Auction volumes remain high as November begins

Auction volumes remain high as we enter November, with Ray White New Zealand scheduling 220 properties to go under the hammer last week, up 14 per cent year-on year.

The group saw an average of two registered bidders and 1.7 active bidders per auction, recording a clearance rate of 57.5 per cent.

“Public confidence is rising, and with growing inventory, Ray White’s auction market is gaining exceptional momentum,” Ray White New Zealand head auctioneer Sam Steele said.

“In the past week across New Zealand, Ray White conducted 220 auctions achieving a clearance rate of 57.5 per cent.

“An average of two registered bidders per auction highlights an uptick in buyer engagement, with auctions featuring three or more bidders reaching success rates over 88 per cent.

“Selecting the right sales method is crucial, and auctions continue to outperform other approaches, with an average market time of just 24 days, compared to 49 days for private treaty sales.

“This demonstrates the importance of choosing the optimal strategy in today’s competitive market.

“Our sales teams are noticing a shift in buyer sentiment, as many now sense that the ‘buyer’s market’ may be shifting, driving urgency to secure properties.

“The transparency and competitive nature of auctions are increasingly appreciated, leading to stronger outcomes and growing confidence.

“Ray White New Zealand’s emphasis on auctions reinforces our leadership, driving engagement and bolstering market confidence as we enter the seasonal cycle.”