October auctions ramp up

Auction volumes are on the rise as spring ramps up ahead of the election this week. Ray White New Zealand scheduled 174 auctions during the first week of October, up 55.4 per cent year-on-year.

The group recorded an all sold clearance rate of 56.3 per cent, with an average of 2.5 registered bidders and 2.0 active bidders per auction.

“Warmer days and auction figures are on the rise, indicating a stabilisation of the market and a growing sense of confidence,” Ray White New Zealand lead auctioneer Sam Steele said.

“Ray White New Zealand orchestrated 130 auctions last week, boasting a success rate of 56.3 per cent with an average of 2.5 registered bidders per property.

“Crucially this demonstrates a 78 per cent increase in auctions conducted and an 18 per cent increase in average bidders, furthering agents’ comments of increased appetite for quality properties from engaged buyers in the marketplace.

“Auctions continue to outshine alternative methods of sale, evident in the average days on the market – 24 days for auction is in stark contrast to private treaty’s average of 40 days to sell. This underscores the crucial role of time on the market in choosing a sales approach.

“More than 40 per cent of all properties brought to market were via auctions last week, maintaining an 8 per cent increase on the same period last year, further echoing reports of increased confidence and activity in the market.”

The top result of the week went to Ray White Kohimarama agent Pauline Brown who sold 39 Polygon Road under the hammer for $3 million.

With Ray White Mission Bay principal and auctioneer Wayne Maguire on the gavel, the property recorded three registered bidders and two active bidders.

The winning bid went to a local couple. The seller had owned the home for seven years and was downsizing.

“It was architecturally designed by Brian Cullen who is a well-known architect in Auckland,” Ms Brown said.

“I had 59 inspections prior to the auction, there was a lot of interest.

“The position close to St Heliers village and the harbour view were the major points of interest for buyers.”