Buyers were out in force this week, with Ray White New Zealand recording 2.5 registered bidders and two active bidders per auction.
The network recorded an all sold clearance rate of 52.2 per cent, up 4.5 per cent on the same time last year.
Ray White New Zealand lead auctioneer Sam Steele said weekly auction numbers were continuing to climb as market forces showed stabilisation and confidence.
“Ray White New Zealand conducted 83 auctions with a success rate more than 50 per cent and an average of 2.6 registered bidders per property, showing a 10 per cent increase on the same period last year,” Mr Steele said.
“Auction continues to outperform other methods of sale with an average days on market for auction sitting at 30, while private treaty is almost double at 56.5, 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.
“Almost a third of all properties brought to the market last week by Ray White went to auction, with this figure remaining steady at 30.4 per cent.
“Comments of increased activity from agents, especially first home buyers, compliments the markets desire to transact with transparency at auction.”
The top sale of the week was 22 Onewa Road, Northcote Point, North Shore City, which sold under the hammer for $1.755 million, a great result for the seller and Ray White Glenfield listing agent Joey Dang.
The property recorded eight registered bidders and five active bidders.
Mr Dang said the vendor was really happy with the result.
“The sellers had received a job offer in Wellington so they are relocating,” he said.
“The winning bid went to a young family who used to live in the area, but they moved to Wellington, and now they’re moving back.
“It’s really close to a local school and close to the motorway. The underbidder was a pilot so he needed to go to the airport.
“There is a flat section at the back so families with children love the space for them to run around.”
Sellers who choose to take their properties to auction continue to receive premiums, with properties sold under the hammer this week recording prices an average of 14.7 per cent above the highest offer prior.
A property at 28 Major Drive, Kelson, Lower Hutt City, sold under the hammer for $1.005 million, approximately 18 per cent above the highest offer prior to auction. The property attracted three registered bidders, with all bidders active.
Ray White Hutt City listing agents Jit and Jiggy Govind said the auction produced a great result for the seller.
“We had it listed as a tender process in January and it didn’t sell, we recommended to the owners we take it to auction, with Ray White New Zealand auctioneer Ben Easts guidance, it proved to be a great success,” Jiggy Govind said.
Mrs Govind said the winning bid went to a local family who were very excited.
“The sellers had owned the property for many years and were emotional about the sale,” she said.
“It exceeded the sellers’ expectations.”
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