Spring is in the air as Ray White New Zealand auction volumes continue to increase, with the network scheduling 115 auctions last week, up 15 per cent on the week prior, and up 23.7 per cent year-on-year.
The group recorded an all sold clearance rate of 54.3 per cent, up 2.9 per cent on last year, while bidder numbers held steady, with an average of 2.5 registered bidders and two active bidders per auction.
“An impressive trend persists nationwide as auction numbers and success rates ascend, boasting a clearance rate of 54.3 per cent in the last week. This marks an almost 3 per cent increase compared to the corresponding period the prior year,” Ray White New Zealand lead auctioneer Sam Steele said.
“A total of 80 auctions took place, again showcasing a 21 percent increase, while attracting an average of 2.5 registered bidders
“The supremacy of auctions over alternative sales techniques becomes even more evident when examining the average days a property spends on the market – 26 days for auction, in contrast to the 44 days for private treaty sales.
“This juxtaposition between distinct sales methods gains further prominence as the average number of bidders enhances.
“More than a third of all properties brought to the market by Ray White were via auction, sitting at 36.4 per cent, broadcasting the returned confidence in this transparent method of sale.”
The top result of the week went to Ray White Remuera agent Steve Koerber who sold 7 Loreto Heights, Remuera, Auckland City, under the hammer for $3.1 million (pictured below).
With Ray White Remuera auctioneer and business owner John Bowring on the gavel, the property attracted six registered buyers, with three of those buyers placing a bid.
The winning bid went to someone in the building industry who wants to do a big refurbishment.
“It’s in quite an amazing position, very quiet and private with harbour views,” Mr Koerber said.
“The seller was looking to relocate. They had originally planned to refurbish the house themselves but things in their lives changed and they decided to pass on the opportunity to someone else.
“The interesting thing for me is they bought the property for just under $3 million about 2.5 years ago, so in a market where the median price has gone back more than 15 per cent, we managed to secure an increase in the price of the property.”
The auction with the highest number of bidders was Ray White Wellington City agents Kartjana Anderson and Ben Stevens’ auction at 17 Cheyne Walk, Newlands, Wellington City which recorded a whopping 18 registered bidders and 15 active bidders, with the property selling under the hammer for $1.051 million.
Winning bid went to first home buyers. The sellers were a family who were relocating back to Scotland.
“The majority of buyers were first home buyers with a couple of small families as well,” Ms Anderson said.
“It was a really tidy home especially for the Wellington stock market. It has views and a big flat lawn. It ticked a lot of boxes for what people look for in a home.
“The market has been better than it was even a couple of months ago, there’s more people through open homes, but there’s definitely less stock on the market.
“We still have a really good amount of bidders, we have about five bidders per auction and most tender properties we have are receiving between six and 11 offers.
“There’s more positivity from the buyers as well, they have more confidence than they did a few months ago, but we will see what happens in the lead up to the election.”
Another fantastic auction was Ray White Mt Eden agent Robyn Ellson’s auction at 13A Grove Road, Sandringham, Auckland City which sold under the hammer for $2.18 million, with 14 registered bidders and eight active bidders. The buyers were a young family who had sold in Mt Albert. The sellers were a young family who had loved the home but were ready for a change and wanted a bigger yard for their daughter as she grows up.
“The market for that fully finished lock and leave style home is incredibly strong right now, people don’t want to do any work,” Ms Ellson said.
“Buyers were a mix of young families, but also downsizers. Downsizers loved that you could drive into your garage and everything was spacious and finished.
“I’m seeing a lot of downsizers going for that style of home as well as young families who don’t want to do renovations.
Ms Ellson said there were a few things that attracted so many buyers to the home.
“The size, it’s hard to find something of that size in Auckland,” she said.
“There was a small land area and a lot of people didn’t want a huge backyard.
“It was north facing and had a really good aspect, but ultimately it was the fact you could move in and not lift a finger which drove the interest.”
Media contacts:
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