Auctions continue to achieve top results for sellers

Auction volumes remain high across Ray White New Zealand, with the group scheduling 228 properties to go under the hammer last week, up 66.4 per cent year-on-year.

Ray White New Zealand recorded a clearance rate of 41.1 per cent, with an average of 1.5 registered bidders per auction.

“Last week marked the pinnacle of a nationwide campaign push, resulting in high listing numbers with 228 scheduled auctions and a 41.1 per cent success rate,” Ray White New Zealand head auctioneer Sam Steele said.

“While scheduled auctions are up an impressive 66.4 per cent on last year, loan pre-approvals for purchasers are also up 39 per cent on last year, showcasing that the influx of listings on the market is balanced by the surge in buyers getting ready to purchase.

“An average of 1.5 registered bidders nationwide highlights the surge in stock levels and expanded options for buyers in what was previously challenging market conditions.

“Additionally, vendors’ steadfast confidence in auctions persists, as this method continues to outperform alternative sales approaches. Those auctions with three or more registered bidders delivered a success rate of 65 per cent and above, while 79 per cent of conducted auctions enjoyed active bidding.

“More than a third of all properties introduced to the market by Ray White in the last month were via auction, accounting for 35.4 per cent of total stock nationwide. Thirty-six offices across the country listed over 50 per cent of their stock as auctions.

“Nationwide, all metrics tracking auction success are anticipating an upcoming surge of stock and renewed buyer interest.”

The top result for the week went to Ray White Remuera agent Ryan Dixon and Olivia Field who sold 27 Franklin Road, Freemans Bay, Auckland City under the hammer for $5.05 million. With Ray White auctioneer John Bowring calling the auction, the property recorded two registered bidders and two active bidders.

“The sellers had owned the home since 2013 and started renovating it in 2018 to transform it into what it is today,” Ms Field said.

“They absolutely loved the location and community and are are moving to a smaller home in the local area.”

Ms Field said they received a lot of interest prior to auction.

“We had interest from families who were seeking a unique character home that had multiple entertainment zones and was restored to a high standard,” she said.

“The winning bid went to a family that had been searching for a special home in the area for quite some time.

Eleven was the highest number of registered bidders recorded at Ray White New Zealand auctions this week, with a property at 128 Coates Avenue, Orakei, Auckland City and a property at 169 Alison Avenue, Albert Town, Queenstown Lakes District both recording 11 registered bidders.