Buyers continue to benefit from choice at auction

Ray White New Zealand scheduled 128 auctions last week, up 34.7 per cent year-on-year, with a 43.8 per cent clearance rate.

The network recorded an average of 1.8 registered bidders and 1.5 active bidders per auction.

Auctions continue to provide premiums for sellers, with properties sold under the hammer recording sale prices 16.6 per cent higher than the highest offer received prior to auction.

“Last week’s Ray White auctions showcased notable resilience in a market that continues to surprise and impress,” Ray White New Zealand head auctioneer Sam Steele said.

“With 74 auctions conducted nationwide, that number was down on recent weeks as new stock hitting the market begins to slow. However, a 43 per cent success rate highlights buyers’ continued choice.

“Unconditional bidders displayed unwavering commitment in their pursuit of properties, with an average of 1.8 registered bidders per auction. The transparent nature of the auction process allowed buyers to compete openly and provided sellers with a reliable gauge of market value.

“As the market adapts to the ever changing stock levels, more homeowners are turning to auctions to attract unconditional buyers with more than a third of all properties going to auction.

“The efficiency of auctions was once again highlighted, with auction properties selling an average of 24 days faster than private treaty transactions.”

The top result for the week went to Ray White Waiheke agent Matthew Smith, who sold 39 Tiri Road, Oneroa, Waiheke Island, under the hammer for $4.3 million. The property recorded two registered bidders and two active bidders.

“The sellers were downsizing,” Mr Smith said.

“The property had been a family home and their son is a builder and did the extension and renovation.

“The house was originally built in 1951 as the Waiheke postmaster’s house.

“The buyers were from Devonport and bought it as a second home as they work from home full-time and can work from Devonport or Waiheke.

“The underbidder sold their house especially to buy this one, but they got outbid on the day so we’re working with them to try and find them another fantastic home.”

The top results for registered bidders went to Ray White Beach Haven agents Regan Golding and Libby Hilton for the auction at 1/131 Beach Haven Road, Beach Haven, North Shore City, and Ray White Manurewa agents Josh Anderson and Pat Lapalapa for their auction at 123 Favona Road, Favona, Manukau City, with both auctions recording nine registered bidders and nine active bidders.

The Beach Haven Road property sold under the hammer for $917,000, while the property at Favona Road sold for $797,500.