Auction volumes continue to be up on last year as we head into winter. In the first week of June we saw Ray White New Zealand schedule 161 properties to go under the hammer, up 59.4 per cent year-on-year.
The group recorded a clearance rate of 46.4 per cent, with an average of 1.9 registered bidders and 1.5 average bidders per auction.
“Ray White’s auctions showcased enduring strength and momentum last week, conducting 114 auctions nationwide,” Ray White New Zealand head auctioneer Sam Steele said.
“Committed participants were rewarded with robust results, averaging 1.9 registered bidders per auction. Notably, auctions with an average of four or more bidders achieved a 75 per cent success rate or higher, underscoring the significance of transparent competition for auction success.
“The market’s increased stock levels have shown signs of slowing which in turn has encouraged homeowners to embrace the auction process, effectively attracting unconditional buyers more successfully.
“Auctions once again demonstrated superiority in time to sell, averaging 27 days compared to 49.5 days for private treaty sales.
“Positive market sentiment is rising, with 38.5 per cent of all properties brought to the market nationally by Ray White being auctioned.”
The top result of the week went to Ray White Ohope agents Tony Bonne and Kat Lock who sold 14 Waterford Avenue, Ohope, under the hammer for $2.9 million.
“It was a holiday home for the vendor, they were just consolidating and wanting to buy somewhere else,” Mr Bonne said
“The buyer is a farmer who was looking to buy a beach home to initially be a holiday home and then be their full-time home in the future.
“The buyer had been looking for quite a few years for a home in Ohope and missed out a few times previously, so it was nice he was finally able to secure something.
“Absolute beachfront properties don’t come up that often, they’re still quite rare. We’ve had four this year, but last year we had none. So when they come up you have to take the opportunity to purchase.”
The auction with the highest number of bidders was at Ray White Manurewa agent Tom McCartney’s auction at 15 Leith Court, Papatoetoe, which recorded 11 registered bidders and eight active bidders on auction day. With Sam Steele on the gavel, the property sold under the hammer for $785,000.
“We had a mixture between first home buyers, investors, and renovators who registered to bid,” Mr McCartney said.
“It was in an area where it was still a full section but it had a flight path over it where it couldn’t be developed, so it gave buyers confidence they weren’t going to be competing with developers.
“It was a good solid house that had been there since the 70s, but the seller had owned it for 26 years so she had good motivation to sell. She wanted to downsize and move closer to family.
“The winning bid went to a first home buyer (pictured above). They were very invested in the property so it was fantastic that they were the ones who got it.”
Media contacts:
Sam Steele
Head Auctioneer
Ray White New Zealand
027 864 3254
ssteele@raywhite.com
Cassandra Glover
Media Advisor
Ray White Group
+61 447 000 472
cglover@raywhite.com