Auction results hint at “possible turning point” in the market

Ray White New Zealand scheduled 240 properties to go under the hammer last week, with a clearance rate of 51.6 per cent. 

There was an average of two registered bidders and 1.7 active bidders per auction. 

“The latest OCR announcements have sent ripples through the market, igniting fiercely contested auctions nationwide as buyers scrambled to capitalize on potentially fleeting opportunities,” Ray White New Zealand head auctioneer Sam Steele said. 

“This heightened activity last week drove a 51.6 per cent success rate among 240 scheduled auctions. The national average of 2.0 registered bidders per auction, hinting at a possible turning point in the market cycle.

“More than a third of Ray White’s new listings last week were auctions, representing 35.8 per cent of the nation’s total stock. Impressively, 36 offices nationwide auctioned more than half of their listed properties. 

“As key auction metrics continue their upward trajectory, optimism grows for increased stock levels and renewed buyer enthusiasm in the weeks ahead.”

The top result for the week went to Ray White Mt Eden agent Rachel Berry who sold 93 Peary Road, Mt Eden, under the hammer for $3.65 million. The auction saw four registered bidders and two active bidders. 

Ms Berry said the home’s quality, design, and location made it a standout in the market.

“The unique blend of style, space, and sophistication in this home truly resonated with buyers,” she said.

“Its thoughtful design and prime location made it a standout property in the Mount Eden market.”

The top auction for number of registered bidders went to Ray White Green Bay agent Jack Lee who sold 30 Chalmers Street, Avondale, Auckland City, under the hammer for $707,000 with 11 registered bidders and six active bidders.

“No one had lived there for three years and there was no water or power and it was a bit of a dump to be honest,” Mr Lee said. 

“We had an open reserve of $600,000 and the seller trusted me to get them a good result. They were very happy.

“Most of our bidders were property traders but the winning bid went to an owner occupier in the end, he has lots of building experience and wants to do the property up.” 

Ray White Raglan agents Julie Hanna and Yana Pemberton had a successful auction on site at 64 Wallis Street, Raglan, which sold under the hammer for $1.976 million with two bidders. 

“The auction was attended by a good crowd made up of locals,friends and neighbours.

The architect and his wife who designed the award winning home were also in attendance,” Ray White Raglan business owner Gregg Tickelpenny said. 

“Designed back in the 1970s the unique property featured waterfront access. 

“Two bidders chased the property as Julie Hanna guided them through to the successful bid.”