Auction volumes are already increasing in 2024, as Ray White New Zealand scheduled 223 auctions last week, up 10.9 per cent on the same time last year.
The group saw an average of 1.9 registered bidders and 1.5 active bidders per auction, with an all sold clearance rate of 61 per cent.
Ray White New Zealand lead auctioneer Sam Steele said last week marked the culmination of a nationwide campaign surge.
“This resulted in fiercely contested auctions with an impressive 61 per cent success rate,” Mr Steele said.
“Numerous auction events experienced in the past few weeks have seen a significant increase in auction volume, highlighted last week with Ray White Barrington, Burnside, Cashmere Innes Road and Oxford offices stellar efforts in their first successful auction event.
“With an average of 1.9 registered bidders nationwide, the noticeable increase in summer stock levels has provided options to buyers in previously elusive markets.
“Furthermore, vendors’ confidence in auctions remains steadfast, as this method continues to outperform alternative sales approaches, boasting an average of 24 days on the market compared to 43.5 days for private treaty transactions.
“Close to half of all properties brought to the market by Ray White last week were via auction with 43.1 per cent of total stock nationwide, with more than 50 offices across the country listing more than 50 per cent auctions.
“Across the country, all metrics tracking auction success are on the rise, infusing positivity and anticipation into the forthcoming influx of stock and fresh buyer interest.”
The top result for the week went to Ray White Remuera agent Matt Gibson who sold 15 Fancourt Street, Meadowbank, Auckland City, under the hammer for $2.58 million. The property recorded five registered bidders and two active bidders.
Mr Gibson said the winning bid went to a young local family (pictured below) looking to upsize in the area.
“The sellers were relocating back to Wellington for work, but they had done a beautiful job on the renovation,” he said.
“I sold it to them at the start of 2022 for $2.2 million.
“It was really appealing to a lot of people, we had 70 groups throughout the three weeks.
“The market has been really good, there’s been a real influx of new listings coming on. “There’s a lot of activity out there which is great. There’s a lot of confidence coming back to the market.
“There’s a lot better quality stock coming to the market as well, the sellers seem to have been holding and waiting for this year before listing.”
The auction with the highest numbers of registered bidders was at 1 McClintock Lane, Upper Riccarton, Christchurch City, which saw 11 registered bidders and five active bidders. The property sold under the hammer for $845,000, a fantastic result for the vendors and Ray White Papanui marketing agents Maria Paterson and Vanessa Golightly.
“The winning bid went to a young family looking to move in,” Ms Paterson said.
“We had a lot of couples and families interested. It was a great home for first home buyers, families, and downsizers.
“It was a good solid three bedroom home in a good location, it was presented beautifully.
“The sellers were a young family who had moved to Australia. We sold an investment property for them and this was their family home.
“We had five auctions on Valentine’s day and five out of five sold at the auction event.”
Also in Christchurch, Ray White Barrrington, Burnside, Innes Road, Oxford,and Cashmere had 13 properties go under the hammer at their auction event last week, recording a 61.5 per cent clearance rate.
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MAIN IMAGE CAPTION: Ray White auctioneer Ben McNab calling the 1 McClintock Lane auction on Valentine’s day.
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