Testing the market
SAM STEELE HEAD AUCTIONEER RAY WHITE NEW ZEALAND
Property markets are judged by prices, and auction markets are judged by participation, says Ray White New Zealand’ s head auctioneer, Sam Steele.
“ That distinction matters because auctions reveal buyer confidence in real time. Long before house price indices are published or quarterly statistics compiled, bidders are making decisions in public, competing against one another and establishing value through open competition.
“ This winter, those signals have become increasingly encouraging.”
The seasonal slowdown traditionally associated with the school holidays, combined with the Reserve Bank of New Zealand’ s( RBNZ) Official Cash Rate( OCR) increase, has tempered the flow of new listings across many parts of the country. with purchasers acting decisively when the right opportunity arises.
That dynamic has been particularly evident under the hammer.
Across the Ray White network, 461 auctions were conducted during June, 11.40 per cent more than the same month last year, delivering a 44.40 per cent clearance rate.
While bidder registrations averaged two per auction, many campaigns attracted substantially stronger participation, with double-digit bidder numbers reinforcing the depth of competition for well-positioned properties.
Perhaps more significant than the headline figures are the breadth of activity they represent.
Yet, rather than suppressing demand, tighter stock levels have focused buyers’ attention on quality homes,
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