Barfoot & Thompson sold just over a third of the properties the agency marketed for sale by auction last week.
Barfoot is the largest real estate agency in the Auckland region and marketed 144 residential properties for sale in its latest auctions, achieving sales on 50 of them (see table below).
The highest success rate was at the Whangarei auction where just six properties were offered, but four were sold either under the hammer or before the auction commenced.
The lowest sales rate was at the Pukekohe auction where just one of the six properties was sold.
Of the major auctions, sales rates ranged from 17.4% at the Manukau auction to 41% at the Shortland St auction on 31 May, where most of the properties on offer were in central Auckland suburbs such as Kohimarama, Remuera, and St Heliers.
The full results with the prices achieved on most of the properties that sold, and details of those that didn't, are available on our Auction Results page.
| Venue/Date | Sold* | Not sold | Total | Sales clearance rate |
| Shortland St, CBD. 30 May. | 7 | 7 | 14 | 50.0% |
| Manukau. 30 May. | 4 | 19 | 23 | 17.4% |
| Shortland St, CBD. 31 May. | 9 | 13 | 22 | 41.0% |
| Whangarei. 31 May. | 4 | 2 | 6 | 66.7% |
| Shortland St, CBD. | 3 | 9 | 12 | 25.0% |
| Pukekohe. 31 May. | 1 | 5 | 6 | 16.7% |
| North Shore. 1 June. | 16 | 26 | 42 | 38.1% |
| Shortland St, CBD. 1 June. | 4 | 7 | 11 | 36.4% |
| Shortland St, CBD. 2 June. | 2 | 6 | 8 | 25.0% |
| Total | 50 | 94 | 144 | 34.7% |
| *Sold includes properties sold under the hammer or prior to auction or by 5pm the following day. Not sold includes properties marketed for auction but then withdrawn from sale or that had their auction dates postponed. | ||||
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29 Comments
You'll see the market bottom out when there are large property auction volumes and 85% clearance rates. As it was back in September 2016 before the capital flight restrictions.
So far we're a very long away from that and it's going to take at least a year for the market to bottom out, most likely longer than that.
... the rise to the top has been so remarkably long and high , that this may - as a consequence - be the mother of all bottoms .... the Kim Kardashian of bottoms ....massively big , and seemingly endless ...
Our property market has entered the KKK .... the Kim Kardashian Kollapse ...
mathclub had some good advise for timing the bottom;
-wait for inventory to start reducing
-wait for time on the market to start decreasing
Can anyone remember the other ones?
I'm also watching numbers of "reduced" "mortgagee" etc sales numbers.
Either way, he suggested sales prices followed these changes (rather than proceeded). I think this is very sensible advise and I won't be buying now unless the next month or so shows a decrease in inventory and houses starting selling more quickly. Reinz produce that info monthly, so it's pretty easy to keep tabs.
Based on past cycles, the lag time is a bit longer than a month or two. Just as the prices have only started to decrease despite several months of increasing inventory and reducing sales, the price bottom will lag considerably behind the inventory and sales numbers bottoming. This significant lag was seen clearly in the bottoms of both the US and Ireland housing markets
Ummm... this is NZ. The money used to buy comes from a bank loan, not a bank deposit. There is almost no money on the sidelines.
Can you point to any objective data showing the presence of this "sideline" money?
The data I have access to show increasing household indebtedness, and little savings available to be deployed. Hence the increasing TD rates as banks are competing for these limited savings... Your data is???
This fool is laughing at all of the schmucks greater fools that are holding leveraged and/or negatively geared property in Auckland. BTW, I am not what one would call poor. My primary concern nowadays is return of capital instead of return on capital. The greedy "boat namers" will not understand this prudent investment decision...
Maybe their talents lie elsewhere, such as music, art, literature, or they work best with their hands, but of course we do not reward that so well. Perhaps the playing field needs leveling much, much more, to rid the world of smugness and the thinking that the only way to measure someone's worth is by the size of their real estate portfolio.
Basically what you are saying is that rich people have a talent for exploiting others that poor people do not have.
I would say, we make this speculating in existing housing a hanging offence and if you want to go off doing that sort of thing, then do it in the correct place, the sharemarket. That should quickly sort out the sh... from the clay.
That would be one of the more generally offensive remarks I have ever seen on this site.
LOL - how true - nothin' much on the sidelines.
And nearly a third of of the would-be-more-debt hopefuls out there ($65 billion worth) are holding interest-only mortgages;
http://www.rbnz.govt.nz/statistics/c32
When the banks start saying this sort of stuff;
http://www.interest.co.nz/news/88145/anzs-cameron-bagrie-suggests-new-z…
The more-debt-hopefuls really need to pay attention.
In my opinion this time the property market has had outside foreigners and their family member new residents
inflating the Auckland housing market and even building using foreign Labour on multi entry visas with no respect for quality of build by essentially foreign labourers masquerading as builders under some other extended family members qualification ! In silverdale they were removing the steel from the foundations after the inspection and moving it to the next foundation hole next door until a inspector wiser up to it !
Insulation was routinely being removed after inspection before lining with just a hint of insulation left around each light & power switch.
Then there's the cheap imported polybutylene pipe at 50% less than local made pipe that Maurice Williamson refused to do a thing about !
This maybe a blog about financial matters but the inadequacy of regulation has been & will continue to be a financial disaster long term as faultsreveal themselves in NZs buildings.
Meanwhile up here it'll be 10am ET for Comey on tv. Can't wait Goodnight Kiwiland
I'm sure there are a lot of property owners lQQking to lock in some capital gains, but there isn't a financial crisis, so I doubt many are under pressure to sell. Unlike most of the world NZ hasn't been building many houses relative to population growth, indeed houses have been destroyed at a fantastic rate by two devastating earthquakes.
This is a curious statement to make when mortgage stress, especially in Auckland has never been higher with record levels of debt to income. At the same time as interest rates are at or close to record lows and now stagnating / falling prices. What could possibly go wrong?
Isn't the first part of your statement explaining the second part of your statement. e.g. more stress before so now less stress = high prices?
I'm putting your comment in the own goal bucket.
You have a really good point though! With rates so low and debt so high its going to be very interesting what happens when the pressure comes back on again!
Lets Watch =)
Wait till mortgage rates hit double figures and then panic but I think most people would say this is never going to happen for the foreseeable future and hence with the current low rates and economic stability in New Zealand its business as usual. Its going to take another major overseas event like the one in the USA to bring the sort of house price declines like some people are waiting for on here, which is like waiting for the tooth fairy.
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