Buyers out in force as spring arrives

The last week of winter saw auction volumes down across Ray White New Zealand, with the group scheduling 91 properties to go under the hammer.

The group recorded a healthy clearance rate of 58.4 per cent, with an average of four registered bidders and 2.7 active bidders.

“While the OCR’s latest announcement may be a distant memory, its effects in the wider marketplace have been profound, igniting fiercely competitive auctions nationwide as buyers rushed to capitalise on fleeting opportunities,” Ray White New Zealand head auctioneer Sam Steele said.

“This resulted in a 58.4 per cent success rate across 91 scheduled auctions.

“With an average of four registered bidders per auction across the country showcased a significant 70 per cent increase in July, possibly signalling the end of this market cycle.

“Auctions with three or more registered bidders achieved success rates exceeding 80 per cent, reflecting vendors’ continued confidence in the auction process, which consistently outperforms other sales methods, averaging just 25.5 days on the market compared to 62 days for private treaty transactions.

“Close to half of all properties brought to market by Ray White last week were listed for auction, representing 45.4 per cent of the total nationwide stock. Notably, over 40 offices across the country listed more than 50 per cent of their properties as auctions.

“Nationwide, all metrics tracking auction success are on the rise, fueling optimism and anticipation for the upcoming increase in stock and renewed buyer interest.”