Clearance rate on the rise as spring has sprung

The network recorded an average of 2.6 registered bidders and 2.0 active bidders per auction.

“Spring had certainly sprung for Ray White’s auctions last week, with stellar results in both the main centres and in the regions,” Ray White New Zealand head auctioneer Sam Steele said.

“Last week, 125 scheduled auctions delivered a clearance rate of 58.2 per cent, reaffirming the strength of auctions as the preferred method of sale in today’s evolving market.

“Buyer demand remained robust, with an average of 2.6 registered bidders per auction, a clear indication of the competitive energy driving successful results.

“As listing volumes begin to stabilise, more sellers are choosing auction, recognising its ability to draw a wide pool of unconditional buyers.

“Homeowners, agents, and mortgage brokers are already preparing campaigns and purchasers to harness the seasonal momentum.

“Auctions also continue to provide the quickest path to sale, averaging just 36 days on market compared with 57 via private treaty, a significant advantage in the current climate.

“Auctions accounted for 29.8 per cent of all Ray White listings nationwide last week, confidence in their transparency, efficiency, and performance is clearly on the rise.”

One fantastic result for the week went to Ray White Howick agent Holly Lu who sold 23 Gillard Place, Eastern Beach, Manukau City, under the hammer for $3.1 million. With Mr Steele on the gavel, the auction recorded three registered bidders.

“The vendors purchased this property two years ago, mainly because of the school zone as the location is within walking distance to one of the top schools in the area,” Ms Lu said.

“At the end of last year, the vendors approached me, as their children had decided not to attend this school. They bought the property at the peak of the market, and although they understood that the market wasn’t as strong as it was a few years, they didn’t want to lose money, they asked me what they should do.

“After a thorough analysis, the solution I proposed was to carry out a full renovation before putting the property on the market.

“Throughout the entire sales process, we carried out extensive marketing. We invited the neighbors, arranged for a coffee cart, and did everything we could to maximize exposure, which ultimately led to the great result.”

Ms Lu said all the interest had come from owner occupiers.

“All three groups of buyers at the auction were owner-occupiers: one group was older buyers looking to enjoy their lifestyle, another group was attracted by the school zone,” she said.

“The ultimate winners were actually the neighbors’ children - a couple with three kids who wanted to live close to their parents.”

The standout auction for number of bidders last week went to Ray White Manukau agents Oscar Jnr Obioha and Aidan Fraei who recorded 18 registered bidders and eight active bidders at their 16 Heybridge Street, Manurewa, Manukau City, auction. With Mr Steele calling the auction, the property sold under the hammer for $767,000.

Mr Fraei said the property had been in the seller’s family for 30 years.

“Interest was predominantly from property traders who were interested in getting in there with a hammer/paintbrush to add their own special touches before re-listing,” he said.

“The auction exceeded our expectations with the property being called on-the-market after just three bids!

“The winning bid went to a property trader.”