Ray White auctions showcase momentum
Ray White’s auctions demonstrated resilience and momentum last week, with 171 auctions booked nationwide, achieving a 46% all sold success rate.
This marks a substantial 26% surge in auction volume year on year while maintaining a consistent success rate.
Persistent bidders and market confidence
Sam Steele, Ray White New Zealand head auctioneer, highlighted the commitment of bidders, with an average of 2.3 registered bidders per auction.
“Notably, the transparency of the auction process enabled buyers to compete and sellers to gauge market value with confidence,” Steele said. “As the market adjusts to increased listings numbers, more homeowners are embracing auctions to secure unconditional buyers.”
Efficient sales and top auction
Auctions proved efficient, with properties selling in an average of 28 days compared to 50 days for private treaty sales.
Ray White Remuera sales agents Caroline Yau and Steve Williams sold the top auction sale last week, a property at 36A Armadale Road, Remuera, Auckland City, which sold for $2.91 million.
There were almost 100 groups through the property during the campaign.
“I was taking people around the clock,” Yau said. “It’s a wonderful single-level brick house that is walking distance to the top schools.”
The auction attracted eight registered bidders, all local families.
Record-breaking bidders
The auction with the highest number of registered bidders last week was at 14 Newhaven Terrace, Mairaingi Bay, North Shore City.
Ray White Mairangi Bay sales agent Ella Bason and director Shane Coote sold the property, which had been in one family for more than 50 years, for $1.996m under the hammer.
The property attracted 15 registered bidders and five active bidders after just 14 days on the market.
“The property was on one of the best streets in Mairangi Bay and just under 700 sqm,” Bason said. “It was a crazy number of bidders and only on the market for 14 days.”
The property was bought by a local developer.
“We make it easy for other agents to work with us, and of course, we know that auctions create competition,” Bason said.
The auction exceeded initial appraisals by $496,500, showcasing the power of competitive bidding in today’s market.
Access the Ray White report here. Compare the latest results to the previous week‘s figures.
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