The auctions were few and far between in Barfoot & Thompson's auction rooms last week as the last days of Level 4 restrictions weighed on the market.
Barfoots auctioned just 16 properties in the week from 18-24 September, down from 18 the previous week.
There were no properties from Rodney, the central suburbs or Papakura auctioned last week and only one from each of North Shore and Franklin.
However most of what was offered was sold, with 13 of the 16 properties offered selling under the hammer, giving a sales rate of 81%.
Under normal circumstances Barfoots would likely be auctioning 200-300 properties a week at this time of year.
However the slump in auction numbers that's been evident during the lockdown may have bottomed out, with Barfoots scheduling more than 50 properties for auction this week.
That could signal the start of the spring selling season, although it may be the end of October before the market works up a full head of steam again, assuming lockdown restrictions continue to be eased.
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14 Comments
Boom Time.
Did not realised that it was bad till now.....after prise rising $4000 per week.
Bidding for properties, sight unseen, seems a tad risky to me......
Surely it would pay to wait until level 2??
TTP
Get the photos and IM, do virtual research. Have done it now a few times, why pass up a golden opportunity especially if others are hesitant
16 down form 200-300.
If you cant sell a house at auction on these numbers you have your pricing all wrong.
What will happen when 200-300 are offered?
Every bottoming tide will be greeted with a rising tide- they can't take out the moon.
Be quick.
Here we go again, hold onto your hats folks, a lot of pent up demand waiting to be unleashed. Question is for how long and to what heights?
I guess if businesses start going under, you might see more houses coming to market.
I think NZ (and Australia) overestimate their exceptionalism related to 'the bubble'. It's not two isolated bubbles. Both bubbles are intertwined.
A few will go under so what is new, hardly any companies survive more than a few years
I see. So it's BAU.
Literally "business" as usual
Pent up demand?
Do you mean pent up as in buyers wait for reasonable prices?
The real 'pent up' is pent up of properties yet to be listed - but listings coming as the screws get tightened across the world economies.
Prices are to high, no one left to buy at these levels.
Might start seeing more Dutch auctioning going on in the property market
Patchy market now says my Wellington agent. Big prices still around as supply of quality stock is low but some lesser desired properties not generating any heat at all. Open home attendances down bigly.
We're about to sell in South Auckland. REA is getting enquiries from MIQ.
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