Christchurch auction market shows no sign of slowing down

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The auction market in Christchurch has once again showed no sign of slowing down as Ray White offices across the city sold more than $9 million worth of property via in-rooms last week.
 
Innovative internal auction data from Australasia’s leading property group showed that since the beginning of the year, offices across the Garden City have achieved an average auction day clearance rate of over 90 per cent for their sellers.
 
“Every single statistic for the auction market in Christchurch is up. That includes the number of scheduled auctions, clearance rate, and the average number of registered and active bidders,” said Ray White New Zealand Auctioneer Ben East.
 
“This market continues to go from strength to strength and the competition at auction is quite incredible with some 96 per cent of all auctions having active bidding.”
 
The stand-out sale of the week came courtesy of the Ray White Ferrymead team of Simon and Paula Standeven as they sold 45 Main Road in Governors Bay for $1.2 million (pictured above).

“We had more than 35 groups through during the campaign and that translated into two of the three registered buyers competing come auction day,” Mr Standeven said.
 
“Most of the interest was coming from families and it was a family who ended up as the winning bidders. The property market continues to be strong right now.”
 
Another highlight came courtesy of Ray White Metro Salespeople Chris Nielsen and Jenna Mills as they sold 9 Kinleys Lane in St Albans (pictured above) for $926,000.
 
“There’s definitely pent-up demand in the market but buyers are becoming savvier by trying to secure their desired property before auction day,” Mr Nielsen said.
 
“The property mainly attracted family buyers or buyers looking for accommodation for either family or growing teenagers. Demand is still outstripping the supply right now.”