Clearance rates on the rise at Ray White New Zealand auctions

Ray White New Zealand recorded a 59.2 per cent all sold clearance rate last week, up 20.27 per cent year on year.

The network recorded an average of 2.5 registered bidders per auction and 2.0 active bidders.

Auctions continue to provide top results for sellers, with homes sold under the hammer this week fetching premiums an average of 10.08 per cent higher than the highest offer prior.

Ray White New Zealand lead auctioneer Sam Steele said last week saw a significant rise in active campaigns nationwide, culminating in competitive auctions that achieved a success rate of 59.2 per cent.

“Numerous auctions witnessed a high number of bidders, with double-digit registrations reported, confirming agents’ observations of increased buyer interest and attendance at open houses,” Mr Steele said.

“On average, there were 2.6 registered bidders across the country, representing a 9 per cent increase as buyers recognize the opportunities available in the market after months of missing out.

“Auctions continue to outperform other sales methods, with properties spending an average of 29 days on the market compared to 47 days for private treaty sales.

“First-time homebuyers and investors are also returning to the market, as agents have noticed a significant increase in buyers taking their first steps into the property market.”

The top sale for the week went to Ray White Matakana and Omaha agents Heather Walton and Rod Cheeseman who sold 3 Shearwater Lane, Point Wells, Matakana Coast under the hammer for $2.725 million.

With Ray White auctioneer Jeff Tubman on the gavel, the property attracted two registered bidders and two active bidders with the winning bid going to a family from Omaha Beach.

“The property had an instant wow factor, it was love at first sight for the buyers, they had to have it,” Ms Walton said.

“It was one of the buyers’ birthdays and she got a house for her birthday.

“The underbidders are downsizing from Auckland and moving up to Point Wells.

“A lot of people are doing that at the moment because the Puhio-Warkworth motorway has opened which is a gamechanger for our property market – it will only be 45 minutes to Auckland.

Ms Walton said the vendors built the house and wanted to sell and build again in the same area.