Auctions volumes rise as spring inches closer

Auction volumes continue to improve, with Ray White New Zealand scheduling 137 auctions last week, up 57.3 per cent on the same time last year.

The group’s all sold clearance rate last week was 59 per cent, which is steady year on year.

There were an average of 2.9 registered bidders and 2.3 active bidders per auction across the Ray White New Zealand network, holding firm compared to previous weeks.

Ray White New Zealand lead auctioneer Sam Steele said the group’s auction metrics remained positive.

“The positive trajectory of Ray White New Zealand’s auction outcomes and engagement rates persists, showcasing the ongoing stabilisation of the market and the mounting confidence within it,” Mr Steele said.

“Over the past week, a total of 81 auctions were orchestrated nationwide. Impressively, the success rate stood at 61.8 per cent, drawing an average of 2.9 registered bidders. These figures signify a notable increase of 23 per cent and 45 per cent respectively when measured against the corresponding period last year.

“The preceding month, July, emerged as a significant interval. Clearance rates surged past the 60 per cent threshold, evoking favourable comments from agents who bore witness to an upswing in buyer queries.

“Auctions maintained their supremacy over alternative methods, a fact exemplified by their average time on the market—37 days, in contrast to private treaty’s 59 days—underscoring the importance of selecting the correct sales strategy to curtail market exposure.”

In this swiftly changing market, Mr Steele said the capacity to secure a prompt sale rivals success rate in its significance.

“Agents relay a surge in activity, particularly from first-time homebuyers,” he said.

“The transparency of auctions harmonises seamlessly with the present market, leaning toward unequivocal and open transactions.

“With the sustained triumph and the growing intrigue surrounding auctions, Ray White New Zealand remains ready to provide an agile and efficacious platform for both sellers and buyers in pursuit of transparent and fruitful transactions.”