The action is starting to crank up in Barfoot & Thompson's auction rooms as the early auction campaigns run their course, with the agency auctioning 40 residential properties last week and selling 16 of them, giving an overall sales clearance rate of 40% for the week.
The biggest auction of the week was on the North Shore where 12 properties were offered and five were sold, giving a sales clearance rate of 42 %,
The next biggest auction was at Barfoot's Shortland St rooms in the CBD on February 2 where 10 homes in west Auckland were offered and three were sold, giving an overall clearance rate of 30%.
The results for the individual property auctions with the prices achieved on those that sold are available on our Residential Auction Results page.
The auction rooms are going to be a lot busier this week as the market gets properly back into its stride and the summer selling season kicks off in earnest,
| Date | Venue | Sold | Not sold | Total | % Sold |
| 29 January - 3 February | On site | 1 | 2 | 3 | 33% |
| 30 January | Manukau | 2 | 4 | 6 | 33% |
| 31 January | Shortland St, CBD. | 1 | 1 | 2 | 50% |
| 1 February | Shortland St, CBD. | 0 | 2 | 2 | 0 |
| 1 February | North Shore | 5 | 7 | 12 | 42% |
| 1 February | Kerikeri | 3 | 0 | 3 | 100% |
| 1 February | Shortland St, CBD. | 1 | 1 | 2 | 50% |
| 2 February | Shortland St, CBD. | 3 | 7 | 10 | 30% |
| Total | All venues | 16 | 24 | 40 | 40% |
62 Comments
I checked all the ones sold by B&T on the North Shore in the last month or so and compared sale prices with Today's Max estimated at home.co.nz ... All, but one, were either equal or above the estimated market price few coastals were up to 5% higher ... even some junk are still holding their prices !!....
No matter Coastal NShore is up 5% or 50% fact is the demographic has morphed into Asia
complete with Asian markets language & signage
In a really big city this would not have such a significant impact but in a city of only 1.5mill pop it has been transformational in a local demographic sense
It will take decades for total assimilation if it ever happens successfully at all and we can thank 9 long years of ignorant Immigration policy by National
It's a well documented phenomenon https://en.wikipedia.org/wiki/Chinatown. Look back to look forward.
Sounds like something from Dr Who. We must assimilate! We must assimilate! As far as I can tell we havn’t done too well with the locals or their Pacific cousins. I just look forward to the day when we can all stand together, all splendidly uniformly uniformed reciting en masse the latest demagoguery of our esteemed Number One.
Not really Rick. This is following the classic seasonality in the NZ property market. There are more listings in Auckland than there were last year (so higher base.. very well documented), but there is a massive ramp up in listings post the long weekends end of Jan. This continues through March, then slows down.
Auckland housing market will likely be "steady as she goes" through 2018. It will be year of consolidation - rather than a year of excesses. Nobody should fear stability!
Those who yearn for big price hikes are greedy.
Those who yearn for a crash are mischievous/malevolent.
TTP
Then lets redesign the system so that it is actually fair then! There is no stability for those at the bottom of the heap which is getting larger and larger because people like you want it kept that way, as those at the bottom of the heap keep you in the manner to which you have become accustomed.
TTP, nobody here yearns for a damaging crash. What we have all witnessed is the developing of a damaging bubble that many, including you, NEVER complained about.
What's happening now?
If Barfoots latest figures are anything to go by then 60% of vendors had greedy expectations of price hikes and have failed to load off to bigger fools.
This is a market aloft with hope and prayer. This is a market vulnerable to a global economic shock many forecasters say is way overdue. Because there are limited central bank buffers and at the first sign of trouble, the smart money will head straight to cash and the rest is unfortunately a self fulfilling prophecy.
TTP, you and many other property spruikers should have been more vocal about your "steady as she goes" on the way up. It's a bit late in the game to talk that way now! The greed you speak of is the same greed that blinded many to the risks this bubble right now leaves the NZ economy exposed to.
I think when you hear talk like "its too big to fail" then chances are, sooner rather than later, it will.
Hi R-P,
You write, "TTP, nobody here yearns for a damaging crash."
That's rubbish.
There's a whole bunch of people here who have said they'd love to see a crash and the carnage that goes with it.
And others want a crash simply to pick up a property cheap - with no regard to the damage that would be caused to the economy.
R-P, it's time you got real rather than firing blanks all the time.
TTP
TTP - just as a counter perspective on things - have you considered the long term damage to the economy caused by inflated house prices?
i.e. long term is it worse to have expenses houses, or to have some form of crash near term that moderates prices and reduces debt of the next generation that as a result might allow them additional spending power in the productive economy? (instead of just paying a lot of mortgage interest to banks)
To yearn for a crash is to yearn for all that will accompany it, complete loss of livelihood, suicides you name it - it happens.
Wake up dude! these loose comments of yours are clearly void of any caring thought. I suggest you shift your focus to the greedy spruikers that got us into this precarious situation. In fact, look at yourself.......
WOW - RP when one finger points forward their are 3 pointing back.
You are just wanting to lay blame at someone feet if there is a crash. Why point the finger at someone who is going out and giving life a go?
What have you personally done to ensure the house supply was inreased across NZ?
It is easy for everyone to blame a spruiker but a spruiker can only exist if their is a genuine supply shortage.
Everyone of us has a duty of care to ensure the housing supply is always free from supply restraints so as to not cause market crashes! How many people protest on the RMA constraints? Or the Building Code or other heavy handed regulatory BS that is directly impacting on supply?
notaneconomist, to answer your question, no, I have not contributed to the housing supply but I'm guessing you already knew that. Having lived in and owned one 60 year old house in a well established suburb for 20 years, I have not contributed to the housing shortage either.
Again, anybody who think house prices will drop, dont always yearn to see the economy crash and take jobs with it. TTP, is a few bristles short of a broom in assuming they do.
How on earth did you assume that I dump on people willing to go out and give life a go in a worthwhile way and prospering? Your comments lead one and all to assume that you think New Zealand can prosper forever more by selling expensive houses to each other and spruik others into the same game - really?
Hi TTP,
I reminded myself with the Golden Rule as I discovered how true and accurate it was.
I know that we get carried away sometimes ( I am guilty of that too)... but the Rule is sound and I suggest following it with discipline. Some people just want to argue for the sake of argument and do your head in - making sense of what they say is a useless task.
cheers
It would be really nice and helpful - if every time these results were published - that a comparative set of results from the previous year was also displayed without having to trawl through 100 google searches
40% sales sounds relatively good given recent climate - but its 40% of 40 so only 16 sales at Band T auctions - but sounds better despite my own thoughts taht the market is clinging on to the edge of a 10% correction when i searchd and found last years - similar 41% but only 22 properties auctioned and 9 sold
https://www.interest.co.nz/property/85783/housing-selling-well-auction-…
Interesting to go back and read the comments.
CJ099
"My advice to FTB's is you need to play the waiting game to get a more affordable and realistic price."
Average prices are down 8K (https://www.interest.co.nz/property/91865/realestateconz-says-housing-m…) and they would have paid 30K+ in rent and have missed the home ownership feeling.
We all need to be careful giving and receiving advice.
I still stand by my advice since we all know that prices are headed south Nimbo. You seem to forget that the Auckland auction sales that you're celebrating are tiny in comparison to what they were only a year ago.
And are destined to drop even further. You know It's hardly worth commenting since we all know that the foreign buyers ban will dry up the auction sales and allow the market to drop to affordable levels.
Hi TTP,
yes indeed, notice that doomers focus either on historic numbers, auction clearance, or listed inventory and compare month to month whenever suits ... No one puts prices with any of the above in one report ...that wouldn't fit the narrative.
Many seem to think and assume that low sales volumes and increasing inventory will eventually lead to reduction predicting that price has to give way .. in fact that didn't happen in the last 10 months and average prices in Auckland are now better by between 0 and +1% so far over that last 12 months ....
Time will tell in the next two months - I tend to agree with you that she will be steady as she goes ... but I still expect demand to tip the balance over since we won't get anything extra built during 2018 .. so 2-5% increase this year wont surprise me in Auckland.
Fair comment, Eco Bird.
The gloom and doom merchants that roost here are seriously lacking in ammunition........ They've been firing blanks for many months now. For such a long time, in fact, that it's become embarrassing for themselves - and tiresome for others.
While, personally, I feel very relaxed with a steady market, I do agree with you that there's a reasonable chance that Auckland house prices will edge up a bit over the next 12 months. That's what most of the indicators are pointing to, anyway.
TTP
Or perhaps TTP, tiresome for themselves and embarrassing for others as I do often get a bit of the ole cringeworthy in me bones. But then again I don’t wish to appear even remotely sympathetic to your point of view lest I get tarred with that big old brush that you and Eco Bird have seemingly taken a shine to.
“Many seem to think and assume that low sales volumes and increasing inventory will eventually lead to reduction predicting that price has to give way”
Economics 101 would normally tend to point that way – however the demand side of the equation can easily swing it – hard to argue against a net 70,000 and its impact.
Until, and if, that is addressed, anything goes.
i tend to agree - lot more by negotiation and prices etc - i recently bought for work - property in ranui /massey - 35K under cv of 750 and last week 3 bed in taupo for asking price and 45K over cv -
felt i did pretty well on both purchases to be honest - probably better in Taupo!
neither were auctions - although vendors thought about it in taupo - and i would have gone another 30K there - but no more in Ranui -
problem is that the Auction is one of the easiest indicators to get - although i i like the stratified prices better as more of a true comparison -
is there something you feel is better - as i often end up relying on gut feeling - and what i am hearing ( after interpretation / adjustment / filtering of course) from visiting several local RE offices
cheers
Trouble is this raft of regulatory reform is unlikely to be quite the gamechanger that I suspect many think it will be. Having been privy, through a rather serindipitous turn of events, to a number senior Labour engagements, I was left with the distinct impression that the Let’s Do This mantra does not exactly align with current political will. I won’t say anything more on that matter but believe, amongst the upper ranks there are a number of very astute individuals whose interests, politically and otherwise are not as you might think. Time will tell of course but I won’t be at all surprised to see a certain, more considered approach tempered with a large dose of reality begin to emerge.
Trouble is this raft of regulatory reform is unlikely to be quite the gamechanger that I suspect many think it will be. Having been privy, through a rather serindipitous turn of events, to a number senior Labour engagements, I was left with the distinct impression that the Let’s Do This mantra does not exactly align with current political will. I won’t say anything more on that matter but believe, amongst the upper ranks there are a number of very astute individuals whose interests, politically and otherwise are not as you might think. Time will tell of course but I won’t be at all surprised to see a certain, more considered approach tempered with a large dose of reality begin to emerge.
Look on the bright side Badlad. At lest we have a strong woman at the helm to steer us on a more stable economy rather than a false one. And she's willing to stand against the opposition, a bit like this one.
BBC: Cracking a $30m Case of Wine Fraud
http://www.bbc.co.uk/programmes/w3csvqqj
I tell my kids that goal setting, hard work and hope goes a long way. Its how kids become All Blacks and Olympic Athletes.
Hope is what Labour provides for me. With National, I gave up hope, and hated the way NZ was going, at least we may get a change, with a change of government.
Who knows National may see the error of there ways in next election or Labour may follow through with promises, but only time will tell.
Is 450k too expensive to pay for a family home???
You can buy a reasonable 100m2 permanent material home in Chch in an average area for that.
Your interest only payments are less than renting and you have the comfort of owning and being able to improve your home.
There are also far better buys than this but point is that housing in NZ is still very affordable and pointless waffling on continuously about unaffordable,housing, when it isn’t in many parts of NZ.
ChCh also offers a far superior quality of life but you need to want that!
Your like DGZ, always talking about CHCH. Theres a lot more to NZ then CHCH and DGZ.
Area of CHCH = 1,426 km²
Area of NZ = 268,021 km²
CHCH is not the problem Auckland is.
CHCH has a population of 367,800
Auckland has a poulation 1,534,700
NZ has poulation of 4,749,598
Auckland is 32% of the population nearly 1/3. While its great you love everything about where you live. There are a lot of NZers impacted by high prices that the average person cannot afford. This has knockon effect. Its bordering on ridiculous to think that most people will pick up sticks and move, so therefore we have to deal with the reality of how NZ is distributed. I just hope this governement has the right metal to follow through with its promises.
Far superior quality of life. To where botswana.
Swapacrate, have you ever lived in Chch.
Opportunities exist in Chch and the lifestyle is far superior to Auckland.
If you want to live Where the population and problems are then that is your perogative.
All I am pointing out is that If you don’t like something then change it!
Its your perogative to love CHCH.
I would never live in CHCH, I have been to CHCH probably about 14 times, love it down there. I have lived in many places in NZ. Dunedin, Hamilton, Auckland, Waiuku.
I have lived in Perth, Maryborough, Eneabba, Wundowie in Australia.
I have lived in London Hammersmith, Putney, London Bridge, Northampton, Leeds, Swansea, Lapworth and Weybridge in the UK.
Then a little bit in San Pedro Spain.
There is one thing I know now after living in so many places, especially the cold places. I hate the cold. I love the sun and the beach. I just love how it makes you feel like your on holiday. I love windsurfing and kitesurfing and I love taking my kids to the beach. With an average temperature that CHCH gets, I just could never live in CHCH.
http://www.holiday-weather.com/christchurch/averages/
While up North is not like Brisbane and the Gold Coast it still has an average temperature higher the CHCH.
http://www.holiday-weather.com/auckland/averages/
I will not live in Auckland I am moving close to a beach up North for my kitesurfing and the kids.
I have family in Christchurch that had earthquake damage to their home. Initial repairs were paid for by eqc etc. They were later found to be inferior but no problem eqc and insurance paid substantial sums to permit total rectification. The payments were substantial enough (and they do not have to use it for repairs) that they are now building a brand new home in a flood safer area. They will sell the older home "as is where is" providing an opportunity for a do it oneself type to get on the property ladder. Food for thought?
To sum up. If house prices do continue to increase there MUST eventually be a correction. The longer the ponzi continues, then the more damaging to our entire economy such a correction will be. Our spruikers will then be shown just how detrimental their propaganda has been.
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