October Auction boom
Sam Steele Head Auctioneer , Ray White New Zealand
October marked a significant period for Ray White ’ s auctions following the success of ‘ The Month of More ’ nationwide auction push in September , igniting a surge in auction activity with consumer confidence on the rise and interest rates on the decline .
Recent results clearly demonstrate that auctions have now emerged as the go-to strategy for buyers and sellers eager to capitalise on a market full of opportunity . This renewed vigour signals a shift , positioning auctions as a dynamic , competitive platform for those seeking swift , decisive outcomes in property transactions .
In October alone , Ray White members scheduled an impressive 636 auctions across the country – an extraordinary nearly 34 per cent increase in volume , with properties across all asset classes experiencing auction success .
This surge was further amplified by consecutive Official Cash Rate ( OCR ) reductions by the Reserve Bank of New Zealand ( OCR ). It has now eased the cash rate
consecutively to 4.75 per cent , with a further reduction anticipated at its November 27th OCR review .
The immediate impact on the auction market has undeniably set the stage for a significant rise in buyer engagement and bidding intensity .
The average number of registered bidders per auction jumped from 1.8 in June to 2.7 in October , a clear sign that more buyers are ready to act in a competitive environment .
Auctions with four or more registered bidders were particularly successful , achieving clearance rates that soared above 89 per cent . This high level of participation highlights the increasing appeal of auctions and signals a broader trend : buyers and sellers alike are turning to this method for its speed , transparency , and ability to deliver results in a short timeframe .
The numbers speak for themselves .
Auctions accounted for 37 per cent of all new property listings across the country in October , outpacing more
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