Auctions draw crowds as clearance rates continue to rise

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New Zealand’s property market seems to be gaining momentum, as Ray White New Zealand recorded an all sold clearance rate of 57.8 per cent across its 90 scheduled auctions last week, up 10.4 per cent compared to the same time last year. 

Bidder activity also remained strong, with the group recording an average of 3.4 registered bidders and 2.4 active bidders per auction last week. 

Auctions continue to provide premiums for sellers, with properties sold at auction recording sale prices an average of 14 per cent higher than the highest offer prior to auction. 

The top auction for the week went to Ray White Kingsland agent Scott Wither, who sold 147 Wellington Street, Freemans Bay, Auckland City under the hammer for $1.96 million. With Ray White New Zealand auctioneer Ben East calling the auction, it attracted five registered bidders and five active bidders on the day. 

The auction which recorded the most number of bidders was Ray White Mangere agent Bob Lemalu’s $1 reserve auction at 1/37 Fitzroy Street, Papatoetoe, Manukau City, which recorded a whopping 37 registered bidders, and 25 active bidders. Ray White New Zealand lead auctioneer Sam Steele was on the gavel, with the property selling under the hammer for $510,000. 

Mr Lemalu’s auction was one of Ray White Manukau, Manurewa, Mangere, and Mangere Bridge’s three in-room auctions last week. The business recorded a 100 per cent clearance rate, with all three properties selling under the hammer. 

Ray White Whangarei and Tutukaka had four properties go under the hammer at their online auction event recording a 50 per cent auction day clearance. 

Agents Zoltan Waxman and Devon Cameron sold 3/106 Kiripaka Road, Tikipunga, under the hammer for $541,000. The auction recorded three bidders and a total of 12 bids. 

Gregg Marsland and Lisa Gray sold 22 Kokich Crescent, Onerahi, under the hammer for $457,000, with six registered bidders and five active bidders and a total of 52 bids.