Barfoot & Thompson had 43% sales rate at latest auctions

Property

Prices ranged from $186,000 for Auckland CBD apartment to $3.42 million for mortgagee sale at Barfoot & Thompson's latest auctions

15th Aug 17, 10:59am by Greg Ninness

Barfoot & Thompson had an overall sales clearance rate of 43% at their auctions last week.

The agency marketed 95 properties for sale by auction and sold 41 unconditionally by 5pm the day after their auctions, with a small number withdrawn from sale or postponed and the rest being passed for sale by negotiation.

Of the major auctions, the highest sales rate was 64% on Auckland's North Shore, and the lowest was 21% at Manukau (see table below).

Prices ranged from $186,000 for a leasehold apartment in the CBD, to $3.42 million for a house in Epsom sold at mortgagee auction.

You can see the results with the prices achieved on the individual properties that sold on our Residential Auction Results page.

If you are interested in commercial property, check out our Commercial Property Sales page.

**Barfoot & Thompson Auction Results 7-13 August 2017**
Date	Venue	Sold*	Not sold*	Total	% Sold
7-13 August	On site	3	1	4	75%
8 August	Manukau	3	11	14	21%
8 August	Shortland St, CBD.	3	3	6	50%
9 August,	Shortland St: Mortgagee/High Court	1	0	1	100%
9 August	Shortland St, CBD	7	10	17	41%
9 August	Whangarei	1	5	6	17%
9 August	Pukekohe	1	0	1	100%
10 August	North Shore	14	8	22	64%
10 August	Shortland St, C BD.	5	8	13	38%
11 August	Shortland St, CBD.	3	8	11	18%
Total		41	54	95	43%
*Sold includes properties sold under the hammer or by 5pm the following day. Not sold includes properties remaining unsold by 5pm the day after the auction, or that were withdrawn from sale or had their auction date postponed.

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28 Comments

by O4 normal | 15th Aug 17, 11:07am 1502752041

Looks like the figures the other day with prices coming down is sinking in a little

by CJ099 | 15th Aug 17, 11:09am 1502752148

Tiny sale volumes = falling prices.

Roll on Spring we'll probably be seeing the same results as Toronto is now.
Article: Toronto Detached Real Estate Prices Drop Up To $200,000
https://betterdwelling.com/city/toronto/toronto-detached-real-estate-pr…

by moneyphobe | 15th Aug 17, 11:17am 1502752673

100% sales at Pukekohe, it must be the new boom town...

by O4 normal | 15th Aug 17, 11:37am 1502753865

Funny how people see things differently, I see Pukekohe in the peak of the boom and rolling over as willing to take any reasonable offer, it'll naturally keep going down, these things normally go for 4 years but could be worse being the size of the dept and risk taking

by Laminar | 15th Aug 17, 12:08pm 1502755731

What do you mean they usual go for about 4 years? Like they drop in price for 4 years?

by O4 normal | 15th Aug 17, 4:48pm 1502772527

In 2002 house prices went up over the years to 2008 , then over the next 4 years went down, I can't remember that corrections figures I think it was a high drop in 2009 with small drops after that for the next 3 years, 1967 and 1975 were bad drops for longer and more, of course house prices don't normally fall all of the boom before that's why long term housing is a good investment ,

by Machiavelli | 15th Aug 17, 5:18pm 1502774312

O4... could the drop in 2009 have been anything to do with that little blip called the GFC?

I agree historically the property market has proven to be cyclical. I don't expect that to change suddenly.

I have a vested interest to see prices rise but also children and a social conscience. Its been a fun few years but good to see the prices stop skyrocketing. Most experienced investors will agree.

by O4 normal | 15th Aug 17, 8:18pm 1502785098

Yes 2008 GFC and 1967, 1975, 1985, 1998, 2008, and 1975 things stayed down and went down over 7 years, I don't know what ended all these booms but the fact we were in a boom and a boom being house prices going up and people paying more and borrowing more and taking more risk is why it's at risk of busting, for whatever reason, maybe if housing was made to only go up 10% per year we wouldnt do this boom bust , it's the nature of how it works, if we flat line low for years people seem to wait, something kicks it of like overseas investors, people scared of missing out or greed pile in, things go to far normally to much dept which is understandable, affordable housing get harder to get, any little thing kills it, it's easy to see why we keep doing the same thing over and over, I'm sure it could be controlled with LVR and DTI , but at the end of the day even our government want high house prices so booms and busts are with us forever

by NZXY | 15th Aug 17, 11:22am 1502752977

Still some unusually high priced sales - esp North Shore. I did notice the salespeople of the sold properties have Chinese names. Is the China money coming back into the market?

by nymad | 15th Aug 17, 11:27am 1502753236

Not indicative of anything, really.
If I were selling a house, I wouldn't care who the agent was so long as they had an Asian sounding name.

by mrp | 15th Aug 17, 12:14pm 1502756096

chinese money always flows through. what restriction?

by Double-GZ | 15th Aug 17, 12:28pm 1502756917

There is always a loop-hole underneath the South China Sea that loops the money into Auckland. It's not that hard to figure out.

by ex socialist | 15th Aug 17, 11:48am 1502754539

to be honest less decline than I might have expected. I think the impact of the stock of properties for sale has yet to appear in the sale prices

by dictator | 15th Aug 17, 12:03pm 1502755401

There's a couple of mortgagee properties that have come up for sale that were last sold for a bit over $1m 7-12 years ago. These large mortgages are a long term risk for the buyers, and the fact that they can't sell fast enough to avoid a mortgagee sale is a concern.

by Laminar | 15th Aug 17, 12:19pm 1502756358

There are hundreds of these sad events every year in Auckland so i fail to see how 'a couple of mortgagee' sales is useful information.

by BadRobot | 15th Aug 17, 6:48pm 1502779684

I'd be interested in the back story. If the property was worth $1m 7-12years ago what happen in the interim.....

by tothepoint - d… | 15th Aug 17, 1:14pm 1502759649

Auctions are hardly a preferred selling method in the current soft market.

Nonetheless, auctions are still achieving successful outcomes in some circumstances.

by theglc | 15th Aug 17, 2:43pm 1502765018

Good clearance rate in current conditions, suggests more flexibility from Vendors

by tothepoint - d… | 15th Aug 17, 4:06pm 1502769977

But there are still top prices being obtained in various cases.

by O4 normal | 15th Aug 17, 4:31pm 1502771460

What has a Chinese agent got to do with anything, 45 % of Aucklands are born elsewhere

by Keep It Kiwi | 15th Aug 17, 8:10pm 1502784651

My real estate friend on the shore says the chinese have been noticeable in the last few weeks turning up at auctions and paying over the odds for houses. And suggests that they are just wanting to "park some money".

by Groen_mamba | 16th Aug 17, 7:19am 1502824791

This development is concerning. I hope it's an isolated event. Nothing will make this market take-off again, except Chinese money.

by NZXY | 16th Aug 17, 7:39am 1502825957

I mean Sunnynook $.1.2M - really, why would you?

by Kate | 15th Aug 17, 10:00pm 1502791232

$3.42 million for a house in Epsom sold at mortgagee auction.

Address is 201a Saint Andrews Road, Epsom. Sold for $3.5 million in July 2015.

Homes.co.nz's midpoint estimate for an August 2017 sale was $3.995 million.

by theglc | 15th Aug 17, 10:44pm 1502793843

add the RE fees into that and its a sizable loss....

by AAH27588 | 16th Aug 17, 7:03am 1502823794

Back story: http://www.stuff.co.nz/business/90778692/Playboy-fraudster-rips-off-mil…

by O4 normal | 16th Aug 17, 7:35am 1502825753

Kate, I'm surprised that house had to be sold like that, why didn't the owner sell it, if you brought it for 3.5 he must have had 500k deposit, why wouldn't you sell it yourself to get the 500k back, he must have multiple problems with his bank, all tho I can't imagine the weekly payments on 3 million, id hate to think how many people are in the same boat, but there's still buyers

by Kate | 16th Aug 17, 12:32pm 1502843555

How's this for a downward trend;

Individual sections range from $67,000 to $143,000, well down from the $650,000 price tags associated with some of the sections when they first went on sale 12 years ago.

https://www.stuff.co.nz/business/95798083/mahia-peninsulas-stalled-subd…

An absolutely beautiful beach folks - can't believe the council approved a subdivision for rich folk who never came in favour of the influx of 1000's of motor camp visitors each year. The documentary mentioned is a really good one to give you a flavour of that speculative era.