Competition Fierce At Auctions
November auctions are racing ahead as Ray White New Zealand scheduled 214 properties to go under the hammer last week, a 29.7 per cent increase on the same time last year, and a 17 per cent increase on last week.
The group recorded an all sold clearance rate of 50.6 per cent, with properties going to auction seeing an average of 2.2 registered bidders and 1.8 active bidders.
“Ray White New Zealand celebrates another week of auction triumphs, as 140 auctions unfolded nationwide, boasting a 50.6 per cent success rate,” Ray White New Zealand lead auctioneer Sam Steele said.
“This marks a noteworthy milestone, with success rates continually exceeding 50%, contributing to the prevailing optimism saturating the current market.
“Significantly, close to half of all properties listed last week by Ray White opted for the auction approach with 48.1 per cent of properties being listed as auctions, underscoring a growing inclination among sellers for transparent transactions.
“The robust demand is exemplified by an average of 2.2 registered bidders per auction, reflecting the eagerness of buyers to engage in a clear and open sales process.
“In a comparative analysis, auctions continued to outshine alternative sales methods, with an average of 24.5 days on the market, while other approaches experienced a lengthier timeframe of 35.5 days.
This underscores the effectiveness and efficiency of the auction platform in the current real estate landscape.”
The top result of the week went to Ray White Half Moon Bay agents Brandon McCorkindale and Carol Woods (pictured below with the seller) who sold 12 Cockle Bay Road, Cockle Bay, Manukau City, under the hammer for $2.395 million.
With Ray White New Zealand auctioneer Ben East on the gavel, the property recorded five registered bidders with four placing a bid.
The winning bid went to a couple who lived between Auckland and Cromwell and wanted a base in Auckland. The seller had lived there for 17 years and was downsizing.
“All our bidders were families with kids except for these buyers,” Mr McCorkindale said.
“The home has really picturesque sea views out to Rangitoto Island.
“It’s very private and quiet and it was a substantial home.
“It had some scope for improvement but was overall very liveable.”
The auction with the highest number of bidders was at 9 Luanda Drive, Ranui, Waitakere City which recorded 23 registered bidders and 15 active bidders. The property sold under the hammer for $675,500, a great result for Ray White Swanson listing agents Melvin Plaisier and Keith Bick who were selling it on behalf of the Public Trust.
The winning bid went to an investor looking to renovate and hold.
Mr Plaisier said the dwelling was quite run down, but provided a great opportunity to renovate.
“Most people were looking to buy and renovate with a few looking to hold with the intention of developing in the future,” Mr Plaisier said.
“I think investors are looking for something they can make some money on by doing some renovations.
“People don't see much vision for capital gains in the next five years as there’s no rental return, so they see the only way to make money is to renovate it and flip for a return.”