The last week of winter saw auction volumes down across Ray White New Zealand, with the group scheduling 91 properties to go under the hammer.
The group recorded a healthy clearance rate of 58.4 per cent, with an average of four registered bidders and 2.7 active bidders.
“While the OCR’s latest announcement may be a distant memory, its effects in the wider marketplace have been profound, igniting fiercely competitive auctions nationwide as buyers rushed to capitalise on fleeting opportunities,” Ray White New Zealand head auctioneer Sam Steele said.
“This resulted in a 58.4 per cent success rate across 91 scheduled auctions.
“With an average of four registered bidders per auction across the country showcased a significant 70 per cent increase in July, possibly signalling the end of this market cycle.
“Auctions with three or more registered bidders achieved success rates exceeding 80 per cent, reflecting vendors’ continued confidence in the auction process, which consistently outperforms other sales methods, averaging just 25.5 days on the market compared to 62 days for private treaty transactions.
“Close to half of all properties brought to market by Ray White last week were listed for auction, representing 45.4 per cent of the total nationwide stock. Notably, over 40 offices across the country listed more than 50 per cent of their properties as auctions.
“Nationwide, all metrics tracking auction success are on the rise, fueling optimism and anticipation for the upcoming increase in stock and renewed buyer interest.”
The top result of the week went to Ray White Wanaka agent Kate Le Brun who sold 620 Ballantyne Road, Wanaka, Queenstown Lakes District under the hammer for $2.85 million. With Ray White Wanaka director and auctioneer Duncan Good on the gavel, the auction recorded six registered bidders and three active bidders.
“It was a local buyer who landed the winning bid. We had a nice mix of local and out of town interest,” Mr Good said.
“It was the first time the property had ever come to market. The seller built it in the 1970s but was retiring and downsizing.
“It had really good land value, a good location and the ability to add a lot of value to the home. It was a lovely rural block on the fringe of town.”
The auction with the highest number of bidders last week went to Ray White Metro agents Anthony Lowenstein and Harman Deep’s auction at 9 Bevington Street, Avonhead, Christchurch City, which recorded 20 registered bidders and seven active bidders. The property sold under the hammer for $696,000.
“It was all to do with the motivation of the seller, the home had to be sold. That along with the area it was in attracted a lot of people,” Mr Lowenstein said.
“We had a lot of interest from first home buyers as well as flippers. A first home buyer landed the winning bid.
“The home had been in the sellers family since the 1960s and was relatively untouched, but it was still a very tidy home that someone could add a lot of value to.”
Media contacts:
Sam Steele
Head Auctioneer
Ray White New Zealand
+64 27 864 3254
ssteele@raywhite.com
Cassandra Glover
Media Advisor
Ray White Group
+61 447 000 472
cglover@raywhite.com