Auction volumes continue to rise as we enter the final month of spring, with Ray White New Zealand scheduling 179 properties to go under the hammer last week.
The group recorded an all sold clearance rate of 53.4 per cent with an average of 2.4 registered bidders and 1.9 active bidders per auction.
“With the election behind us and Christmas upon us, Ray White New Zealand’s auctions thrived last week boasting a significant 69 per cent increase in volume compared to the same period last year, totaling 108 more auctions,” Ray White New Zealand lead auctioneer Sam Steele said.
“There were 126 auctions conducted for the week, marking a 41.6 per cent increase on the same period last year, while auction clearance rates of 53.4 per cent were recorded, displaying an 8 per cent increase. Observations of heightened market activity were confirmed with an average of 2.4 registered bidders.
“Auctions maintained their status as the primary method of sale in terms of days on the market, with properties typically selling within 23 days, in stark contrast to the 42 days for private treaty.
“The proportion of properties listed through auctions is noteworthy with 42.5 per cent of all listings coming to market as auctions.”
The top result of the week went to Ray White Remuera agents Steve Koerber and Nila Koerber who sold 104 Upland Road, Remuera, Auckland City, under the hammer for $5.3 million.
With Ray White Remuera auctioneer John Bowring on the gavel, the property recorded six registered bidders and four active bidders.
“The buyers were a family who were bidding from France as they were watching the Rugby World Cup grand final,” Mr Koerber said.
“The sellers were a young couple who were downsizing and had bought elsewhere.
“People were really drawn to the location, it was really close to the Benson Road shops, and it’s in a very popular central grammar zone location. It had some harbour views as well which was quite an x-factor for that home.
“We’ve been able to get bidders on most of our auctions and we’ve had about an average of about six bidders on all our auctions recently.”
Another fantastic result went to Ray White Manukau agent Adrian Chhour who sold 39 Flat Bush Road, Clover Park, Manukau City under the hammer for $830,000 with nine registered bidders and nine active bidders.
“Our buyers were a mix of Investors, first home buyers and flippers, it had something for everyone,” Mr Chhour said.
“The winning bid went to a first home buyer who plans to live in the home.
“People were attracted to the affordability and what you get for the price. It was a whole section, freehold, you could develop it, it was in a good central location.
“The sellers were investors who were looking to retire and buy land elsewhere.”