We are thrilled to share the exceptional results of our Bid Day Out Auction Campaign, a strategic initiative that not only achieved a whopping $63 million in sales but also significantly exceeded the typical clearance rates in regional New Zealand. With an average clearance rate often hovering around 30% as reported by the Real Estate Institute of New Zealand (REINZ), our campaign's performance highlights our team's expertise and the robust demand for quality real estate in the regions we serve.
Our campaign was marked by several standout sales, demonstrating our team's proficiency in exceeding expectations and maximizing value for our clients. A prime example was the sale of 62 Beach Road in Porangahau, which closed at $1.12 million - $170,000 above its highest appraised value. Another significant transaction was at 83 Guppy Road in Greenmeadows, where the property sold for $569,000, which is $94,500 above the upper appraisal estimate. These sales are part of a broader success story where 20 properties sold at or above their highest appraised values, and a total of 56 properties exceeded their lowest appraised estimates.
These figures not only underscore our ability to achieve top dollar for our vendors but also reflect our strategic approach to property sales, where every auction is managed to optimise the outcome for our clients.
The success of the campaign extended across various regions, each demonstrating significant clearance rates that surpassed regional averages. Matamata was a standout with a 100% clearance rate, garnering $2.1 million in sales. This perfect clearance rate is a testament to the high demand and strategic marketing employed by our local teams.
Other regions such as Havelock North, Tirau, Palmerston North, and Cambridge also showcased robust performances. For instance, Havelock North and Tirau saw clearance rates of 75% and 67%, respectively, figures that not only demonstrate the effectiveness of our marketing strategies but also our deep understanding of regional market dynamics. Palmerston North and Cambridge contributed impressively with $6.78 million and $5.11 million in sales, respectively, highlighting our ability to navigate and capitalize on market conditions to benefit our clients.
Reflecting on the campaign, Guy Mordaunt, our Managing Director, shared his thoughts: "The Bid Day Out Auction Campaign serves as a testament to our team's expertise and our commitment to excellence. By strategically employing the auction method, we've maximized value for our clients and demonstrated the potential of competitive bidding to achieve remarkable results. This campaign has not only met but surpassed our expectations, establishing new benchmarks in real estate sales across New Zealand."
More than just a sales campaign, the Bid Day Out Auction has deepened our engagement with the communities we serve. Each transaction has contributed to the economic vitality of the respective regions, underlining our commitment to not just business success but also to community well-being.
The dedication and hard work of our team have been central to the success of this campaign. Their expertise and unwavering commitment have been instrumental in achieving these outstanding results. As we look to the future, Property Brokers is committed to maintaining this high standard of excellence. We are dedicated to continuous innovation and to upholding the highest levels of service and professionalism, helping more New Zealanders to realize their property ambitions.
In conclusion, the Bid Day Out Auction Campaign has set a new standard for success in the New Zealand real estate market. We are grateful to our team, our clients, and the communities we serve for making this possible. As we build on this success, we look forward to reaching new heights and continuing to lead the market in innovative and effective real estate solutions.
