Auction metrics continue to improve on the same time last year, with Ray White New Zealand scheduling 312 properties to go under the hammer last week, up 140 per cent year-on-year.
The group recorded an all sold clearance rate of 56.3 per cent, up 15.9 per cent compared to the previous year.
“Recent conversations within Ray White’s auction rooms have revolved around two key themes: the influx of new stock into the market and recent legislative changes by the government. This surge in activity brings the market close to the levels last seen in 2021,” Ray White New Zealand lead auctioneer Sam Steele said.
“Last week, Ray White orchestrated 153 auctions nationwide, marking a significant 64.5 per cent increase from the same period last year.
“This surge underscores the growing number of listings, with a success rate of 56.3 per cent and an average of 2.2 registered bidders per auction, it’s evident that buyers now have a wider array of options in the market, highlighting the efficacy of the auction process.
“The efficiency of auctions as a transaction method was further underscored by the average days on market, which stood at 24 days, in stark contrast to the 42 days for private treaty sales.
“Notably, over a quarter of all Ray White listings last week were auctions. This statistic reaffirms owners’ desire and confidence in executing transactions effectively and transparently across all asset classes.”
The top result for the week went to Ray White Epsom agents Richard Thode and Rae Zhang, who sold 67 Bell Road, Remuera under the hammer for $3.51 million.
The five bedroom home attracted three registered bidders and three active bidders.
Mr Thode said there were two families bidding it out right to the end.
“It was a really good auction and we strategized really hard with the sellers to have a realistic reserve,” he said.
“We managed to achieve well above their reserve and they were very happy. They had lived in the home for 14 years and had decided to downsize and move out of Auckland.
“We had really good numbers with more than 40 groups through the open homes.
“I would consider it a perfect campaign where the auction process was able to achieve the best result for our sellers.”
The auction with the highest number of registered bidders was at 20A/8 Quay Street, Auckland Central, which recorded 21 registered bidders.
Marketed by Ray White Auckland Central agents Grant Elliott and Daniel Broderick, the $1 reserve auction led to a sale price of $62,000.
“We had 40 people through on the first open home, the $1 reserve which attracted a lot of attention,” Mr Elliott said.
“We had a mix of buyers with some investors and some owner occupiers, no one knew what it would sell for so we had a huge range of buyers.
“I don’t think we would have achieved this result with a normal auction, we might have only had one bidder.
“I had one person make a pre-auction offer of ‘seven’ and we didn’t know if they meant $7 or $7000, or $70,000.
“The property was sold to an investor who already owned units in that development.”
The Ray White Wellington team had a very successful auction event on Friday, with a 100 per cent clearance rate. With Ray White New Zealand auctioneer Ben East calling the auctions, the group sold eight out of eight properties under the hammer.
The top result was for 18 Captain Edward Daniell Drive, Ngaio, which sold under the hammer for $1.575 million, a great result for listing agents Kartjana Anderson and Ben Stevens and the vendors who were moving overseas.
The property attracted seven registered bidders with six of them placing a bid.
“It was an incredible event and we were all so pumped and excited for our team but also our clients, especially in a very challenging market with rising stock,” Ms Anderson said.
“We simply do not think we would be selling so successfully in this market without the auction process.
“The property was sold to a local family.”
Sam Steele
Lead Auctioneer
Ray White New Zealand
027 864 3254
ssteele@raywhite.com
Cassandra Glover
Media Advisor
Ray White Group
+61 447 000 472
cglover@raywhite.com