Auctions Show Continued Resilience After Easter

Auction volumes continue to be up after Easter, with Ray White New Zealand scheduling 210 auctions last week, up 34.6 per cent year-on-year. 

The group recorded a clearance rate of 40.3 per cent, with an average of 1.5 registered bidders and 1.3 active bidders per auction. 

Auctions continue to provide the best outcomes for sellers, with properties sold under the hammer last week receiving an average sale price 10.1 per cent higher than the highest offer received prior to auction.

“Ray White's auctions saw continued resilience and momentum last week, culminating in 123 auctions conducted across the country and a success rate of 40.3 per cent,” Ray White New Zealand lead auctioneer Sam Steele said. 

“Serendipity certainly favoured the committed with an average of 1.5 registered bidders per auction.

“While the country saw this success rate, interestingly auctions that had an average of three or more bidders enjoyed success rates of more than 66 per cent, showing that transparent competition is a cornerstone of auctions success.

“With increased stock in the market, more homeowners are using the power of the transparent auction process to identify and secure unconditional buyers than any time since 2021.

“Auction again outshone other methods of sale for time to sell with auctions selling in an average of 28 days while private treaty took 43 days.

“Positivity in the market is showing signs of rising with a number of very notable properties hitting the market in the hope of breaking all time price records at auction in New Zealand.”

The top auction of the week went to Ray White Grey Lynn agents Scott Wither and Chloe Wither who sold 28 Rose Road, Grey Lynn, Auckland City, under the hammer for $3.8 million. With Mr Steele on the gavel, the auction recorded two registered bidders and two active bidders. 

Mr Wither said the winning bid went to a couple of downsizers who were looking for a home in the city which they could lock up and leave. 

“The sellers are relocating to Matakana which is a bit of a trend for us at the moment with people going in both directions,” Mr Wither said. 

“I think people are moving to Matakana due to lifestyle but also people moving back who might have moved there during covid but are still working in the city and are sick of the commute. 

“We’ve had a cracking few weeks, with multiple auction sales above $3 million. This is a significantly better market post Easter.

“It seems like people are of the understanding that rates have topped out now, so it's time to buy while there's so much good property on the market.” 

The auction with the highest number of registered bidders was at 20 Bolton Avenue, Spreydon, Christchurch City, which recorded 12 registered bidders and seven active bidders.  The property sold under the hammer for $730,000, a great result for the vendor and Ray White Papanui listing agents Vanessa Golightly and Maria Paterson. 

Ms Golightly said there was competitive bidding right until the end. 

“It was as is where is, but it wasn’t earthquake damaged it was just a pre-1940s home,” she said.

“I’d say three quarters of our bidders were developers, but the winning bit went to a private buyer in the end. 

“Developers have become an active part of the market after having a bit of hiatus last year. 

“I think they were sitting on their hands hoping prices would drop but they didn't, and now they’re heading back up again, so they realised they need to buy now and get their project pipelines back up again. 

“The sellers were two brothers who had been left the estate. They were happy to see the auction process play out and it worked to deliver a premium.”