Reading the room
SAM STEELE HEAD AUCTIONEER RAY WHITE NEW ZEALAND
Property markets are typically measured by where prices are heading. Auctions, however, offer a different lens, one that captures buyer confidence through participation and competition in real time, says Ray White New Zealand, Head Auctioneer, Sam Steele.
“ The auction room can provide an early indication of sentiment, often well before broader market statistics are released; this winter those signals have become increasingly encouraging,” he says.
“ A reduction in new stock has not equated to a lack of buyer interest. Instead, it has encouraged purchasers to be more selective, with quality properties attracting attention and buyers prepared to move quickly when the right home comes to market.”
Ray White’ s auction rooms provided some of the clearest evidence of this renewed decisiveness over the past month.
In the last 4 weeks( 27 July to 23 August), Ray White conducted 332 auctions with a 50 per cent clearance rate. Both only slightly down on last year.
Average bidder registrations sat at nearly 2.50 / auction, with participation considerably strong across a number of campaigns, and close to 20 properties drawing double-digit registration numbers.
“ This level of engagement highlights the competitive environment emerging around well-presented and appropriately positioned homes,” Steele says.
The strength of the market is also evident in the range of properties achieving successful sales.
“ Auction results spanned $ 28,000 for a leasehold apartment, to legacy, family homes selling for $ 5.55 million- demonstrating that competitive demand is being seen across all asset classes.”
First-home buyers, families, lifestyle purchasers and prestige buyers are all contributing to this activity. Alongside investors, whose appetite for risk has
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