Auction volume and bidder numbers up on last year

Ray White New Zealand’s auction metrics continued to improve last week, showing renewed confidence in the market.

Auction volume was up by 32.3 per cent, with the network scheduling 164 auctions throughout the week, with an all sold clearance rate of 62.5 per cent, also up 7.2 per cent on the same time last year.

Bidder numbers at Ray White New Zealand auctions also continue to improve, with an average of 4.8 registered bidders and 3.6 active bidders at auctions last week.

Auctions continue to provide the best results for sellers, with properties sold under the hammer fetching prices 21.3 per cent higher than the highest offer received prior to auction.

“With the colder weather well and truly upon us, Ray White New Zealand’s auctions have turned up the heat with a strong sense of optimism and resilience,” Ray White New Zealand lead auctioneer Sam Steele (pictured above) said.

“The number of scheduled auctions has risen by more than 32 per cent compared to the same period last year with 113 conducted, indicating that despite tighter stock levels, the market is eager to transact with the transparent nature of auctions.

“Last week saw 62.5 per cent of auctions successfully sold, and there was a noticeable increase in the average number of registered bidders, with 4.8 per auction. Interestingly, the majority of auctions with active bidding resulted in successful sales under the hammer.

“Auction was also considerably more successful than other methods of sale when it came to days on market, with auctions selling in an average of 22 days, while private treaty took 76 days.”

The top result for the week went to Ray White Ponsonby agent Elaine Ferguson who sold 101 John Street, Ponsonby, Auckland City, under the hammer for $2.306 million.

With Ray White New Zealand auctioneer Ben East on the gavel, the auction attracted two registered bidders and two active bidders.

“The winning bid went to a family relocating to New Zealand from Australia,” Ms Ferguson said.

“The seller had owned it since 1996, it had been a rental property. The tenants vacated and she thought it was the right time to sell it.

“We’re seeing confidence return to the market slowly. There’s not a lot of stock around so there’s few buyers around who are looking to buy now.”

The top result for number of registered bidders went to Lawrence Kenyon-Slade’s auction at 2/114 Rangitoto Road, Papatoetoe, Manukau City, which attracted 22 registered bidders and 10 active bidders.

The property sold under the hammer for $766,000.

“The winning bid went to an investor who wants to renovate it, most of the interest came from investors and renovators,” Mr Kenyon-Slade said.

“It was a really good renovation project. It was the first time on the market in 50 years.

“It was a good land size and a good add-value potential property.”