Competition fierce at auctions

November auctions are racing ahead as Ray White New Zealand scheduled 214 properties to go under the hammer last week, a 29.7 per cent increase on the same time last year, and a 17 per cent increase on last week.

The group recorded an all sold clearance rate of 50.6 per cent, with properties going to auction seeing an average of 2.2 registered bidders and 1.8 active bidders.

“Ray White New Zealand celebrates another week of auction triumphs, as 214 auctions unfolded nationwide, boasting a 50.6 per cent success rate,” Ray White New Zealand lead auctioneer Sam Steele said.

“This marks a noteworthy milestone, with success rates continually exceeding 50%, contributing to the prevailing optimism saturating the current market.

“Significantly, close to half of all properties listed last week by Ray White opted for the auction approach with 48.1 per cent of properties being listed as auctions, underscoring a growing inclination among sellers for transparent transactions.

“The robust demand is exemplified by an average of 2.2 registered bidders per auction, reflecting the eagerness of buyers to engage in a clear and open sales process.

“In a comparative analysis, auctions continued to outshine alternative sales methods, with an average of 24.5 days on the market, while other approaches experienced a lengthier timeframe of 35.5 days.

This underscores the effectiveness and efficiency of the auction platform in the current real estate landscape.”

The top result of the week went to Ray White Half Moon Bay agents Brandon McCorkindale and Carol Woods (pictured below with the seller) who sold 12 Cockle Bay Road, Cockle Bay, Manukau City, under the hammer for $2.395 million.

With Ray White New Zealand auctioneer Ben East on the gavel, the property recorded five registered bidders with four placing a bid.

The winning bid went to a couple who lived between Auckland and Cromwell and wanted a base in Auckland. The seller had lived there for 17 years and was downsizing.

“All our bidders were families with kids except for these buyers,” Mr McCorkindale said.

“The home has really picturesque sea views out to Rangitoto Island.

“It’s very private and quiet and it was a substantial home.

“It had some scope for improvement but was overall very liveable.”