Auctions Strong in Lead Up to Festive Season

There was no slowing down for Ray White New Zealand auctions last week, despite spring selling season coming to a close, with the group scheduling 325 properties to go under the hammer, up 53.3 per cent on the same time last year.

Ray White New Zealand recorded an all sold clearance rate of 59.8 per cent, up 21.47 per year-on-year. Buyers are still active in the market in the lead up to the festive season, with the group recording an average of 2.3 registered bidders and 1.7 active bidders per auction.

The top result for the week went to Ray White Remuera agents Steve and Nila Koerber, who sold 100 Victoria Avenue, Remuera, under the hammer for $7 million. With Ray White Remuera auctioneer John Bowring calling the auction, the property recorded three registered bidders and two active bidders.

Mr Koerber said it was the third highest auction sale in Remuera this year.

“The winning bid went to a local family who had only been looking for about a month and had looked at everything on the market and thought this one was the best,” Mr Koerber said.

“The sellers were two retired doctors who had lived there for 44 years. They are downsizing to an apartment.

“We only had three bidders there which is a lot less than the 17 bidders we had on a house last month which sold for more than $4 million, but they were all good quality bidders.

“The buyer pool definitely gets a lot lighter at that end of the market.”

The auction with the highest number of registered bidders went to 85 Birrell Street, Elgin, which recorded 15 registered bidders and eight active bidders. The property sold under the hammer for $375,000, a great result for Ray White Gisborne listing agents Scott Hannah and Tom Harbott.

“It was burnt out after a fire in 2016, but it has 1,460sqm of land, so it had huge potential to develop or subdivide, or bring the home up to standard. It also had a studio out the back which could make a great AirBnB or rental,” Mr Harbott said.

,“The winning bid went to a builder who wants to live in the unit out the back and do the house up. Most of our bidders were builders, DIYers and developers.

“The seller bought it in 2016 for a friend of hers who was trying to do it up, but the renovation never came to fruition so she decided to sell.”