Spring selling season is underway with Ray White New Zealand scheduling 135 properties to go under the hammer last week.
The group saw a clearance rate of 46.2 per cent, with an average of 2.2 registered bidders and 1.8 active bidders per auction.
“Despite the OCR’s recent announcement fading into memory, its impact on the wider marketplace has been profound, driving fiercely competitive auctions nationwide as buyers rushed to seize fleeting opportunities,” Ray White New Zealand head auctioneer Sam Steele said.
“This surge resulted in a 46.2 per cent success rate across 135 scheduled auctions, and an average of 2.2 registered bidders per auction across the country.
“Auctions with four or more registered bidders saw success rates surpass 75 per cent, highlighting vendors’ continued confidence in the auction process, which consistently outperforms other sales methods by averaging just 27 days on the market compared to 40.5 days for private treaty sales.
“A third of all properties listed by Ray White last week were auctioned, representing 36.4 per cent of the total nationwide listings. Notably, 38 offices across the country auctioned over 50 per cent of their stock.
“Auction metrics nationwide are trending upward, fueling optimism and anticipation for an increase in available stock and renewed buyer interest in the coming weeks.”
The top auction result for the week went to Ray White Mt Eden agents Mike Robson and James Wang who sold 1 Punga Street, Mount Eden, Auckland City, under the hammer for $2.39 million. With Ray White auctioneer John Bowring on the gavel, the auction recorded three registered bidders and three active bidders.
Mr Robson said the auction was brought forward due to strong interest.
“We only ran two weekends of opens with about 65 parties through over the two weeks,” he said.
“It was the right price range for the area so we had a lot of interest. It’s a nice family home on a quiet street.
“The sellers were there for 12 years and were downsizing.
“The winning bid went to a family who had just come back from overseas. They were keen to get close to the private school in the area.”
The top result for number of bidders went to Ray White Manukau agents Warren Low and Jay Le who recorded 16 registered bidders and six active bidders at their 30 Finlayson Avenue, Clendon Park, Manukau City auction. With Mr Steele calling the auction, the property sold under the hammer in the high $500,000s.
Mr Low said the auction was “a frenzy”.
“I got the vendors to believe in the auction property and that’s how we drove the price up,” he said.
“Bidding started at $300,000. We achieved an incredible result and the vendors were over the moon.
“The seller bought the property at age 19 with her aunty, it was her very first home so she had a lot of emotions attached to the property.
“All 16 bidders were renovators.”
Ray White Whangarei agent Gregg Marsland saw two standout auctions at the business’ in-room auctions last week.
He sold 5 The Bluff, Riverside, under the hammer for $431,000, with six registered bidders and three active bidders.
Bidding started at $300,000 and there were a total of 12 bids, with the winning bid going to a young architect with a family of tradies who intends to restore the grand home to its former glory while retaining its character.
The home had been in the sellers’ family since the 1960s.
Mr Marsland also sold 114 Old Onerahi Road, Onerahi, under the hammer for $615,000 with three registered bidders and three active bidders.
Bidding started at $480,000 with 23 bids in total. The winning bid went to a first home buyer from Kaitaia.
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