Long weekend didn’t hold back auction volumes

Ray White New Zealand scheduled 148 auctions to go under the hammer last week, up 8 per cent year-on-year.

The network recorded a clearance rate of 41.7 per cent, with an average of 2.1 registered bidders and 1.8 active bidders per auction.

“Last week’s Ray White auctions showcased notable resilience in a market that continues to surprise and impress,” Ray White New Zealand head auctioneer Sam Steele said.

“The 92 auctions held nationwide showed strong volume while a 41.7 per cent success rate highlights buyers’ continued choice.

“Unconditional bidders displayed unwavering commitment in their pursuit of properties, with an average of 2.1 registered bidders per auction.

“The transparent nature of the auction process allowed buyers to compete openly and provided sellers with a reliable gauge of market value.

“As the market adapts to the ever changing stock levels, more homeowners are turning to auctions to attract unconditional buyers with more than a third of all properties going to auction.

“The efficiency of auctions was once again highlighted, with auction properties selling in an average of 27 days compared to private treaty’s 48 days.”