Ray White Whangarei and Tutukaka achieved its highest auction result of the year on Wednesday, with 781 Kokopu Road, Kokopu selling under the hammer for $5.5 million.
The 183ha property was marketed by Ray White Whangarei head of rural sales Peter Ogle. The property attracted a lot of attention with four registered bidders and a total of 18 bids.
The business also recorded one of its smaller auction sales on the same day, with 63 Raumanga Valley Road, Raumanga selling under the hammer for $305,000. The property was listed by agents Zoltan Waxman and Devon Cameron, attracting a lot of online interest which translated to four bids on the day.
Ray White Whangarei and Tutukaka had a total of 13 auctions scheduled for its auction event on Wednesday, with five selling under the hammer on the night, and two sold prior.
Ray White Whangarei and Tutukaka director Allan Sykes said the auction rooms were full during Wednesday’s event.
“The interest and activity in the room was electric,” Mr Sykes said.
“Auctions remain central to our business, creating competition for our vendors and achieving the best possible results for them.
“We even had one auction property, originally scheduled to be auctioned in a few weeks’ time, brought forward to Wednesday which also sold under the hammer for $700,000.
“We were pleased with our auction results, and the results we achieved for our clients.
“It just goes to show that there are still plenty of purchasers out there looking for the right property, and a great buy when one presents itself.”
Ray White Whangarei and Tutukaka has scheduled 392 auctions in the past 12 months, with the average days on market for auction properties sitting at 36, compared to 49 for private treaty.
Ray White data shows, in 2022, Ray White New Zealand auctions have fetched an average sale price 10.5 per cent higher than the highest offer prior.
“As agents, our job is to get our clients the best buyer, not the first buyer,” Mr Sykes said.
“Auction marketing of property allows sales consultants to deal with both conditional and unconditional buyers throughout the duration of the campaign, thereby not discounting any possible potential interest.
“In the current climate auctions are a great way of achieving a fair understanding of the market’s price point, and an opportunity to secure an unconditional sale early in the marketing – one that won’t fall over on conditions.
“Despite the changing market, auctions continue to be one of the strongest methods of sale – bringing the maximum number of buyers and sellers together to achieve clients the best price, in the quickest possible time.”