Ray White New Zealand scheduled 144 properties to go under the hammer last week, recording a clearance rate of 55 per cent.
The group saw an average of 2.6 registered bidders and 2.3 active bidders per auction.
With the interest rate cut last week, Ray White New Zealand head auctioneer Sam Steele said signs were looking positive heading into spring.
“With the first glimpses of spring weather upon us, Ray White’s auctions continue to demonstrate resilience and new found enthusiasm,” he said.
“The 144 scheduled nationwide last week showcased a clearance rate of 55 per cent, underscoring the appeal of auctions as the preferred method of sale in today’s evolving market.
“Strong buyer demand was evident, with an average of 2.6 registered bidders per auction, a 10 per cent increase on the same period last year and a clear reflection of the competitive energy driving successful outcomes.
“With listing volumes beginning to stabilise, more sellers are turning to auction, recognising its ability to attract a broad pool of unconditional buyers.
“Just over a month out from spring, homeowners, agents and mortgage brokers alike are busy preparing campaigns and purchasers to capture the seasonal momentum.
“Auctions also remain the fastest path to sale, averaging just 43 days on market compared with 57 via private treaty, a significant advantage in the current climate.
“With auctions representing 31.7 per cent of all Ray White listings nationwide last week, confidence in their transparency, pace, and performance continues to grow.”
The top results for the week went to Ray White Takanini agent Garry Singh who sold 66 Kauri Heart Avenue, Takanini, under the hammer for $3.4 million. The auction saw five registered bidders and three active bidders.
Mr Singh said most interest came from investors as it was a vacant section, with an investor landing the winning bid.
The auction with the highest number of registered bidders went to Ray White New Brighton agent Murray Wigley who recorded 10 registered bidders and eight active bidders at his 6 Royal Park Drive, Parklands, auction. With auctioneer Craig Prier on the gavel, the property sold under the hammer for $474,000.
“We had a lot of interest from builders and those wanting to renovate. It was sold as-is, where-is,” Mr Wigley said.
“The winning bid went to a builder.
“We had 53 people through the open homes. I had 21 open homes in 20 days.
“Bidding opened at $350,000 and I was blown away. We were basically on the market from the first bid.
“Even when it got to $430,000 we still had four or five bidders.
“This was one of the most exciting auctions in my 23 years as an agent.”
Ray White Gisborne saw outstanding auction success at the in-room event last week, with 21 properties going under the hammer, securing a 66.67 per cent clearance rate.
The event saw 61 registered bidders and more than 180 bids.
“This has given us a huge jump on the spring market, launching early, leading us to hold a 67 per cent auction market share for Gisborne over the last three months,” Ray White Gisborne director Shelley Donaldson said.
“This month is especially exciting for us as we've teamed up with the East Coast Cancer Society with a donation of $250 per sale in the month of August, and we've still got a week to go!”
