The number of properties being auctioned by Auckland's largest real estate agency continues to slowly increase.
Barfoot & Thompson auctioned 93 residential properties in the first week of October, up from 90 the previous week, 86 the week before that and 73 three weeks ago.
That suggests a steady increase in auction activity is underway, especially as the latest auctions occurred during the first week of the school holidays, which can often cause a dip in auction numbers.
Although the number of properties offered at auction increased, the number that sold took a slight dip, with 24 selling under the hammer at the latest auctions, down from 31 the previous week.
That pushed the sales rate down to 26% from 34% the previous week.
So although auction activity is gradually improving, the numbers suggest buyers remain very cautious.
The table below shows the district-by-district results.
Details of the individual properties offered at all of the auctions around the country monitored by interest.co.nz, and the results achieved including the prices of those that sold, are available on our Residential Auction Results page.
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53 Comments
Great promising headline. The hype ends at the headline for sales, these days I am more interested in knowing overall stats
Spare a thought for the approx 16,900 "active" agents currently scratching for a living 🎻
Then there's the Property Brokers🤡
Stay positive retired person, make the most of the remaining time you have. We all know that real estate agents are overpaid so all it takes is one sale every few months.
Yes your mentor always says all is good in Real Estate land. Age is tainting my views on this "not crash". I have been looking at this all the wrong way!
by tothepoint | 7th Dec 21, 12:27pm
“When inventory goes up, prices go up”
Everything's coming up roses in TTPs world
Right now he is chanting that nugget of gold to himself
You're meaning fools gold - right? Anyway, there are a small percentage of agents currently doing very well. The larger proportion - not.
It was tongue in cheek 😉
Go easy on the man he has to rally the troops and he needs encouragement
👍
Spring is when gardens bloom, and activity increases. Our housing market had three year's spurt of growth in the last year, now spent.
Expecting it to be steady over summer, the results really have not changed much for a while now. We hardly get out of summer next year and we hit the start of the election campaign so I see it being flat for a year now.
Being Flat is a big positive hope, where all indication are that may fall further.
Any fall from here will be real fall as till now only the froth has been cleared...
Salvation can be found when you accept The Truth and let the prophet into your heart.
It's a downward slope ahead.
10% Interest Rates Next Year, Guaranteed !
Copy and Paste the Scroll before it is lost for eternity.
Take out Rodney and Franklin and central area numbers are still looking dismal.
Take out all the areas except Rodney and Franklin and its booming, depends on how you want to spin it.
I noticed a couple of strong auctions during the week at 90 kiwitea st sandringham and 25 halston rd mt eden. Run by harcourts so dont count here. Competition and good prices. Good conditions in sought after areas imo
B&T are the worst, it would be interesting to see auction results for Harcourts & Ray White... I'd suspect they'd have better sales rates...
Rodney and Franklin are the few remaining areas of Auckland yet to be degentrified into vibrant shoebox living.
The amount of maintenance that goes into upkeep is huge. If the BCs that run them take their eyes off the ball the buildings won't be so shiny and vibrant. Quite a few apartments/terrace houses will be tenanted with private landlords or govt agencies being responsible. And we know how responsible are private landlords and Kaiinga Ora. But what the hell
Yes but you would need to take out the majority of areas to spin it the other way. Hence why the majority show the real picture at present.
Carlos only 24 sold by auction in Auckland for one week at the moment over 12000 on trademe surely they could find more to auction.
Auctions have been a waste of time for 6 months or more now. Unless the property is worth north of 3 million and there are multiple interested parties registered before hand its a no go. Its taken a long time for averaged priced sellers to realise the RE's have been telling porkies.
Number of properties coming to market and in auction is increasing as now vendors who have to sell are panicking and rushing to sell before price falls further.
So the conviction that price may not fall further in NZ based on history - last slow down has shattered and reality has sinked in that future looks bleak and based on current economy environment further fall is imminent.
It is certain that OCR will settle between 4.5% to 5% before rising more, may be ...still 30% to 40% potential to move up from here.
https://www.bloomberg.com/news/articles/2022-10-07/fed-s-williams-sees-…
Headline should have been that Success rate falls again to low after a jump to 36% giving false hope of spring last week.
Or
Was last week a dead cat bounce with success rate hitting high of 36% in Auction ( In today's scenario 36% is very good).
Is it possible to find out how many in these auctions who bought are FHB and how many are investors. I am guessing most buying will be ones who are upgrading to a bigger house or a new area. They must have either sold their own house recently or will sell it.
Otherwise i fail to understand why would anyone buy in this market when interest rates still have a way to go up and market stability is at risk.
Plenty of people just buy and sell houses and pay zero attention to the market. You cannot put your life on hold and wait for years and years. Buying and selling at the same time makes little difference, its if you intend staying out of the market for a while that carries a risk.
Who told you that?
Voices.......👻
Agreed. If you talk to many aspiring FHB they wouldn't really have a clue about the market direction, let alone interest rates or cash rates.
The most that they know is they need xx% deposit and how to calculate that off a homes.co estimate for their desired property.
Would be better to split out South vs East. Completely different areas.
Holly Molly.. 26% in the thick of spring is a disaster for the property market..
Prices will start to tumble shortly
Yep very very poor for October.
... what a shame that it's " sober October " ... because more than a few agents are gonna need a stiff drink ...
Some articles I've quickly dug up for comparison.
- 16 Oct 2017 : https://www.interest.co.nz/property/90354/prices-started-550000-two-bed…
- 42%
- 2018 : Couldn't find
- 3 Oct 2019 : https://www.interest.co.nz/property/101968/auction-activity-steadily-ri…
- 60%
- 2020 : Couldn't find
- 4 Oct 2021 : https://www.interest.co.nz/property/112559/spring-air-barfoot-thompsons…
- 77%
by Retired-Poppy | 16th Oct 17, 4:40pm
Can't blame Winston. House prices ARE STILL too high! NEGOTIATE NOW, take a smaller loss today and meet the market. Auctions will become exciting again at the bottom of the coming slump. Of course there are still a few naive buyers who think 30% pa gains are possible!
Lol people here are still saying the same thing as they were in 2017...
They're wrong until one day they're right. Thing is, it would be better for everyone if they were right earlier rather than later.
Hi Nifty,
Crash Crusader (aka Retired-Poppy) has paid heavily for comments like the one you quote above……
His reputation has been shattered. And FHBs continue to bay for his blood. 🩸
TTP
Interesting that he was saying to sell up and meet the market. He then labels investors as traders and speculators
HYPOCRITE!
by tothepoint | 24th Feb 22, 3:23pm
“We'll see an orderly winding back of housing market activity - with no major price movement (upward or downward)”
Here is a crooked Shepherd 🦹who at every opportunity still spins BS trying to fleece 💰 from the 🐏🐏🐏
He still has the receipt for the fine he paid that proves his track record.
https://www.lawsociety.org.nz/news/legal-news/property-brokers-manawatu…
House prices have moved downward much more slowly in the last 12 months - compared with their upward movement in the previous 12 months.
As I said many times through 2021, the housing market was due for a correction…… but I didn’t expect the timid affair we’ve witnessed.
Relative to the house price increases of the last decade, this year’s fall has been decidedly small. Without doubt, a very orderly correction - with mortgagee sales remaining at a very low level. 😇
Crash Crusader (Retired-Poopy) has egg all over his face - and it’s been there for a very long time.
TTP
......still spinning BS. Time you repented. Here's another one of your little gems...
“It's likely that interest rates have less impact on the housing market than many people here believe”
Tim ↘️ Your reputation is stuffed. How can you sleep at night? 😱
Is this your biography RP:
There was a crooked man, and he walked a crooked mile, He found a crooked sixpence against a crooked stile; He bought a crooked cat which caught a crooked mouse, And they all lived together in a little crooked house.
Speaking of "CROOKED", are you lodging your tenants bonds yet?
What a hypocrite🤣
Did your mother ever explain to you. "Now little poppy don't ever talk to old men or accept lollies from them because it's not lollies they really want to give you. Oh and in the future, never believe anything you read on interest.co"
Well poppy now you are the old man
I think you need professional help.
TTP and nifty summed you up, now you are squirming to change the subject and get out of it.
I don't get it. Get out of what exactly? I repeat, I honestly think you might need professional help. I find your comments are at times quite weird ➿
RP
you are just a dick who is trying to get a rise↗️ why dont you go and wind up someone else.
What this whole conversation does show to me is that you have nothing to contribute since day dot other than being a troll
HW2 we are all aware that you TTP and shifty are all the same person, and most people just ignore you. But sometimes you have a nasty side that try’s to bully some people on here, why do you do that was you a bedwetter and now you are older have started bed wetting again like I have said many time just because you have no clue on financial matters or what is causing housing crash stop getting upset and throwing tantrums go and see a financial advisor and maybe the bed wetting will stop.
Oh boy... DRRH that is the comment of the week.
Price only started falling January this year so 12 month not over yet and price drops are accelerating now the crash is underway higher rates and inflation will just make this process quicker.
I was interested in this comment. Accepting it might not be the most accurate but hopefully it's consistently inaccurate I can report the following re homes.co.nz
My home:
1 July 2021 $995,000
30 June 2022 $985,000
TTP you state they are not going down as quickly as they went up .... but market peak on my place was December 2021 at $1.14 million.... according to the above they are 6 months up and 6 months the down.
January 2021 was $860,000, I'm sitting at $880,000 now.
You'll need to start caveating that comment with "some" in the sentence.
Maybe later I will check on a few other properties to see if it's an anomaly or not...
2017 was wishful thinking, 2022 is factual.
Not just that but its 24 out of only 93 properties in the whole country. Effectively they sold a fraction of a fraction of what they did last year.
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