There was plenty of auction action across the country last week, with Ray White New Zealand recording an all sold clearance rate of 54.5 per cent, up 8.07 per cent on the same time last year.
Buyers were out in force, with an average of 2.9 registered bidders and 2.2 active bidders at Ray White auctions across the nation.
Vendors who chose to take their properties to auction with Ray White New Zealand this week were rewarded with an average sale price 13.53 per cent higher than the highest offer prior.
Ray White New Zealand lead auctioneer Sam Steele said momentum and reported uplift in activity of the last month had continued for Ray Whites auctions.
“Last week saw 80 auctions conducted with a 49 per cent success rate nationwide, with sale prices from $77,000 to $4.4 million, showing the diversity in the auction process.
“With many agents reporting an increase in buyer activity, especially from first home buyers, there is an expectation that the traditionally quieter months of June and July will continue this inquiry.
“Last week, 30 per cent of all properties listed by Ray White were auctions, further outperforming other methods of sale, with an average of 41 days on the market for auction and 54 for private treaty.
“Average registered bidders increased this week sitting at three per auction along with forthcoming auction bookings.”
The top sale of the week went to Ray White Papakura principal Sandra Bullock who sold 88 Blackbridge Road, Karaka, Franklin, under the hammer for $4.4 million, $300,000 over reserve.
With Ray White New Zealand auctioneer Ben East on the gavel, the 4.39ha lifestyle property attracted four registered bidders and three active bidders on auction day.
The sellers were owner occupiers who had built the property.
“The auction was fabulous, the room was packed, even the neighbours came to watch,” Ms Bullock said.
“Lifestyle properties are getting more people through open homes and there’s lots of demand for lifestyle blocks. People want to experience the Kiwi lifestyle.
“The winning bid went to a family who wanted a tree change.”
Ray White Manukau recorded a 77 per cent auction day clearance rate at their in-room auction event on Tuesday, with 10 properties selling under the hammer.
One property at 7 Brentford Place, Manurewa, Manukau City, attracted a whopping 14 registered bidders and sold under the hammer for $750,000, a great result for Ray White Manurewa salesperson Phuong Nguyen.
Ray White Manurewa, Manukau, Mangere, Mangere Bridge director Adam Thomson said auction was still their preferred method of sale.
“We’re still taking 70 per cent of our stock to auction, we believe it’s the most effective and efficient process to sell,” Mr Thomson said.
“Whether we sell under the hammer or in the week following, it keeps the days on the market low which is important in a declining market – it’s the difference between selling in 30 days or 90 days.
“The competition was evident in the room on Tuesday with plenty of buyers, including first home buyers bidding on auctions.
“We had an average of 6.9 bidders per auction which is incredible.”