Auctions held last week saw an average of 2.3 registered bidders and 1.6 active bidders per auction.
“Ray White’s auction portfolio continued to exhibit impressive strength and momentum last week, with 146 auctions scheduled across the country. A robust clearance rate of 47.2 per cent further underscored the rising prominence of auctions in today’s property market,” Ray White New Zealand head auctioneer Sam Steele said.
“Strong engagement from committed buyers lifted the average number of registered bidders to 2.3 per auction - a meaningful increase that reflects the effectiveness of open, transparent bidding in achieving successful results. Several auctions recorded double-digit registrations, adding to the sense of renewed energy in the room.
“As listing volumes begin to stabilise, more sellers are being drawn to the auction process - attracted by the opportunity to engage with a broader pool of motivated, unconditional buyers. In Auckland, anticipation is building around the release of new CVs, with both buyers and sellers watching closely for their potential impact.
“Once again, auctions proved to be the most time-efficient method of sale, with a median days on market of just 35.5 compared to 51 via private treaty - a decisive edge in a fast-moving environment.
“With auctions now accounting for 31.1 per cent of all Ray White listings nationwide, the data points to a steadily strengthening market and growing confidence among both buyers and sellers.”
The top sale for the week went to Ray White Parnell agents Andrew Fava and Erica Fava who sold 3/14 Peel Street, Westmere, Auckland City, under the hammer for $2.595 million. With Mr Steele on the gavel, the auction recorded six registered bidders and four active bidders.
Seven was the lucky number of bidders this week, with two Ray White auctions recording seven registered and seven active bidders on auction day.
Ray White Rotorua agents Chander Sandhu and Tim O’Sullivan sold 9A & 9B Victory Road, Fairy Springs, Rotorua District, under the hammer for $783,000, while Ray White Botany agents Puneet Garg and Vivian Tsai sold 5 Astor Place, Manurewa, Manukau City, under the hammer for $690,000.
Mr Sandhu said they targeted their campaign at investors.
“In Rotorua anything with more than one dwelling is really hot at the moment. They were 1950s homes that were pretty low maintenance. It also had potential for development,” he said.
“We marketed it to investors and that’s where all our interest came from. The buyer intends to rent it out and then explore the potential of subdivision. He said he could see the potential.
“The sellers were also investors who were selling as part of their retirement plan. They were over the moon with the result.”
