Buyers out in force as auction volumes rise

Buyers continue to be presented with more options in the property market this year, with Ray White New Zealand scheduling 317 auctions last week, up 93.3 per cent compared to the same time last year.

The group recorded an all sold clearance rate of 52.9 per cent, up 11.1 per cent year-on-year, and had an average of 1.9 registered bidders and 1.6 active bidders per auction.

“Ray White New Zealand celebrated another week of auction triumphs, hosting 317 auctions nationwide, with a success rate of 52.9 per cent,” Ray White New Zealand lead auctioneer Sam Steele said.

“Equally positive was the increase in new listings coming to the market as New Year confidence runs high.

“An average of 1.9 registered bidders per auction further attests to the eagerness of buyers to explore the property options available to them in the wider market and engage in a clear and open process.

“Auctions continue to provide the best outcomes for sellers, with properties sold under the hammer fetching prices an average of 10.6 per cent higher than the highest offer received prior to auction.”

The top result for the week went to Ray White Remuera agent Keith Dowdle who sold 54A Hamilton Road, Herne Bay, under the hammer for $2.88 million. The property had one registered bidder.

Mr Dowdle said the sellers were downsizing in Auckland and then moving out of town and building a new house.

“The buyers are coming from the country and they’re moving back into Auckland to live closer to family,” he said.

“At Hamilton Road we only had 17 groups through which is unusual for a house like that, so we really looked after the buyers who were interested. We only had one bidder on the day, but it only takes one!

“It’s a really tightly held area, people tend to purchase and stay there. Quite a bit of off-market trading happens in the area, so this was quite a unique

Mr Dowdle said the Herne Bay market was performing very differently to the rest of the market.

“What we’re seeing in the Herne Bay market is a chronic shortage of good houses across all price points, this one was more entry level for the area,” he said.

“here’s not enough properties to meet demand, which is the opposite of what’s happening in other markets where we’re seeing a lot more stock come on.”