A major Ray White auction event in Auckland has highlighted the strength of the local property market, with more than $24.9 million in sales recorded in a single day.
Ray White’s The Day 6.0 auction event saw 46 properties go under the hammer, achieving a clearance rate of 65 per cent with an average of 5.2 registered bidders per property.
The highest sale of the day was recorded in Papatoetoe, where 186 Portage Road sold for $1.27 million after attracting 12 registered bidders.
Strong buyer interest was evident throughout the event, with one property at 40 Burbank Avenue, Manurewa drawing 21 registered bidders and more than 85 bids before selling for $738,000.
The nine-hour auction marathon attracted a total of 239 registered bidders who placed 965 bids, including international interest from China, the Philippines and Australia.
Ray White Manukau co-owner Tom Rawson said the energy in the room was electric.
“There was consistently standing room only throughout the nine hour marathon,” Mr Rawson said
“First home buyers cheered with joy, securing their place on the property ladder.
“With buyers online from China, the Philippines and Australia all lunging for the keys, it appears that our part of the world is in hot demand.”
The strong results appear to signal growing market confidence, according to Ray White Manukau co-owner Adam Thomson.
“It’s reassuring to see a significant shift in buyer confidence within our auction rooms following the recent reduction in rates and further predictions that these will continue to drop,” Mr Thomson said.
“We’re already seeing property values beginning to rise and it’s evident that we’ve seen the bottom of the market.”
“Developers and investors are often the first to re-enter the market, and we’ve seen a growing number of properties with 10-20 registered bidders – not just yesterday, but consistently over the past few weeks.”
