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Sales steady at Barfoot & Thompson's latest weekly auctions, with 36% sales rate overall, 31% in Manukau

Property
Sales steady at Barfoot & Thompson's latest weekly auctions, with 36% sales rate overall, 31% in Manukau

Barfoot & Thompson achieved an overall sales rate of 36% at their auctions last week.

The company, which is by far the largest real estate agency in Auckland, marketed 235 properties for sale by auction last week and sold 85 of them either under the hammer or by 5pm the day after the auction.

The remaining 150 either had their auction dates postponed, remained on the market for sale by negotiation, or were withdrawn from sale.

A common feature at residential auctions in Auckland over the last few weeks has been the increasing number of properties that are being withdrawn from sale either just before or just after they go to auction, often because the level of buyer interest has not met the vendor's expectations.

Highlights of Barfoot's Auckland auctions were a two bedroom home unit in Papatoetoe that sold for $530,000, and another in the same suburb that went for $580,000. A three bedroom unit in Panmure fetched $582,500.

A 110 square metre, two bedroom unit in New Lynn that was described in its marketing material as being "more like a spacious two bedroom house than a standard unit," went for $615,000.

The results of Barfoot's auctions last week, with the prices achieved on individual properties and details of those that didn't sell, are available on our Auction Results page.

Barfoot & Thompson Auction Results for Week Ending 18 March 2017
Venue Sold* Not sold* Total
On site 9 9 18
Manukau 11 25 36
Shortland St, 14 March 11 16 27
Whangarei 0 1 1
Shortland St, 15 March 19 28 47
Pukekohe 2 2 4
North Shore 20 33 53
Kerikeri 1 4 5
Shortland St, 16 March 8 12 20
Waiuku 0 3 3
Shortland St, 17 March. 4 17 21
Total 85 150 235
*Sold includes properties that were sold under the hammer or by 5pm the day after the auction. Not sold includes properties that remained unsold after 5pm on the day after the auction, plus properties that were scheduled for auction but had their auction postponed or were withdrawn from sale.

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74 Comments

Thank you Greg

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Those numbers are abysmal for March.

And add to this trademe listings for 'Auckland City' area are 2450 today, compared to 1720 same time last year, and you have a surge of +42% listings.

The Auckland market is tanking.

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Auckland Trademe properties with "reduced" in the title are now at 107, up from 70 in January.

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I wonder how long mainstream media can continue their denial charade...

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Advertising revenue from the RE Industrial Complex will soon start to dry up.
Then the MSM will rip their throats out.

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I disagree the Auckland market isn't tanking; it's hitting new highs.

Have a look at this perfect house with an RV of $400k which is a mortgagee sale.
http://www.trademe.co.nz/property/residential-property-for-sale/auction…

Never mind the 7 aerial shots of the house, the bit about not driving down the shared access with children (if you run over a child you will be murdered), and 4 free cars come with the property. Would suit a FHB.

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Now there's a project for someone very keen.

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Comes with enough scrap metal to pay for the flea-bombing.

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Haha, I was wondering what your point was until I got to photo 7 & 8

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"Ample scope for renovations"

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"Those numbers are abysmal for March"
Yes they are, March is usually one of the very best months for sales, I for one wanted confirmation that sales would not go mad in March before calling it a definite downtrend, well I'm now convinced the Auckland market is bad shape (note, this does not apply to the rest of the country)

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Not yet anyway. Unfortunately the goose is not laying anymore golden eggs to invest outside Auckland

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so do they match with what I proclaimed last Friday?

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Does this mean Zachary Smith will leave these pages for Alpha Santori ?'
Auckland sales were supposed to BOOM after February the spruikers said

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Zach has disappeared today...not sure where he is.

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Is Alpha Santori a constellation in form of a Greek archipelago?

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I keep an eye just on listings on Trade Me for houses, apartments, and townhouses, within the greater Auckland area. There have been 255 new listings over the past 7 days! From 8188 on the 15th March to 8443 today. Seems a bit of panic out there. Not too many are listed with a price though - still by auction or negotiation, so price expectations are still high maybe.

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Another 64 hit the market yesterday! Almost twice the daily average..Hmmm..

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The messaging has somehow changed? A month ago it would have been disaster turn around at BT auctions.. 64% remain unsold.!!!

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Its funny how the sprukers were saying wait until March/April to see where the market is heading. Now we are in March and the stats are pretty clear that the market is heading down. How long until the MSM and Interest .co call the housing correction?

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Well it was Chinese New Year first, but things didn't look good but it wasn't clear enough. Then March/April and now it is clear what is happening in the market. However the bulls will be bulls and they seem to take offense to people saying DO NOT BUY IN AUCKLAND RIGHT NOW! Why buy at the current high prices?

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No wonder National is winning big in the latest Roy Morgan poll. Look at all the posts here, everyone is super excited about the Auckland house prices crashing. I have to admit that this is a very clever tactic.

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I am hopeful that Auckland prices go back to the traditional 3-4x wages. Its a shame a lot of misguided house buyers overpaid and are now in a mountain of debt. It's also a shame that NZ didn't learn from the busts in Ireland, Spain, Japan etc...

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You've got your line wrong, you aren't supposed to admit that Auckland house prices are falling.

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Can you please explain your coment. I am quite confused...

For one, the latest Roy Morgan poll has National well down....

http://www.roymorgan.com/findings/7189-roy-morgan-new-zealand-voting-in…

For two, what is this clever tactic you talk about, and who do you think is doing it?

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28C in Punta Cana glad I sold and took profits Perhaps some here prefer to keep the ponzi going

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I'm sure Easter, school holidays, wet weekends in April, are all preloaded excuses about to be wheeled out

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Robots, humidity, ice-hockey season, The Bachelor, winter Olympics ...

Watched with interest as the USA bubble went down in 2007ish, and the excuses were many and varied, along with the theories as to which new vast cohort of new buyers would swoop in cape swishing to rescue the poor overleveraged speculators from the consequences of their greed and recklessness.

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My weekly email from a local real estate agent, which has a section on his "Recent Sales", always used to have the price each property sold for (which I found very useful to have a very unscientific view of how the market was going, from a very small sample). I just received this week's email, and alas no more prices. Each property just has "SOLD" next to it.

Surely if he had good news to tell on the prices he has achieved for his customers (vendors), he wouldn't be hiding the price.

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A very telling observation, you are obviously not in the DGZ where everything is selling gangbusters. That is, until Zachary dropped his iphone down the dunny in the gardeners onsuite having a furtive pee when the auctioneer passed in the property on Upland Rd.

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Stats are indeed showing a different picture to the MSM and Property bulls.. Always a bit behind so agree commercial reality/gravity looks to finally be kicking in. As mentioned lots of headwinds for property right now.

Just wait until Winston slams the door on immigration. While NAT, Maori and UF all voted against the first reading of his LAND TRANSFER (FOREIGN OWNERSHIP OF LAND REGISTER) AMENDMENT BILL. National only has to loose 3-4 seats and this will get passed, lets see what election brings. I know what I'm voting for.

Id also wager that the Indian (trying to shutdown the cash economy) and Chinese (looking for the guilty avoiding capital flight rules) authorities would love a detailed list of all the grey money and cash that's now hidden over here in realestate. Perhaps we could negotiate recovery tax on any money that cant be explained/owed/tax avoided in both of those countries...?

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By all means I think this is working out well for National that the Auckland house prices 'appear' to be falling, and the fact that they get you 'excited' with all the 'fake news' that house prices are falling. #VoteForNational

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Out of curiosity, how many more months of reported falling prices would it take for you to acknowledge prices are falling? The evidence is certainly mounting up...

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I can't say about other areas but not in DGZ :-)

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So I've never lived in Auckland and don't have kids, why do you think the DGZ is going to attract even more of a premium in the future as prices fall around it? Are the schools getting better, are others getting worse, are you certain the grammar school status quo is sustainable, will it continue to be the most economic way to get a decent education compared to living outside and paying for private school?

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Easy access to the CBD, to the motorway, to the beaches, to the Domain, to Cornwall Park, to Urban Polo; and to enjoy the amazing sea views, Rangitoto view, North Head view, Hobson Bay and Orakei Basin views?
Note that most parents in DGZ send their kids to private schools anyway.

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So you can explain the price differential, but what I'm asking is why you think the price differential is going to increase?

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As Kate has pointed out, the more people moving into Auckland the more improvements around the isthmus (old Ak City) will occur, e.g. more boardwalks around the bays and basins, more shared walkway/cycleway, more access to amenities, improved PT etc etc.

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So the take home message is, invest as much as you like in the DGZ without fear because some new paths are coming?

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No, the take home message is introduce a betterment tax - there will not be any objection - as DGZ points out.

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No the message is Auckland join the real world & charge a 1.5% land transfer tax along with at least 1% property tax per year so the super city can actually afford itself
Grossly undercapitalized city and yet people moan who know 0
By the way if this had always been the case there would already be a second harbour crossing

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Can't disagree with that either! So many ways to solve the problems - so little political will.

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.

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The only worthwhile reason to live in the DGZ is if you want great secondary schooling
Sadly some here either were asleep in class or were too old to attend for if they were listening in class they would've learned the lesson on the tulips in Holland
Auckland housing just another example of greed and speculation albeit with a hint of increased migration but mostly the greed!

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"Tulips in holland" if I had a $1 every time that line has come up on this site I could afford an AKL house, even at these prices

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And finch farms in New Zealand. :-).

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Finch ? tulips ? Who cares I'm the winner living in paradise

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Well "Fuzz" would you prefer shares in 1987 then ?
I just can't believe how many have failed to sell and take their profits in cash ! I wasn't an equiticorp or chase shareholder who was caught in 1987 either.

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well said .. the key point being "FAKE NEWS" .. :)

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How is the fact that Auckland house prices seem to be falling currently while listings are growing, fake news?

Why would someone who wouldn't vote National in a rising market, vote National in a falling market (under National's watch)?

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Rather ironic that the most obvious fake news on here is from DGZ himself lying about the latest Roy Morgan poll.

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Actually I'm also practically certain this is because nzherald misreported the result a few days ago. The article has now been edited to only contain results about preferred prime minister.
http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11822343

real results are here
http://www.roymorgan.com/findings/7189-roy-morgan-new-zealand-voting-in…

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It's not taking much effort to find people taking a hit:

http://www.realestate.co.nz/residential/search/keywords/%22264+Puhinui+…

Listed @ $650k

https://homes.co.nz/app/homes/properties/397e2c23-eb36-4f8b-b77a-5a9eac…

Sold April 2015 for $690k

Incidentally homes.co.nz has it for $890k, when will they get with the program?

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First link seems to be broken.

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Zachary , almost 11000 properties for sale . Accounting for inventory on the agents books, pushes that number to 15000. Housing shortage, what housing shortage.

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Good and bad news i guess. Bad news that this move will be putting off developments being done, which along with the credit rationing to developers, not helping the supply side. But it definitely shows the affects investors and chinese money were having on the market. Now we just need the govt to step in and pick up the slack on both the supply side (might happen) and the demand side (definitely wont happen under national). Foreign buyer ban on existing properties, lower migration "target" of 15k quality immigrants and a land tax. Dreams are free

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Indeed, there can be no other motivation than Boomer selfishness for objecting to a Stamp Duty on foreign purchases and limiting them to new builds only. Time for Boomers to decide whether or not they do give a rat's posterior about the lot left to their kids, grandkids and great grandkids.

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Anecdotal: I just walked out of auction at 21 Summer St, Ponsonby, an old 3 bedroom 1 bathroom villa in need of much work on only 304m2 of land. I was surprised to see 4 active bidders, sold for $1.61 Million

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Do you mind shedding some light on who's buying at these prices please? Young couple, investor type, phone bidder, older person maybe? I'm very curious to understand how so many, still, can afford +$1mil without help from overseas?

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Actually, I do know who bought this one, it's a real estate agent (from a different agency to the vendor's). I was surprised and it makes me think she would know the market and think it was a good deal, I know she works in Ponsonby

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Interesting! Thanks for that. I guess a fair amount of speculating still happening.

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Thats not a terrible price.. definitely not a bargain but its reasonable given its proximity to Ponsonby road, north facing back yard and what others have been going for around it. The agent was talking 1.4 and above but I thought that was low balling. But given its an agent buying they are often the last to realise the market has changed as they are all matching to the same tune.. onwards and upwards.

Another anecdotal for those that care. Nice north facing full site in Greenlane (11 Cadman Ave) that Zach and DGZ both pitched at more than 1.4m sold today for 1.26m. More than agents guideline of 1.1-1.2m but they are always off. Not cheap for sure.. but given other prices in the area.. definitely indicative of a slowdown

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That doesn't surprise me - desirable suburb, walking distance to town etc. Even though I'm bearish I cant see these sorts of properties getting hit too much.

BUT the blue-collar/ FHB suburbs that have been pillaged by foreign and local speculators must be teetering.....the pieces of crap ("because you just cant lose") I've seen sold for $800k plus on the North Shore....

Where I drive around on the North Shore and attended many auctions in, Glenfield / Birkdale / Beachaven / Hillcrest etc...

The values just went stupid - often $200+k above expected price bid down a phone from outside of NZ......I saw agents wetting themselves in delight, almost hysterical at what they sold for since it was so crazy and disconnected from the "value" the place had.

Now there are for sale signs everywhere....

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Not too surprising if it's a decent house in the right place. It's a good time for buyers to be selective.

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G'day mvgsmf. I saw those auctions too and they sure shocked me (one or two made me cry). But while I have seen the 'for sale' signs, I still see they are 'sold' shortly after... One thing I have seen an increasing number of, is unoccupied houses around parts of the Shore when on my runs... What's that about? What does surprise me though, the section on Coronation Dr, round the bend from the hair saloon and take away, hasn't sold and it's been on the market since January. They clearly must be asking silly money.

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yes I guess the other part to the equation would be a view of the stratified index so we can compare what they are selling for now v 2016/2015......

I live close to many houses that have been bought and sold once a year and no one has ever lived in them...launder that money in NZ Inc....sickening

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I hear ya and feel your pain!

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Visited friends in New Lynn on the weekend. They're pretty much surrounded by empty units. Specuvestors essentially landbanking, I guess.

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We need to use a tax to break up this sort of land banking. We have in NZ's past...and if NZ hadn't done that in the past, the boomers of today wouldn't be comfortably esconded in their own homes.

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At the end of every bubble, there are always straggling hysterical bubble chasers who think they're "buying the bottom" with a great deal. They're the ones holding the bag of tulip bulbs when it's all over.

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National did make the housing price down.

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What action did they take?

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Probably your alter ego you mean DbleTrouble

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