors up the road, so it’s ideal that the two families with children of similar ages can grow up together.”
The auction with the highest number of registered bidders went to Ray White Papatoetoe agent Bob Lemalu, who recorded 43 registered bidders and 30 active bidders at his 16 Hardie Street, Mangere East, auction. The property sold under the hammer for $866,000, with Ray White auctioneer Ted Ingram calling the auction.
Mr Lemalu said the property was advertised with a $600,000 reserve during a one-day auction campaign.
“Interest was predominantly from trader renovators, but the winning bid actually went to an investor who bought it as a rental property,” Mr Lemalu said.
“It was a ‘beat the bank’ situation where the sellers had come into some financial strife with the higher interest rates, and needed to sell unconditionally before December 13.”
Ray White Whangerei saw more than $5 million in property sold under the hammer at its in-room auction event last week, with 16 properties going under the hammer with a 43.75 per cent success rate.
The top result of the day was for 95 Three Mile Bush Road, Te Kamo, which sold under the hammer for $1.302 million, with three registered bidders and two active bidders, a fantastic result for the vendors and marketing agents Rae Ocean and Sandie Kirkman.
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