Auction volumes remained high last week, with Ray White New Zealand scheduling 208 properties to go under the hammer, up 35.9 per cent on the same time last year.
The group recorded a clearance rate of 43.6 per cent, up 2.6 per cent year-on-year.
Registered bidder number are holding steady, with an average of 1.8 registered bidders and 1.5 active bidders per auction last week.
“Ray White’s recent auctions demonstrated resilience and momentum last week with 130 auctions held nationwide and a success rate of 43.6 per cent,” Ray White New Zealand lead auctioneer Sam Steele said.
“These metrics mark a stark 35.9 per cent increase in auction volume while maintaining a very similar success rate.
“Unconditional bidders remained resolute in their desire to purchase, as evidenced by an average of 1.8 registered bidders per auction.
“Interestingly, auctions that secured three or more bidders had over a 71 per cent chance of selling under the hammer, which is evidence the transparent nature of the auction process allows for buyers to compete and owners to acknowledge market value with confidence.
“As the market adapts to an influx of listings, more homeowners are leveraging the auction process to identify and secure unconditional buyers, marking the number of properties taken to auction the highest in years.
“Auctions once again outperformed other sales methods in terms of speed, with properties selling in an average of 31 days compared to 39.5 days for private treaty sales.
“More than a third of all properties brough to the market by Ray White were via auction, which again highlights the benefits this method has in the eyes of homeowners.”
The top result of the week went to Ray White Manukau agent James McGregor who sold 57 Whatapaka Road, Karaka, Franklin, under the hammer for $2.55 million at the Ray White Manukau, Manurewa, Mangere and Mangere Bridge in-room auctions on Tuesday.
Mr McGregor said the sellers were a family who bought the property at auction in 2021.
“They lived there for a couple of years, but with another little one on the way they wanted to be a bit closer to family in East Auckland,” he said.
“The buyer was a couple who had been toying with the idea of moving out to the country, they had been living in Auckland and post-covid decided it might be nice to have some more space.”
The auction with the highest number of registered bidders also went to Ray White Manukau, with agent Denise Wong recording 28 registered bidders at her 85 Motatau Road, Papatoetoe auction. With Mr Steele on the gavel, the property sold under the hammer for $466,000 at the Ray White Manukau,
Ms Wong said the property received a total of 73 bids, with bidding started at $50,000.
“It wasn’t functional, it had no functional electrics or plumbing,there wasn’t even a door that I could close. It was a complete do up,” Ms Wong said.
“We rang all our renovators on our database and they all came to the open. They saw potential value. Most were planning to do it up and sell it, with about 15 per cent of bidders were people wanting to do it up and live in it.
“The winning bid went to someone who had building experience and was going to renovate and sell, but the underbidder was going to demolish the home and put a relocatable home on the property and live in it.”
The Ray White Manukau, Manurewa, Mangere, and Mangere Bridge group had 18 auctions at their in-room event on Tuesday, recording a 38.8 per cent auction day clearance rate.
Another great result from the in-room event was Tom McCartney and Nicholas Singh’s auction at 10 Skelton Ave, Randwick Park which sold under the hammer for $705,000 with nine registered bidders and a total of 30 bids.
Ray White Gisborne also held a successful in-room auction event on Saturday, with 22 properties going under the hammer.
The top result of the event went to Ray White Gisborne agent Shelley Donaldson who sold 82 Scarlys Way, Okitu, Gisborne District, under the hammer for $2.35 million.
Mr Steele called the auctions on the day.
“Congratulations to Ray White Gisborne team who conducted their third major auction event of the year, with 22 properties offered under the hammer on Saturday, continuing to lead the market across all asset classes with properties from $125,000 to $2,350,000 selling successfully,” Mr Steele said.
Sam Steele
Lead 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