Auction results buck the early predictions of 2024



The surge in auction volume continues to defy original assumptions on the early 2024 market as market forces show stabilisation and confidence. Ray White New Zealand scheduled a colossal 263 auctions last week, reflecting a substantial 95 per cent increase on the same period last year. 

“A success rate of 42.9 per cent nationally for the last seven days highlights the increased stock available on the market and choice buyers have. An average of 1.7 registered bidders per property holds steady in light of the boost in listings,” Ray White New Zealand head auctioneer Sam Steele said.

Auction continues to outperform other methods of sale with an average days on market for auction sitting at 28, while private treaty sees 40 days, further highlighting that time on market is just as essential when selecting a method of sale. 

“With a changing market the ability to secure a sale quickly is just as relevant as the success rate,” he said.

Over a third of all properties brought to the market last week by Ray White New Zealand were via auction, with this an impressive steady at 38.1 per cent of all listings nationwide.

Comments of increased activity from agents, especially first home buyers, compliments the markets desire to transact with transparency at auction.

The highest sale of the week was of 105A Lucerne Road in Remuera which sold under the hammer for $2.151 million. Ray White Remuera agents Caroline Yau and Steve Williams said that the lucky winning bidders were local downsizers who wanted something easy to look after.

“The sellers live in Sydney and have had the home for 20 years. They had the same tenant for over 15 years and when she gave notice to vacate, the owners decided it was time to sell,” Steve said.

There were three buyer types interested in the home; downsizers, young families and investors. The three registered bidders ended up being one of each type.

“This home sat at a price point in the market that made it attractive to a large range of buyers,” he said.

A renovator at 2/8 Kirklow Place, Goodwood Heights attracted a huge 12 registered bidders and sold under the hammer for $622,500. Ray White Manukau agents Raksha Lakhan and Shastrika Chand said that Goodwood Heights is a booming area, with ongoing demand for homes.

“The winning bidder of this deceased estate sale was a property trader who will be renovating it and then renting or selling,” Shastrika said.

“The location was a key factor in producing high bidder numbers, and we always have a lot of demand for homes that have value-add potential.”

Media Contacts:
Sam Steele 
Head Auctioneer
Ray White New Zealand
027 864 3254

Nina Clarke
Media Advisor
Ray White Group
+61 448 841 606