Auctions have been on a roller coaster ride this year, with fewer houses selling under the hammer, but at the same time agents setting a new auction price record in 2022.
The number of properties sold at auction more than halved in November with just 14.7% selling at auction compared to 32.1% the same period last year, according to the latest REINZ statistics released this week.
But among the highs and lows, Barfoot & Thompson auctioneer Murray Smith said the stand out auction for him aren’t necessarily the record prices or number of bids – but seeing people happy with the results.
Just last week he witnessed a young couple who “leapt up and down at the end because they were excited” after winning the auction for a property on Riddell Road in Glendowie.
Start your property search
The auction itself was nothing to write home about, he said, with the couple making the one and only bid of $1m before the auction paused so they could negotiate with the vendors.
But when the auction resumed and was announced on the market and sold to them at $1.05m - that’s what he classed as a good result.
“They were so god-damn excited that they bought it.”
“It was sort of a nothing really in terms of the negotiation side, but it was just that they were so happy to get the home that they were pursuing.”
The penthouse at 308 Remuera Road, in Remuera, Auckland, broke auction records in October. Photo / Supplied
The sale of a modest three-bedroom home in Papatoetoe, South Auckland, had the vendor in tears. Photo / Supplied
The three-bedroom, one-bathroom home was advertised as needing a “little TLC”, but Smith thought the couple had factored that into their purchase price.
“That’s what I like about it – is seeing people happy with the result. That’s the ones that stand out for me, for sure.”
In July, a vendor was also reduced to happy tears after her home in Portage Rd, Papatoetoe swept past its $750,000 reserve to sell for $1.213m.
Ray White Manukau agent Denise Wong told OneRoof at the time that her client cried all the way through from $1.1m.
https://www.oneroof.co.nz/news/41806
However, in terms of trying to pinpoint any suburbs that have performed better at auctions than others, Smith said it was a moving feast.
“I’ve certainly noticed week to week, month to month you’ll find a certain price range seems to have a bit of movement and then certain area might seems to have a few better results and then it will change the next week.”
Bayleys national auction manager Conor Patton, who has called numerous auctions in around eight different locations in the past two weeks, said there doesn’t seem to be a rhyme or reason for which properties sell well at auctions.
“It is much more about property specific and agent specific in terms of the ones that are adjusting to the market conditions and the ones that are able to engage buyers and have good conversations with buyers and sellers are the ones that are getting sales at the moment.
“So, it’s less about the suburbs and more about what kind of property it is and secondly and definitely more importantly how it is marketed and how that agent is interacting with both sides.”
For Patton, his stand out auction for the year has to be when he called a Remuera penthouse that broke New Zealand's auction price record in early October.
The property sold under the hammer for more than $12.77m with two buyers competitively bidding for the top-floor residence on Remuera Road.
“That was good affirmation in terms of the auction process working regardless of price point.”
A modern four-bedroom home on Tercel Place, in Sunnyhills, Auckland, fetched $2.165m under the hammer. Photo / Supplied
There had also been some good results in the lifestyle and rural sectors too, he said.
Harcourts national auction manager Shane Cortese said it would be ridiculous to try and nail down a suburb that performed the best.
However, the North Shore and Eastern Suburbs such as Bucklands Beach, Sunnyhill and Howick are areas that tend to have a lot of auctions.
Just this week he auctioned a four-bedroom, three-bathroom property in a cul-de-sac in Sunnyhills which attracted two bidders and sold for $2.165m.
Bidding paused at $2.145m and the property came back on the market at $2.152m after the negotiations and bidding continued to $2.165m.
Cortese said it is a property he could have easily seen himself living in.
“The portfolio in my head of properties that I imaginary own as an auctioneer is massive and that one yesterday would have been a wonderful house.
“It felt like a home rather than a house immediately. It was beautifully presented, well marketed, good agents.”
