Ray White City Apartments’ 87% May Auction Success Rate
Ray White City Apartments has achieved a fantastic 87 percent auction success rate over the last four weeks, providing evidence that this particular segment doesn’t automatically mirror wider market trends. In April the Real Estate Institute of New Zealand (REINZ) commented that auction clearance rates across the country had eased.
Yet Ray White City Apartments has achieved this 87% auction clearance rate over the last four weeks and an 80% auction clearance rate over the last three weeks.
Director of the Ray White City Realty Group, Daniel Horrobin, says this level of auction success is out of step with the rest of the market, but Ray White City Apartments have the structure and strategies to drive competition amongst auction buyers.
“Auctions remain a stand-out method of sale for Ray White City Apartments.”
Increased confidence in the apartment market is also reflected by Ray White City Apartments having had a 19% increase in total sales and a 63% increase in new listings in May, as compared to the previous month of April 2022. This has been helped by the fact that all categories of buyers have returned to this apartment market. These include first home buyers, downsizers, investors and traders who may hold apartments until the next opportunity comes along.
Borders opening up and the announcement that all international students can enrol to study in New Zealand from July 31 have increased confidence in the market.
It’s anticipated the first home buyer category will become even more active after the May Budget announcement that House price caps for First Home Grants increased in many parts of the country. First Home Grants enable eligible first home buyers to obtain a grant to top up their deposit of up to $5,000 for an existing home or up to $10,000 for a new build.
The Budget increased this grant’s house price cap in Auckland from $700,000 to $875,000 for new or existing properties. This higher price cap, which was effective immediately, means even more Auckland city apartments will be on the radar of first home buyers.
Those wanting to get onto the property ladder in Auckland are increasingly realising that Central Auckland apartments are a way in, given traditional houses’ higher prices.
For more information or advice about your property needs, please contact one of our team members at Ray White City Apartments.