Auctions show strength ahead of OCR update

Auction metrics were looking positive for Ray White New Zealand last week, with 203 properties scheduled to go under the hammer ahead of this week’s OCR announcement. 

The group recorded a 55.8 per cent clearance, up 14.74 per cent year-on-year, with an average of 2.4 registered bidders and 1.8 active bidders. 

“Ray White’s auctions continued to demonstrate remarkable strength and momentum, with 202 scheduled auctions across the country. A solid clearance rate of 55.8 per cent reinforced the growing dominance of auctions in today’s market landscape,” Ray White New Zealand head auctioneer Sam Steele said.

“Strong participation from committed buyers drove the average number of registered bidders to 2.4 per auction — a notable uplift that highlights the power of open, competitive bidding in securing successful outcomes. While numerous auctions reported double digit registrations.

“As listing volumes begin to stabilise, this trend is encouraging more homeowners to choose auctions, drawn by the appeal of attracting a wider pool of unconditional buyers. While the anticipation of the new CV's in Auckland has the market poised to see how this impacts buyer and seller activity.

“Once again, auctions outpaced private treaty sales in time on market, averaging just 36 days compared to 62 — a clear advantage in a competitive environment.

“With auctions now representing 31.2 per cent of all Ray White listings nationwide, it's evident that market confidence is building steadily.” 

The top result for the week went to Ray White Parnell’s John Q who recorded Ray White New Zealand’s highest auction sale price for the year-to-date with 76 & 76A Lucerne Road, Remuera, Auckland City, selling under the hammer for $6.6 million with five registered bidders and five active bidders. 

The top auction for number of bidders went to Ray White Sandringham agent Diane Goer who recorded 11 registered bidders and eight active bidders at her 7 Horoeka Avenue, Mount Eden, auction. 

An original 1,105sqm villa, the property was being offered to market for the first time in 89 years. With Ray White City Realty Group director of sales and auctions on the gavel, bidding started at $500,000. After a whopping 92 bids, the property sold under the hammer for $3.29 million. 

Ms Goer said it was a very special property with a lovely feel.

“The property attracted interest from both builders and family groups,” Ms Goer said. 

“The winning bid went to a young family who purchased the property for generational living.” 

Mr  Brain said there were some encouraging signs for the property market in the second half of 2025, with Ray White City Realty Group scheduling 35 auctions to go ahead next week. 

“After a quieter period, it’s been fantastic to see such strong buyer engagement,” he said.

“While last week's Budget didn’t introduce any major housing initiatives, the Auckland property market is well positioned for a gradual recovery in the second half of the year. 

“Interest rates remain a key factor, with many buyers still anticipating further movement. 

“Although we’ve seen a slight dip in average open home attendance, average bidder numbers per auction are increasing—which is an encouraging sign. 

“Overall, I believe the second half of 2025 is shaping up to be an exciting and active period for the market."