Buyers were out in force at Ray White New Zealand auctions last week, with an average of 3.8 registered and three active bidders seen across the group’s 207 scheduled auctions.
Auction volume was up 27.8 per cent year-on-year, with the Ray White New Zealand network saw a clearance rate of 59.6 per cent.
“Increasing public confidence and rising inventory levels have created remarkable momentum for Ray White’s auctions. Over the past week, we observed a surge in activity, with auction volumes climbing steadily after a series of major events,” Ray White New Zealand head auctioneer Sam Steele said.
“Across New Zealand, Ray White hosted 207 scheduled auctions in the last seven days, reflecting a 27.8 per cent increase in volume and a 59.6 per cent clearance rate, highlighting the expanding stock of available properties and greater options for buyers.
“With an average of 3.8 registered bidders per auction, buyer engagement has seen a notable rise, and auctions with five or more bidders achieved success rates exceeding 77 per cent.
“Choosing the right method of sale remains crucial, and auctions continue to outperform, with an average market time of 23 days compared to 48 days for private treaty sales. This highlights the advantage of selecting the optimal approach in today’s competitive market.
“Our sales teams report a shift in buyer sentiment, with many sensing the end of the ‘buyer’s market’ and acting quickly to secure properties. The transparency and competition of auctions are increasingly appreciated, fostering positive outcomes and heightened consumer confidence.
“Ray White New Zealand’s emphasis on auctions underscores our leadership in this method, driving engagement and trust as we enter the traditional market cycle.”
The top result for the week went to Ray White Ponsonby agent Charlotte Kofoed who sold 33 Fife Street, Westmere, under the hammer for $3.13 million. With Ray White auctioneer John Bowring on the gavel, the auction saw six registered bidders and five active bidders.
Ms Kofoed said a big attraction for buyers was the location.
“It’s in a really nice part of Westmere in a quiet street. The home had only been partially renovated, but it was a beautifully maintained property and the garden was lovely. You could tell as soon as you walked in that it was a loved home,” she said.
“The vendors had been there 23 years. They purchased it because it had a studio which they could rent out. They are downsizing to an apartment and are rebuilding their holiday home to make it their permanent home by the beach.
“The buyers were a family who were upsizing from another suburb. They were really excited about getting into this suburb.”
The top result for number of registered bidders went to Ray White Mangere agents Pat Lapalapa and Arvic Gonzalez who recorded 21 registered bidders and 16 active bidders at their 40 Burbank Avenue, Manurewa auction. More than 85 bids later the property sold under the hammer for $738,000.
The auction was part of Ray White Manukau, Manurewa, Mangere and Mangere Bridge’s auction event The Day 6.0 last week, which saw 46 properties go under the hammer with a 65 per cent clearance rate.
Ray White Manukau, Manurewa, Mangere and Mangere Bridge co-owner Adam Thomson said there was an air of positivity in the market.
“It’s reassuring to see a significant shift in buyer confidence within our auction rooms following the recent reduction in rates and further predictions that these will continue to drop,” Mr Thomson said.
“We’re already seeing property values beginning to rise and it’s evident that we’ve seen the bottom of the market.
“Developers and investors are often the first to re-enter the market, and we’ve seen a growing number of properties with 10-20 registered bidders – not just yesterday, but consistently over the past few weeks.”
Media contacts:
Sam Steele
Head Auctioneer
Ray White New Zealand
+64 27 864 3254
ssteele@raywhite.com
Cassandra Glover
Senior Media Advisor
Ray White Group
+61 447 000 472
cglover@raywhite.com