Auction activity fired up across New Zealand last week with rising stock numbers the hallmark of this spring selling season.
Ray White New Zealand Head Auctioneer Sam Steele said public confidence, coupled with steadily rising inventory levels, had sparked a period of exceptional activity for the group’s auctions.
“The last week has seen a dynamic surge in activity, with auction volumes continuing to grow following a series of mega auction events. Property owners took advantage of the fresh spring market to make critical decisions, benefiting from the transparency inherent in the auction process,” Mr Steele said.
“This resulted in 183 scheduled auctions nationwide in the last week. A clearance rate of 44 per cent highlighted the growing stock levels and increased buyer options, while an average of 2.8 registered bidders per auction was a considerable improvement, clearly highlighting increased buyer confidence.
“Notably, auctions with five or more registered bidders achieved success rates of 100 per cent.
“Throughout the country, auctions consistently outperformed other sales methods. The average time on market for auctioned properties in the last week was just 25 days, compared to 65 days for private treaty sales, underscoring the importance of selecting the right sales approach in today’s competitive marketplace.
“Our sales teams observed improved sentiment among cautious yet engaged buyers, with many acknowledging the end of the ‘buyers market’ may be upon us.”
Mr Steele said the transparent and competitive nature of auctions remained highly valued, delivering positive outcomes and boosting consumer confidence.
“Ray White New Zealand’s strategic focus on auctions strengthens its position as a champion of this sales method, fostering greater engagement and confidence among both buyers and sellers as we move into traditional seasonal market cycles.”
Last week The Event 2.0 auction extravaganza was a real highlight for the network with $26 million worth of sales.
The North Shore of Auckland auction event saw Ray White Carpenter Realty, Ray White Milford & Mairangi Bay and Ray White Albany come together last Wednesday to showcase so many wonderful homes together.
Some 116 registered bidders signed up at The Event 2.0 to vie for 45 properties on offer from affordable family homes to luxury resort style luxury living.
The hybrid auction also saw 351 people watching the live market action online, with 82 active bidders in the auction which shows the strong buyer depth.
Elsewhere, Ray White Mt Eden Salesperson Rachel Berry sold 12 Norgrove Ave Mount Albert which was the top sale under the hammer last week. Ms Berry said the auction was brought forward and two registered bidders battled it out.
Auctioneer Sam Steele knocked his gavel down and the house was sold for $2.137 million.
Ms Berry’s vendors had bought elsewhere and were committed sellers.
“They had lived there since 2008 and made it their family home. They had subdivided the back off it and then extended their home by excavating underneath,” she said.
“They bought something they could add value to, they hadn’t been looking but an opportunity came up and they acted on it.
“The successful buyer was a vendor we had sold for. They had three inspections before the property went on the market. The under bidder had just sold two days earlier.
“Cash buyers in the market are acting with determination and urgency.”
Media Contact
Alex Tilbury
Ray White
Head of Media & External Relations
media@raywhite.com
+61 413 842 112