Spring selling season is underway with Ray White New Zealand scheduling 144 auctions last week, up 10.8 per cent on the same time last year.
The group’s all sold clearance rate was up 24.83 per cent compared to last year, sitting at 62.6 per cent.
While auction metrics are already improving, spring selling season is expected to really kick off after the election in October.
“Ray White New Zealand experienced a prosperous week in the auction arena, maintaining a steadily increasing success rate of 61.2 per cent echoed by an uptick in activity reported,” Ray White New Zealand lead auctioneer Sam Steele said.
“A noteworthy 43.7 per cent of all properties entering the market in the last month opted for the auction method, underscoring the confidence and assurance that a cash and unconditional sale brings to the auction table.
“Ray White auctions remain an efficacious strategy for our clients, boasting an impressive average of 23 days on the market compared to the 43.5 days associated with private treaty sales.
“Auctions persist in outshining alternative sales methods, generating healthy competition. “Last week saw an average of 2.7 registered bidders per auction, notably a 23 per cent increase.”
The top result for the week went to Ray White Mt Eden agent Robyn Ellson who sold 52 First Avenue, Kingsland under the hammer for $2.9 million.
The property recorded two registered bidders, with the winning bid going to a young professional who had returned from overseas and really wanted to live in the Kingsland area and was waiting for the right home.
“Not many homes like this one popped up in the area, so when it did we really thought it would become theirs,” Ms Ellson said.
“The sellers had lived in Kingsland for 17 years. They bought it in 2006 and fully renovated it and poured their heart and soul into it, so it was great to see them get the price they deserved.”
Ms Ellson said auctions had been performing well and the outlook for spring was positive.
“I’ve only had one out of 12 auctions pass in in the last three months,” she said.
“The market has swung in the last three months and the outlook for sellers has really improved.
“Things are selling at really good prices, we’re well out of the bottom of the market.”
The auction with the highest number of bidders was at 3 Mountfort Street, Manurewa, which recorded 15 registered bidders. With auctioneer Sam Steele on the gavel, the property sold under the hammer for $770,000 a great result for the sellers and Ray White Manukau listing agent Divleen Kaur.
“We had a mix of homebuyers and investors but the majority were investors. Winning bid went to an investor,” Ms Kaur said.
“We had 42 groups inspect the home over the three week campaign.
“With a property that needs work it also has a lot of potential.”
Ray White Ponsonby agent Kane Taylor sold 19 Tirimoana Rd, Te Atatu South sold under the hammer for $1,065,000 above its CV of $990,000.
With Ray White New Zealand auctioneer Ben East calling the auction, there were 12 bidders registered with five of them placing a bid.
The winning bid went to an investor.
Mr Taylor said the property attracted plenty of interest prior to auction.
“The property was split into two flats which was great for rental return, it was also THAB zoned so could be good for development,” he said.