Ray White New Zealand scheduled 98 auctions to go under the hammer last week, recording an all sold clearance rate of 67.6 per cent, up 28.4 per cent on the same time last year.
The group saw an average of 3.9 registered bidders and 2.9 active bidders per auction nationally.
Sellers who chose to take their properties to auction were rewarded with sale prices an average of 15.7 per cent higher than the highest offer prior.
Ray White New Zealand lead auctioneer Sam Steele said confidence was growing across the auction market.
“As the chill of colder weather envelops us, Ray White New Zealand’s auctions are infusing a surge of vitality and optimism,” Mr Steele said.
“There’s a distinct air of buoyancy and resilience present with 64 auctions conducted last week.
“This dynamic shift illustrates that despite tighter inventory levels, the market is resolute in its desire to engage in transactions through the transparent framework of auctions.
“The past week witnessed an impressive 67.6 per cent of auctions culminating in successful sales.
“An intriguing development is the discernible uptick in the count of registered bidders, averaging 3.9 participants per auction, demonstrating a 90 per cent increase on the same period last year.
“Notably, the majority of auctions with active competitive bidding concluded triumphantly, reinforced by sales achieved during the auction process.
“Furthermore, auctions boasted a notably accelerated sales timeline, averaging at 22 days to completion, in stark comparison to the 58.5 days taken by private treaty sales.
“This positive reflection is echoed in the number of properties coming to market via auction with 37.2 per cent of all listings across the country listed as auctions.”
The top result of the week went to Ray White Epsom agents Kristy Chen and Ross Hawkins who sold 362 Kohimarama Road, Kohimarama, Auckland City under the hammer for $6.8 million.
“It was listed by my team and converted to an auction six weeks ago after it was originally listed via price by negotiation in November 2022,” Mr Hawkins said.
“This just demonstrates the power of auctions!”
The auction with the highest number of bidders last week went to Ray White Remuera agent Steve Koerber who sold 19 Platina Street, Remuera, Auckland City for $4.125 million, with 17 people registering for a paddle.
With Ray White Remuera auctioneer John Bowring (pictured above) calling the auction, the winning bid went to a family who intend to live in the house and may develop down the track.
The sellers were a couple who had lived there for 45 years who were downsizing.
“The location was pretty cool, really close to good schools, and there was also future development potential – it was flat land facing north west which is what everybody wants,” Mr Koerber said.
“Bidders were a mix of families and developers, slightly weighted towards developers who are obviously out and ready to buy.”
Another fantastic auction result last week went to Ray White Whangarei agent Kelly Sackfield who sold 559 Mt Tiger Road, Whareora,Whangarei District, under the hammer for $1,680,000. With Ray White auctioneer Tim Obern calling the auction, the property attracted three registered bidders, with all three placing a bid for a total of 21 bids.
Ms Sackfield said the property attracted plenty of interest prior to auction, with one bidder flying over from Melbourne to inspect the property. Another bidder was on holiday in Europe and had a family member inspect the property before bidding remotely. However, the winning bid went to a couple from Auckland who were looking to return to the Whangarei area.
“In the first week of the campaign the was one of the most viewed properties listed and we had quite a bit of enquiry, but all the interest was out of town,” Ms Sackfield said.
“The sellers settled in NZ a decade ago and were married on the property and started their family there, they’re now relocating to Auckland for work and school.
“The property had that X-factor, it had 180 degree ocean views and amazing serenity.
“It has 10ha of land so it was really tranquil. A lot of people think high on the hill you’re going to get a windy property, but it was really well sheltered.”
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