High bids boost NZ market
Last week marked a peak in New Zealand’s auction activity, driven by a national campaign that saw Ray White’s auction success rate hit 42.2%.
Sam Steele, Ray White New Zealand’s head auctioneer, noted a significant increase in auction volume.
“Last week with the outstanding efforts of Ray White AT Realty in South Auckland conducting their fourth The Day mega auction event and further cemented their position as market leading with over 65% selling successfully under the hammer,” Steele said.
Vendors favour auctions for quick sales
Auctions continued to gain favour among vendors for their efficiency and effectiveness, outperforming other sales methods.
“Vendors’ steadfast confidence in auctions persists, as this method continues to outshine alternative sales approaches, with an average time on the market of 35 days compared to 49 days for private treaty transactions,” Steele said.
With an average of two registered bidders nationwide, the significant increase in summer stock levels has also broadened options for buyers in markets that were previously challenging.
Last month, a third of all properties listed by Ray White were auctioned, making up 33.7% of their total national stock, with over 40 offices across the country having more than half of their listings as auctions.
Nationwide, all metrics tracking auction success indicate an anticipated surge in stock and renewed buyer interest.
Agents reported an increase in “good” stock, aligning with the market’s preference for transparent transactions at auctions.
High demand and successful sales
The auction method has proven particularly successful for properties like 41 Baddeley Avenue in Kohimarama, which sold for $2,717,500.
Pauline Brown, Ray White Kohimarama agent, shared that the property was highly attractive to families due to its location.
“The positioning of this home opposite a beautiful big park made it a big hit for families, especially because many of the local kids play sports there,” Brown said.
Market insights and agent perspectives
The real estate market is currently vibrant with an influx of desirable properties, as noted by agents.
Bob Lemalu and Ngarina Wong from Ray White Papatoetoe highlighted a sale at 18 Buckland Road, where a property in need of significant renovations attracted 11 developers, selling for $1.282 million.
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