Buyers Hungry to Transact Before Holidays

Ray White New Zealand scheduled 212 auctions last week across the country, with an all sold clearance rate of 53.5 per cent. 

There was an average of 1.9 registered bidders per auction, with 66.2 per cent of auctions experiencing active bidding. 

Ray White New Zealand head auctioneer Sam Steele said over the past week, Ray White auctions have showcased impressive resilience in a market that continues to surprise and captivate. 

“With 212 auctions scheduled nationwide, strong activity was evident, achieving a 53 per cent success rate that highlights the diverse opportunities available to buyers,” Mr Steele said.

“The auction process, celebrated for its transparency, has encouraged open competition, providing sellers with a reliable gauge of market value as stock levels fluctuate.

“The underlying confidence that the start of 2025 will provide, will lead to a dramatic increase in stock hitting the market.

“With less than three weeks until Christmas, Ray White is well positioned to finish off the remaining auctions of 2024 with confidence and strong competition for our clients."

The top auction for the week went to Ray White Remuera agents Steve Koerber and Nila Koerber who sold 1 Bell Road, Remuera, Auckland City under the hammer for $3.9 million.

The auction attracted eight registered bidders, with four actively bidding for the character home.

“The buyer was a family with two kids living locally across the valley, in a smaller home. They had been searching for a few years and were thrilled to upsize to their new family home,” Mr Koerber said.

“The sellers are actually moving to Sydney. We sold their main residence two weeks ago, and this was an investment property for them. They also are a young family with two kids.

“There is a lot of demand for beautiful family homes like this, which you can see from how many bidders we had. It feels as though there is a bit of pressure on buyers to make decisions before Christmas. 

“We had 10 sales in Remuera in November - it has really picked up in the last few weeks. We anticipate it to be a quiet time between December 15 and January 15. The Kiwis love a holiday!”

Mr and Ms Koerber also managed the sale of the neighbouring home at 84 Bell Road for $4.18 million earlier this year.

The auction with the highest number of registered bidders was for 13 Rutland Street, Mount Wellington, Auckland City

Matt Gibson from Ray White Remuera sold the home under the hammer for $1.6 million.

“The very first bid knocked a couple of bidders out straight away, but a couple of determined bidders continued on and fought it out,” Mr Gibson said.

“The buyer only saw the property for the first time 48 hours earlier. He was a young man looking for his first house and had missed out on a few auctions.

“For a three-bedroom house under 500sqm, it is easily one of the best sales of the year.

"The sellers are a young couple who bought a few years ago and subdivided it. They completely renovated the front house and did an amazing job. They are moving away from Auckland.

“The market is noticeably picking up, and we already have several excellent properties listed for early next year, with January and February set to be fantastic.”

The auctioneer for both properties was John Bowring.