Huge uptick in NZ auction volume

Last week witnessed the apex of a nationwide campaign push, resulting in high listing numbers and fiercely contested auctions with a 42.2 per cent success rate across Ray White in New Zealand.

Ray White New Zealand head auctioneer Sam Steele said several auction events in recent weeks have shown a substantial uptick in auction volume.

“Last week with the outstanding efforts of Ray White AT Realty in South Auckland conducting their fourth The Day mega auction event and further cemented their position as market leading with over 65 per cent selling successfully under the hammer,” he said.

With an average of two registered bidders nationwide, the noticeable surge in summer stock levels has expanded options for buyers in previously challenging markets.

“Vendors’ steadfast confidence in auctions persists, as this method continues to outshine alternative sales approaches, with an average time on the market of 35 days compared to 49 days for private treaty transactions,” he said.

A third of all properties introduced to the market by Ray White in the last month were via auction, comprising 33.7 per cent of total stock nationwide, with more than 40 offices across the country listing over 50 per cent of their listing stock as auctions.

Nationwide, all metrics tracking auction success are anticipating the upcoming surge of stock and renewed buyer interest.

Comments from agents of increased volume of ‘good’ stock, compliments the markets desire to transact with transparency at auction.

The highest sale of the week was of 41 Baddeley Avenue in Kohimarama (pictured below) which sold under the hammer for $2,717,500. Ray White Kohimarama agent Pauline Brown said the lucky winning bidders were a young family who have relocated from the UK.

“The positioning of this home opposite a beautiful big park made it a big hit for families, especially because many of the local kids play sports there,” Ms Brown said.

While it was a deceased estate sale with the five children executors, Ms Brown said she knew the lovely gentleman who had lived there for 50 years and was thrilled to achieve the result for his family.

“The market is a bit all over the place at the moment and hard to pick, but good quality properties are still selling well,” she said.