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Barfoot and Thompson says sell before election
September 3rd, 2008Barfoot and Thompson Managing Director Peter Thompson has urged those needing to sell to “simply get on with it,” adding “don’t be fooled into holding off until after the election because there will likely be increased competition at that stage.”
His comments came as Barfoot and Thompson announced that total sales for the month of August dropped 34% from August last year. The average sale price for the month of August was NZ$524,248, up 5.4% on July. The number of new listings for the month was 1,078, down by almost a third from the monthly average this year of 1,500. Available listings at the end of August were up 44% from a year ago, at 6,835 from 4,744.
“The most noticeable feature of the month was the low number of new listings signed up,” said Managing Director Peter Thompson. “Clearly vendors are nervous about putting their properties on the market at this time and that is probably being compounded by the looming election,” he said.
“Every three years we see the uncertainty surrounding the pending election flow through into the property market. Vendors tend to want to hold off until post-election when the outcome is known. I would urge those who need to sell to simply get on with it.”
The average weekly rent for the real estate agent’s 667 managed rental properties remained static from July at $384, compared with $368 a year ago.
Tags: Barfoot and Thompson, House prices, Housing, New Zealand Election, Peter Thompson, rental property
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September 3rd, 2008 at 3:34 pm
Alex – Mr Barfoot seems to have brushed over the fact that the sales volume (502) is a substantial decline on both June and July’s number.
It is the second worst month volume wise this year except April (453).
As such I think I am correct is saying it is the second worst month for B+T sales volume since 2000.
September 3rd, 2008 at 5:42 pm
“Barfoot and Thompson Managing Director Peter Thompson has urged those needing to sell to “simply get on with it,” adding “don’t be fooled into holding off until after the election because there will likely be increased competition at that stage.” ”
Did I miss something…the WHY part?
Is this nothing more than another mt advertising statement druming up more listings and try to keep B&T income up…..
These companies must start to be hurting now with such a drop in commisions/sales so quick.
September 3rd, 2008 at 5:44 pm
how will it be reported on realestate.co.nz/blog, what are your predictions andy?
September 3rd, 2008 at 5:55 pm
LOL Andrew who can say? They were getting very excited about the apparent volume jump in July so I don’t know quite how they will spin this……..
September 3rd, 2008 at 6:52 pm
it’s not spin, they are just commenting on statistics, good tui ad perhaps
September 4th, 2008 at 10:37 am
Steptoe,
I agree, this may well be yet another desperate attempt to boost volumes but an alternative reading of the comments might be from a buyer’s perspective: “Hold off now for all those post-election bargains”
June 29th, 2009 at 7:40 am
Well, that B&F statement was a fun way to start the week. I would follow a strategy of doing the opposite of anything coming from that quarter.
November 15th, 2009 at 2:50 pm
A simple demand curve issue. Obviously, B&T feel house prices aren’t high enough to entice people to sell. My suggestion to them is to lower their contract fees to help our economy.
March 7th, 2010 at 1:12 am
LOL Andrew who can say? They were getting very excited about the apparent volume jump in July so I don’t know quite how they will spin this……..
March 7th, 2010 at 7:52 am
“lower their contract fees…..haaaaaaaaaaaaarhahaha…oh feck me what a laugh…give em hell Doug.
B&t feeling the pinch, xmas is over, they got the Grinch.