The group’s clearance rate was also up, sitting at 53.6 per cent, an increase of 9.93 per cent compared to the same period last year.
“Ray White’s auctions continue to deliver outstanding results across both major centres and regional New Zealand,” Ray White head auctioneer Sam Steele said.
“Last week 206 scheduled auctions achieved a clearance rate of 53.6 per cent, reinforcing the enduring strength of auctions as the preferred method of sale in today’s dynamic market.
“Buyer activity remained robust, averaging 2.6 registered bidders per auction, with several campaigns attracting double-digit registrations, a clear reflection of the competitive energy driving exceptional outcomes.
“The most active price point for properties was in the $1.5-$2 million asset class which saw bidder registrations average 5.8 per auction, signaling the desirability of quality family homes in sought after locations.
“As listing volumes begin to stabilise, more sellers are turning to auction, recognising its unmatched ability to engage a wide pool of unconditional buyers. Already, homeowners, agents, and mortgage brokers are preparing campaigns to capture the season’s momentum.
“Auctions also continue to prove the fastest path to sale, averaging just 38 days on market compared with 51 via private treaty, a decisive advantage in the current climate.
“With auctions accounting for 29.9 per cent of all Ray White listings nationwide last week, confidence in their transparency, efficiency, and performance is only continuing to grow.”
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The top result for the week went to Ray White Ferrymead agents Paula and Simon Standeven who sold 124 Esplanade, Sumner, Christchurch, under the hammer for $3.8 million. With Ray White Ferrymead auctioneer Craig Prior on the gavel, the property saw three bidders competing on auction day.
“This had been a holiday house for a family of five girls before the vendors decided to make a permanent move to Sumner, and renovate this property to their requirements,” The Standevens said.
“No expense was spared; they completed a beautiful high-spec renovation of quality fittings and fixtures and even included a lift with gold wallpaper and a chandelier.
“The property’s position takes pride of place at the clock tower end of Sumner's Esplanade in ‘the golden triangle’, a well known term familiar with locals for the sunny side of Sumner.
“The intimate and broad ocean view over Sumner beach was the real draw card.”
The Standevens said interest all came from local Christchurch buyers.
On the same night The Standevens also had 10 registered bidders and five active bidders on another Sumner property at 37 Dryden Street, which sold under the hammer for $1.22 million, and four registered bidders on 41 St Andrews Hill Road which sold under the hammer for $1.149 million.
The auction with the highest number of registered bidders went to Ray White Wellington City agent Ben Stevens who recorded 17 registered bidders and 17 active bidders at his 30 Cortina Avenue, Johnsonville, auction. With Ray White auctioneer Ben East on the gavel, the property sold under the hammer for $920,000.
“The sellers had owned the house for 12 years but they wanted to move their family closer to their chosen school,” Mr Stevens said.
“During the time they had lived there they had done beautiful, tasteful renovations.
“It was a really warm house with double glazing which people value and the kitchen and bathroom were done. There was a versatile room that they could use as an office to work from home and it’s a good entry level location close to the Johnsonville shops.”
Mr Stevens said the home attracted a lot of interest from first time buyers who were having difficulty securing additional funds for renovations.
“They knew they could move in and start enjoying the home,” he said.
“The couple who ended up winning the home had been looking for a while, they knew what they wanted and they valued the turn-key nature of the home.
“They were prepared to pay more for a home which was ready to move into and they really set the pace at the auction.”
Wellington’s property market is facing a unique set of challenges but, despite that, Mr Stevens said homes like 30 Cortina Avenue were seeing strong demand.
“Wellington has seen considerable drops in price since the peak of the market, and is experiencing a unique set of challenges due to the fact a significant proportion of the population are employed by the government who have made mass redundancies since they got into power two years ago.
“In saying that, we are seeing comparatively strong demand for modern and renovated homes that have been well maintained.
“Homes which have deferred maintenance work required or have been ill prepared for the market are languishing.
“It has never been more important to take the time to present your home well for the market, you only get one chance to make a first impression and in a market devoid of ‘FOMO’ that first impression really counts.”
Last week also saw standout results at Ray White's latest mega auction event, The Event 4.0, on Auckland’s North Shore.
Ray White Carpenter Realty, Ray White Mairangi Bay|Milford, and Ray White Orewa joined forces to send 48 properties under the hammer across three venues, delivering market leading results and packed auction rooms.
The Event 4.0 saw a 50 per cent clearance with Ray White Carpenter Realty selling nine properties, Ray White Mairangi Bay|Milford sold 11, and Ray White Orewa sold four.
