Buyers out in force at Ray White auctions

Ray White New Zealand scheduled 126 properties to go under the hammer last week, up 29.9 per cent year-on-year.

Buyers were out in force last week, with the group recording an average of 3.9 registered bidders and 3.3 active bidders per auction.

“The hope of an OCR change on the horizon and steady inventory levels has ushered in a period of remarkable activity and resilience for Ray White’s auctions,” Ray White New Zealand head auctioneer Sam Steele said.

“Last week the network experienced a vibrant surge, with auction volumes strengthening after a series of positive outcomes in previous months.

“Property owners leveraged the winter market to make crucial decisions, benefiting from the transparency of the auction process with 126 scheduled auctions nationally, marking a significant 11.8 per cent increase in volume from the previous period.

“The clearance rate of 55.8 per cent reflected increased stock levels and the choices available to buyers, while an average of 3.9 registered bidders per auction confirmed this trend.

“A notable shift was observed in the growing preference for the auction sale method, which accounted for more than a quarter of all listings nationwide, with a 26.3 per cent share of newly listed properties.”

Mr Steele said auctions consistently outperformed other sales methods throughout the month.

“The average time on the market in June was just 29 days for auctions, compared to 55 days for private treaty sales, underscoring the importance of selecting the right sales approach in today’s fast-paced marketplace,” he said.

“Our sales teams observed improved sentiment among cautious yet engaged buyers, alongside an influx of fresh inventory.

“Across the marketplace, especially in variable economic conditions, the transparent and competitive nature of auctions continues to be highly valued, delivering positive outcomes and bolstering consumer confidence.

“These striking figures and outcomes were a result, in part, to Ray White Manukau, Manurewa, Mangere and Mangere Bridge’s mega auction event The Day 5.0 in South Auckland where 50 properties were auctioned in one day. The group recorded 260 registered bidders on the day, selling more than $22 million worth of property.”