Ray White New Zealand scheduled 126 properties to go under the hammer last week, up 29.9 per cent year-on-year.
Buyers were out in force last week, with the group recording an average of 3.9 registered bidders and 3.3 active bidders per auction.
“The hope of an OCR change on the horizon and steady inventory levels has ushered in a period of remarkable activity and resilience for Ray White’s auctions,” Ray White New Zealand head auctioneer Sam Steele said.
“Last week the network experienced a vibrant surge, with auction volumes strengthening after a series of positive outcomes in previous months.
“Property owners leveraged the winter market to make crucial decisions, benefiting from the transparency of the auction process with 126 scheduled auctions nationally, marking a significant 11.8 per cent increase in volume from the previous period.
“The clearance rate of 55.8 per cent reflected increased stock levels and the choices available to buyers, while an average of 3.9 registered bidders per auction confirmed this trend.
“A notable shift was observed in the growing preference for the auction sale method, which accounted for more than a quarter of all listings nationwide, with a 26.3 per cent share of newly listed properties.”
Mr Steele said auctions consistently outperformed other sales methods throughout the month.
“The average time on the market in June was just 29 days for auctions, compared to 55 days for private treaty sales, underscoring the importance of selecting the right sales approach in today’s fast-paced marketplace,” he said.
“Our sales teams observed improved sentiment among cautious yet engaged buyers, alongside an influx of fresh inventory.
“Across the marketplace, especially in variable economic conditions, the transparent and competitive nature of auctions continues to be highly valued, delivering positive outcomes and bolstering consumer confidence.
“These striking figures and outcomes were a result, in part, to Ray White Manukau, Manurewa, Mangere and Mangere Bridge’s mega auction event The Day 5.0 in South Auckland where 50 properties were auctioned in one day. The group recorded 260 registered bidders on the day, selling more than $22 million worth of property.”
The top result for the week went to Ray White Remuera agent Suzanne Browne who sold 2108/26 Albert Street, Auckland Central, Auckland City, under the hammer for $2.3 million.
“It was the last level before the sub-penthouse and it had a view of four Auckland landmarks, which very few apartments have,” Ms Browne said.
“It was a blank canvas for someone to renovate and bring into 2024. It was a home within an apartment with a separate laundry.
“The sellers were very happy with the result. They were selling for a change of lifestyle.
“The buyers are moving from Wellington to be closer to their daughter and grandchildren. It was the location that sealed the deal for them.”
The top result for number of registered bidders went to agents Karlen Athnaeil and Rubal Singh who sold a fire damaged home at 2/43 Derrimore Heights, Clover Park under the hammer for $430,000 with a whopping 21 registered bidders.
“We had it on the market late last year but then the fires happened so we had to take it off the market,” Ms Athnaeil said.
“It was re-listed for sale again and it’s great to now have the property sold.
“We had traders, developers, people who wanted to demolish and rebuild, and people who wanted to renovate, registered to bid.
“It was a trader who bought the property. He plans to keep the remaining structure and fix it up.”
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