Auction Market

Auction market

“back to before the downturn”

June 12, 2023

Larissa Tuhaka

Ray White New Zealand’s auction clearance rate continues to improve, with the network recording an all sold clearance rate of 53.8 per cent this week, up 5.33 per cent year on year.

Bidder numbers are also on the rise compared to the same time last year, with Ray White New Zealand recording an average of 2.9 registered bidders and 2.4 active bidders per auction last week.

The top result for the week went to Ray White Epsom agents Ross Hawkins and Caleb Rufer, with 204 Remuera Road, Remuera, Auckland City, selling under the hammer for $7.1 million – $1.7 million above its 2021 CV.

With Ray White Epsom CEO and auctioneer Jeff Tubman on the gavel, the property recorded six registered bidders and four active bidders.

“The winning bid went to a local family. They know that it’s a great piece of real estate and they have a long term view with future plans to do some modifications,” Mr Hawkins said.

“The sellers (pictured above with Caleb Rufer and Ross Hawkins) were a couple who had lived there for 33 years and they are downsizing.”

Mr Hawkins said it was the best auction he’d been part of in his 24 year real estate career.

“We had a strong opening bid at $4.2 million and it rapidly went up in $100,000 bids,” he said.

“It really was one of those auctions like before the market went into a downturn.

“Feels like the market is back, but it proves auction is the way to go in any given market.”