Auction volumes up 200 per cent 



Auction volumes have skyrocketed with Ray White New Zealand scheduling 251 properties to go under the hammer last week, up a whopping 206.1 per cent compared to the same time last year. 

While the clearance rate was down 10.3 per cent on the same time last year, sitting at 38.8 per cent, those who sold their property under the hammer were reward with premiums an average of 14 per cent high than the highest offer received prior to auction.

“Ray White’s auctions demonstrated continued resilience and momentum last week, conducting 140 auctions nationwide,” Ray White New Zealand lead auctioneer Sam Steele said. 

“The committed were favoured by strong results, with an average of 1.8 registered bidders per auction. 

“Interestingly, auctions with an average of five or more bidders achieved success rates of 100 per cent, highlighting the importance of transparent competition in auction success. 

“The market’s increased stock has prompted more homeowners to leverage the transparent auction process, seeking unconditional buyers more effectively than since 2021. 

“Auctions once again proved superior in time to sell, averaging 37 days compared to private treaty’s 44 days. 

“Positive market sentiment is on the rise, evidenced by 39.7 per cent of all properties brought to the market national by Ray White were via auction.” 

The top result of the week went to Ray White Takanini agents Garry Singh Gaurav Singh who sold 70-84 Kauri Heart Avenue, Takanini, Papakura, under the hammer for $3.321 million. 

The block of unfinished townhouses recorded nine registered bidders and six active bidders, with a developer landing the winning bid. 

“All nine bidders were developers. Some of them wanted to finish and rent and some wanted to finish and sell,” Garry Singh said. 

“The market in our area is generally pretty good, but we’re still coming back from the highs of 2021. 

“Brand new houses are a bit slower to transact but traditional homes with a bit of land are doing well.

“This year has been a lot more active with people anticipating interest rates will come down.” 

Another fantastic auction result went to Ray White Remuera agents Simon Siddells and Dianne Maxwell who sold 726A Remuera Road Remuera, Auckland City, under the hammer for $3.1 million. With Ray White Remuera auctioneer John Bowring on the gavel, the property recorded four registered bidders and two active bidders. 

“Bidding started at $2.4 million and went to $2.9 million where we paused and negotiated up to $3.1 million,” Mr Siddells said. 

“The buyer bought the property for multi-generational living. 

“The seller designed and built the home in 2009, they are selling to downsize. 

“The home bears some resemblance to the house from the movie Father of the Bride. 

“We’ve had a really busy last few weeks. If the property appears to be fair value for money buyers are there.” 

Media contacts:
Sam Steele 
Lead auctioneer
Ray White New Zealand
+64 27 864 3254

Cassandra Glover
Media advisor
Ray White Group
+61 447 000 472