Auctions hold strong as spring rounds out

Auction metrics continue to improve as we enter the last week of spring, with auction volumes and clearance rates on the rise.

Ray White New Zealand scheduled 263 auctions to go under the hammer last week, a 9.1 per cent increase on the same time last year.

The group recorded an all sold clearance rate of 51.8 per cent, up 5.2 per cent year on year.

Auctions across the Ray White New Zealand network saw an average of 2.2 registered bidders and 1.7 active bidders per auction last week.

Ray White New Zealand celebrated another week of auction triumphs, conducting 177 auctions nationwide, with a success rate of 51.8 per cent,” Ray White New Zealand lead auctioneer Sam Steele said.

“This marks a significant milestone, with the number of auctions conducted up close to 20 per cent on the previous year, adding to the current positive sentiment prevailing in the market.

“Equally positive was the increase in new listings coming to the market as post-election confidence runs high. More than 41 per cent of all properties listed across the country opted for the auction method, underscoring a growing preference for transparent transactions.

“An average of 2.2 registered bidders per auction further attests to the eagerness of buyers to explore the property options available to them in the wider market and engage in a clear and open process.

“In comparison to alternative sales methods, auctions maintained their superiority, boasting an average number of days on market of 24, while other methods lagged behind at 35 days on market.”

The top result for the week went to Ray White Remuera agent Steve Koerber who sold 21 Rangitoto Avenue, Remuera, Auckland City, under the hammer for $3.5 million.

The property attracted 10 registered bidders on auction day with Ray White Remuera auctioneer John Bowring taking bids from seven of them.

“The buyers were a young couple with a child who bought due to the location close to schools,” Mr Koerber said.

“The sellers had been there for 52 years. He was a dentist and he and his wife had brought up four kids in the house. The kids have now helped him downsize and sell the house.

“It was quite an emotional sale but they were very pleased with the result.”

Mr Koerber said the home had attracted a lot of interest.

“It was completely flat land, rectangular, and not zoned for development. It will stay that quintessential leafy area.”

The auction with the highest number of registered bidders was Ray White Manukau agent Charlie Brothers’ auction at 17 Dillon Crescent, Clover Park, Manukau City, which recorded 14 registered bidders and seven active.

The property sold under the hammer for $772,000.

“The winning bid went to an owner occupier, but most of the interest came from investors and property traders,” Mr Brothers said.

“The sellers were a retired couple relocating.

“We had more than 400 buyer introductions with more than 10 open homes. The property was on the market for 12 days.

“The reserve was set on listing day and was advertised at $600,000 which created a lot of interest.”