Auctions continue to outshine other methods of sale

Ray White New Zealand scheduled 108 auctions last week, recording an all sold clearance rate of 59.5 per cent, up 11.1 per cent on the same time last year.

Buyer numbers remained steady with auctions recording an average of 3.1 registered bidders and 2.3 active bidders.

Auctions continued to provide premiums for sellers, with properties sold under the hammer receiving prices an average of 8.8 per cent higher than the highest offer prior to auction.

Ray White New Zealand lead auctioneer Sam Steele (pictured above) said the group’s auction success and participation rates continue their promising upward trend, reflecting the market’s stabilisation and growing confidence.

“Last week saw 75 auctions conducted across the country, boasting a success rate of 59.5 per cent and an average of 3.1 registered bidders per property. Notably, this marks an 13 per cent and 35 per cent increase respectively compared to the same period last year,” Mr Steele said.

“The month of July was particularly significant, with clearance rates exceeding 60 per cent, prompting positive feedback from agents who observed an increase in buyer inquiries.

“Auctions continued to outshine other methods, as evidenced by their average days on the market, which stands at 35 days compared to private treaty’s 41 days.

“This emphasises the importance of choosing the right sales approach to minimise time on the market.

“In the ever-evolving market landscape, the ability to secure a quick sale is now as crucial as the success rate itself.

“Agents are reporting increased activity, particularly from first home buyers, as the transparency of auctions aligns perfectly with the market’s current inclination towards decisive and transparent transactions.

“With the continued success and growing interest in auctions, Ray White New Zealand is poised to offer a dynamic and effective platform for both sellers and buyers seeking swift, transparent, and successful property transactions.”