The winter chill has slowly started to take its hold on auction volumes, with Ray White New Zealand scheduling 125 auctions across the nation last week, down 6.7 per cent year-on-year.
The network recorded a clearance rate of 47.9 per cent, with an average of 1.9 registered bidders and 1.5 active bidders per auction.
Properties which sold under the hammer last week received premiums an average of 9 per cent higher than the highest offer received prior to auction.
“Last week’s Ray White auctions demonstrated remarkable fortitude in a market that continues to impress,” Ray White New Zealand head auctioneer Sam Steele said.
“There were 125 scheduled auctions held nationwide, marking an almost 10 per cent decrease from recent weeks as new stock entering the market slows.
“A success rate of 47.9 per cent underscores the enduring preference buyers have in today’s market.
“Unconditional bidders exhibited steadfast dedication in their quest for properties, averaging 1.9 registered bidders per auction.
“The transparency of the auction process allowed buyers to compete openly and afforded 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 committed buyers, with almost a third of all properties now going under the hammer, sitting at 31.1 per cent.
“The efficacy of auctions was once again underscored, with auctioned properties selling on average 15 days faster than those sold through private treaty transactions.”
The top auction result for the week went to Ray White Mangere Bridge agent Shaan Joshi who sold 6 Grey Street, Onehunga, Auckland City under the hammer for $2.565 million. With Mr Steele calling the auction, the property recorded four registered bidders and two active bidders.
“The vendors were really happy with the result. It sold for $265,000 over CV which is uncommon in the New Zealand market at the moment,” Mr Joshi said.
“The vendors had been there 20 years and did an extensive renovation five years ago. They have now bought a lifestyle block out in Karaka where they could have some horses.
“The buyers were a family who lived in the area and wanted to upsize.
“Onehunga is full of villas but this was the kind of home you’d see in the Ponsony market with a beautiful renovation, pool, and some sea views. It was a really unique property in the market.”
Mr Joshi said the market was good, but there was lots of stock at the moment.
“There are buyers there but you have to work harder with them at the moment,” he said.
“You also have to make sure the vendors are willing to meet the market, or buyers will just move onto the next property.”
The auction with the highest number of bidders was Ray White Half Moon Bay agents Brandon McCorkindale and Carol Woods’ auction at 24 Sandgate Avenue Botany Downs, Manukau City, which recorded 10 registered bidders and nine active bidders. With Ray White New Zealand auctioneer Ben East calling the auction, the property sold under the hammer for $1.221 million.
Sam Steele
Head 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