Ray White New Zealand scheduled 241 auctions to go under the hammer last week, recording a 54.5 per cent clearance rate.
“The forthcoming OCR announcement has the market poised to see what is in store, with buyers and sellers eagerly anticipating a further drop in interest rates,” Ray White New Zealand head auctioneer Sam Steele said.
“This viewpoint has seen buyers scrambling to secure fleeting opportunities.
“Ray White conducted 165 auctions nationwide last week with a 54.5 per cent success rate. An average of 2.0 registered bidders per auction further hinting at a potential shift in the market cycle.
“With the market in the throes of the busy February market period, agents have reported a notable lift in open home attendees and buyer enquiry and Ray White is well positioned to capitalise on the increased activity.”
Ray White Mt Eden agents Montana Northcroft and Jared Cooksley saw the top auction result this week with 5 Henley Road, Mt Eden selling under the hammer for $2.765 million. The auction saw four registered bidders and three active bidders, with more than 90 bids on the floor after bidding opened at $1.8 million.
Mr Northcroft said the property had never been sold and was in the vendor’s family for more than 100 years.
“This naturally brings high emotion but we are just happy to get them a result which they are happy with and does justice to such a rare offering.”
The winning bid went to a family.
“This truly was a great once in a lifetime opportunity for the purchasers,” Mr Northcroft said.
“It was a unique offering on a corner site on two of Mount Eden’s most sought after streets sitting on more than 900sqm freehold land in mostly original condition.
“The property was rather iconic with local residents as they wondered what would happen with it being such a large site.
“Neighboring properties have sold for north of $6m so the potential and opportunity which this property presented was immense.”
The top auction for number of registered bidders went to Ray White Gisborne agent Ben White who sold 3 Ward Street, Riverdale, Gisborne District, under the hammer for $570,000 with eight registered bidders and six active bidders.
The home had been in the seller’s family for decades after their parents originally built the home.
Mr White said the home attracted a lot of interest from first home buyers and “mum-and-dad” investors.
“It was dated but it was a very sound home. It’s easy to recognise it needs a lot of work, but I’m an ex-builder and when I went through the house the job wasn’t as big as it appeared to be, and I think a lot of buyers recognised that as well,” he said.
“It was a ‘worst house, the best street’ kind of situation.
“The winning bid went to a first home buyer who had been looking for a while.”
Another strong result was recorded by Ray White Sandringham agents Susan Woods-Markwick and Hugh Free who sold 66 Alverston Street, Waterview, under the hammer for $1.7 million, $300,000 over CV.
With Ray White auctioneer Cameron Brain on the gavel, the property recorded seven registered bidders and five active bidders and, after 14 bids, sold for a street record.
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