Auction market continues to show resilience

Share:

Share:

The last seven days has seen Ray White auctions demonstrate remarkable resilience in a market that continues to both surprise and impress. 

“Across 95 scheduled auctions nationwide, strong volumes were evident, with a 39 per cent success rate reflecting the diverse choices available to buyers,” Ray White New Zealand head auctioneer Sam Steele said. 

“Unconditional bidders exhibited steadfast commitment in their property pursuits, averaging 1.8 registered bidders per auction, meanwhile auctions that secured three or more bidders enjoyed success rates of over 57 per cent. 

“The transparent nature of the auction process fostered open competition among buyers, offering sellers a dependable measure of market value. 

“As the market adapts to fluctuating stock levels, an increasing number of homeowners are turning to auctions to attract unconditional buyers, with 18.5 per cent of all properties heading to auction.”

Ray White Mission Bay’s Vanessa Mowlem and Jono Barton had the top auction sale of the week, selling 75 Speight Rd, Kohimarama for $3.6 million. 

“Both sales were at our in-room event and the auction room was full. It had a nice, humming feeling which gave people a lot of confidence,” Ms Mowlem said. 

“In the last three or four weeks, numbers at open homes have been increasing significantly and there’s a real willingness to buy. Confidence from buyers has been growing and it’s really given people more urgency to buy. 

“Speight Road was bought by a middle aged couple after three weeks on the market. We had about 60 people through the open homes which was great, most of them were middle aged or a little older.

“The house is in a great position, on a lovely cornerside, north facing, with a beautiful floor plan.”

Ms Mowlem and Mr Barton also sold 31B Rawhitiroa Rd, Kohimarama for $2,187,500 at the same auction in-room event. 

Ray White Silverdale agent Nicole Donovan and David Smith from Ray White Carpenter Realty attracted the top number of registered bidders at 25 Sequoia Pl, Sunnynook, North Shore City. Ten registered bidders attended the Sunnynook auction, while seven bidders actively participated, resulting in a $1.165 million sale price. 

Media contacts: 
Sam Steele 
Head Auctioneer
Ray White New Zealand
+64 27 864 3254   
ssteele@raywhite.com

Shannon Cook
Ray White Group
Senior media advisor
media@raywhite.com
0437 593 050