Sellers Continue to Achieve Optimal Results through Auctions
Auction continues to provide the best results for sellers, equating to fewer days on market, and offering premiums an average of 16.52 per cent higher than the highest offer prior.
Ray White New Zealand had 121 properties scheduled to go under the hammer last week, with an all sold clearance rate of 52.7 per cent.
There was an average of 2.7 registered bidders per auction and an average of 1.9 bidders actively in competition. Ray White New Zealand lead auctioneer Sam Steele said Auction success rates continue to climb across the country.
“Clearance rates last week observed an 11 per cent increase on the same period last year,” he said.
“Auctions further outperformed other methods of sale with an average of 32 days on market compared to 58 for private treaty.
“This dichotomy between different methods of sale is further enhanced by average bidder numbers improving with an average of 2.7 bidders last week.”
The top result of the week went to Ray White Epsom agents Ross Hawkins and Richard Bull who sold 65a Portland Road, Remuera, under the hammer for $3.95 million - $200,000 above its $3.75 million CV.
With Ray White Epsom auctioneer and CEO Jeff Tubman calling the auction, the property attracted three registered bidders and two active bidders on auction day.
Designed and built by the vendors in the 1980s, Mr Hawkins said the property was sold to a Queenstown based family who had a connection with Japan and appreciated the home’s Japanese architecture.
“All the buyers had an interest in Japan whether it be through business or they had lived there for a period of time,” Mr Hawkins said.
“The buyers hope to relocate to the home eventually.”
Mr Hawkins said the property received a huge amount of attention, with potential buyers lining up down the driveway to inspect the home.
We had 600 people through the property in three weeks which is the most I've had in my 24 years of real estate.
“It was the Japanese architecture which people were very intrigued by. It was very authentic and so was the building style. The zen gardens were established 35 years ago and you felt like you were in Japan when you visited the property.” Another fantastic result came from Remuera agents Marama Curness and Glenn Curness who sold 173 Campbell Road, Greenlane, Auckland City, under the hammer for $2.696 million.
With Ray White Remuera auctioneer John Bowirng on the gavel, the four-bedroom home attracted nine registered bidders and seven active bidders on auction day.
The winning bid went to a woman who bought the home to be her primary residence.
“She was attracted to the location, renovation and character of the home,” Ms Curness said.
“The sellers bought the home as a project and gutted it and renovated it in line with the original character, but added modern features and a pool.
“They were moving onto another project.”
Ms Curness said they had 111 groups inspect the home in the lead up to the auction.
“We had buyers from all over Auckland interested in the property, predominantly families,” she said.
“The location next to Cornwall Park was very attractive, plus was close to public transport and the motorway.
“Plus it was a character home with a full renovation.
“There aren't many homes like this that come up for sale in this area.”