Auctions see a dynamic surge in activity

Auction activity fired up across New Zealand last week with rising stock numbers the hallmark of this spring selling season.

Ray White New Zealand Head Auctioneer Sam Steele said public confidence, coupled with steadily rising inventory levels, had sparked a period of exceptional activity for the group’s auctions.

“The last week has seen a dynamic surge in activity, with auction volumes continuing to grow following a series of mega auction events. Property owners took advantage of the fresh spring market to make critical decisions, benefiting from the transparency inherent in the auction process,” Mr Steele said.

“This resulted in 183 scheduled auctions nationwide in the last week. A clearance rate of 44 per cent highlighted the growing stock levels and increased buyer options, while an average of 2.8 registered bidders per auction was a considerable improvement, clearly highlighting increased buyer confidence.

“Notably, auctions with five or more registered bidders achieved success rates of 100 per cent.

“Throughout the country, auctions consistently outperformed other sales methods. The average time on market for auctioned properties in the last week was just 25 days, compared to 65 days for private treaty sales, underscoring the importance of selecting the right sales approach in today’s competitive marketplace.

“Our sales teams observed improved sentiment among cautious yet engaged buyers, with many acknowledging the end of the ‘buyers market’ may be upon us.”

Mr Steele said the transparent and competitive nature of auctions remained highly valued, delivering positive outcomes and boosting consumer confidence.

“Ray White New Zealand’s strategic focus on auctions strengthens its position as a champion of this sales method, fostering greater engagement and confidence among both buyers and sellers as we move into traditional seasonal market cycles.”