Auctions perform well ahead of next rates announcement

Auction metrics continue to show signs the market is bouncing back with Ray White New Zealand scheduling 163 auctions last week, up 48.2 per cent year-on-year.

The group recorded an all sold clearance rate of 56.1 per cent, which had also jumped up 12.26 per cent compared to the same time last year.

Bidder numbers have been holding steady over the past few weeks, with Ray White New Zealand recording an average of three registered bidders and 2.4 active bidders per auction.

“Winter weather did little to dampen Ray White New Zealand’s auctions last week with 108 conducted, showing a 69 per cent increase in volume on the same period last year,” Ray White New Zealand lead auctioneer Sam Steele said.

“Our success rate climbed 12.26 per cent year-on-year to 56.1 per cent, furthering agents’ comments of increased activity in the market.

Average registered bidders was again strong with three per auction, while close to 10 per cent of properties were sold prior to auction.

“Auctions continued to be the leading method of sale for days on market with auctions selling in 23 days on average while private treaty took an average of 52.5 days.

The percentage of properties listed via auction increased by 12.5 per cent compared to last year, making up 43.1 per cent of all listings.

“Special mention must be given to Ray White Wellington City who are leading the way with an 87.5 per cent success rate in the last month, continuing to show great strength in their auction drive.”

The top result for the week went to Ray White Ponsonby agents Kane Taylor and Scott Bartlett who sold 24 Cumberland Avenue, Westmere, Auckland City, under the hammer for $2.225 million.

With Ray White New Zealand auctioneer Ben East calling the auction, the property attracted six registered bidders and three active bidders.

The winning bid went to a couple of young professionals moving from Australia back to New Zealand. While the sellers (pictured above) were moving in the opposite direction, back to Australia, after owning the home for more than a decade.

“It was in a great position and a great entry level home,” Mr Taylor said.

“It was tidy as is but hadn’t been renovated, so it was in reach for a lot of buyers. It had lots of value to add.

“There’s not a lot of stock on the market and this was the only north-facing bungalow on the market at the time.”

A property at 6 Kanuka Street, Pt Chevalier, Auckland City, recorded a whopping 10 registered bidders, with four bidders active, selling under the hammer for $1.502 million.

The property was listed by Ray White Pt Chevalier agents Lawrence von Sturmer and Jackson Tariau, with auctioneer Kim Spark calling the auction.

“The buyers were a young family with kids in primary school, almost the same as the vendors when they bought the property in 1999,” Mr Spark said.

“The vendors (pictured above) brought their family up in this house and now they are empty nesters. They’ve moved to a slightly better location for them closer to work.”