Auctions continue to gain premiums for sellers

Auctions continue to provide the best results for sellers, as properties sold under the hammer with Ray White New Zealand last week received an average price 20.2 per cent above the highest offer prior.

Ray White New Zealand had 143 properties scheduled to go under the hammer last week, with an all sold clearance rate of 43.7 per cent, up 4.1 per cent on the same time last year.

There are still plenty of buyers around with an average of 2.4 registered bidders per auction.

“As market conditions in New Zealand remain steady, so has Ray White’s auction results,” Ray White New Zealand lead auctioneer Sam Steele said.

“Last week again saw auction success rates hover just below the 50 per cent mark, while a significant increase in registered bidders, up to 2.4 on average, is reflective of agents’ comments that they are seeing increased levels of activity in many markets.

“Ray White secured 29 per cent of all auctions listed across the country last week, while auction as a method of sale continues to outperform private treaty with days on market.”

A Queenstown Lakes District home located at 1 Wicklow Terrace, Albert Town was the top sale this week, selling under the hammer for $4.65 million with Ray White Wanaka agent Anna Findlay.

The auction recorded two registered bidders, with Ray White Wanaka principal and auctioneer Duncan Good holding the gavel.

The sellers were owner occupiers who had designed and built the home in 2001, and had lived there for more than 20 years.

Ms Findlay said they decided to sell the home in order to downsize.

“The buyers were locals who are going to live in the home,” Ms Findlay said.

“They were attracted to its location on the river, it’s quite unique, as well as the size of the property.

“They just loved the feel of it, they said it felt like a real home.”