Auctions saw an average of 1.9 registered bidders and 1.6 active bidders.
During the week prior Ray White New Zealand scheduled 247 auctions to go under the hammer, up 36.5 per cent on the same time last year. The week recorded a clearance rate of 45.8 per cent with an average of two registered bidders and 1.7 active bidders per auction.
“Ray White’s auctions continued to display impressive strength and momentum, with the week prior to Easter showcasing an outstanding 152 auctions conducted nationwide,” Mr Steele said.
“Strong engagement drove positive results, with an average of two registered bidders per auction, underscoring the effectiveness of open, competitive bidding in achieving successful outcomes.
“As stock levels begin to stabilise, this environment has encouraged more homeowners to embrace the auction method, attracting a broader pool of unconditional buyers.
“Once again, auctions outperformed private treaty sales in time on market, averaging just 31 days compared to 49.5 days.
“Confidence continues to grow, with auctions accounting for 30.4 per cent of all Ray White listings nationally.”
The top result for last week went to Ray White Remuera agent Banson Chong who sold 102 Grand Drive, Remuera, Auckland City, under the hammer for $2.4 million. With Ray White auctioneer John Bowring on the gavel, the auction recorded six registered and six active bidders.
“The property sold in just 21 days for $250,000 above the reserve,” Mr Chong said.
“All of our bidders were developers. We’re seeing developers looking for premium development land coming back into the market as a result of the decreasing interest rates.
“There is much more confidence in the market now.
“The vendors have relocated to Australia and are buying a home there, which is why they needed to sell.”
The auction with the highest number of bidders went to Ray White Manukau agents Tom McCartney and Grace Evans-Brown who recorded eight registered bidders and eight active bidders at his 6 Frangipani Avenue, Manurewa, Manukau City, auction. With Ray White auctioneer Ben East calling the auction, the property sold under the hammer for $747,500.
“It was a house that hadn’t been lived in for 10 years and was in original condition from the 1970s,” Mr McCartney said.
“So all our bidders were people who wanted to do renovations on the home, that market is really strong at the moment. The winning bid went to flippers who wanted to renovate and sell the home.
“They were really motivated sellers who were living in the city.
“Things have been reasonably stable recently. There’s a lot of stock on the market at the moment, but having motivated sellers is really key.
“The market is there, the buyers are out there, but you can’t be hoping for record prices as homes that are sitting on the market for longer periods of time are less likely to sell.”
