Auction results buck the early predictions of 2024

Ray White New Zealand scheduled a colossal 263 auctions last week, reflecting a substantial 95 per cent increase on the same period last year.

“A success rate of 42.9 per cent nationally for the last seven days highlights the increased stock available on the market and choice buyers have. An average of 1.7 registered bidders per property holds steady in light of the boost in listings,” Ray White New Zealand head auctioneer Sam Steele said.

“Auction continues to outperform other methods of sale with an average days on market for auction sitting at 28, while private treaty sees 40 days, further highlighting that time on market is just as essential when selecting a method of sale.

“With a changing market the ability to secure a sale quickly is just as relevant as the success rate,” he said.

Over a third of all properties brought to the market last week by Ray White New Zealand were via auction, with this an impressive steady at 38.1 per cent of all listings nationwide.

Comments of increased activity from agents, especially first home buyers, compliments the markets desire to transact with transparency at auction.

The highest sale of the week was of 105A Lucerne Road in Remuera which sold under the hammer for $2.151 million. Ray White Remuera agents Caroline Yau and Steve Williams said that the lucky winning bidders were local downsizers who wanted something easy to look after.

“The sellers live in Sydney and have had the home for 20 years. They had the same tenant for over 15 years and when she gave notice to vacate, the owners decided it was time to sell,” Steve said.

There were three buyer types interested in the home; downsizers, young families and investors. The three registered bidders ended up being one of each type.

“This home sat at a price point in the market that made it attractive to a large range of buyers,” he said.