There were slightly fewer properties marketed and sold through Barfoot & Thompson's auction rooms last week, but activity was broadly within recent trends.
The agency marketed 72 residential properties for sale by auction in the week from 19-25 August, compared to 80 the previous week.
Of those, 24 were sold under the hammer, with six sold prior to their auctions and four sold immediately after their auctions, taking total sales to 34, giving a sales rate of 47%.
The two biggest auctions of the week were the Manukau auction where 26 properties were scheduled for auction and 10 (38%) were sold, and the Shortland Street auction on August 21, where 15 properties from central Auckland suburbs such as Greenlane, Mission Bay, Parnell, the CBD, Epsom, Grey Lynn, Ponsonby and Mt Eden were offered and eight were sold, giving a sales rate of 53%.
However, activity was more subdued at the usually busy North Shore auction where just eight properties were offered and sales were achieved on three.
Activity is likely to remain around current levels for the last week of winter, however new listing data due out at the end of the month will be an important pointer as to how the market is shaping up as it heads into spring.
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| Barfoot & Thompson Residential Auction Results 19-25 August 2019 | |||||||||
| Date | Venue | Sold | Sold Post | Sold Prior | Not Sold | Posptoned | Withdrawn | Total | % Sold |
| 19-25 August | On-site | 3 | 2 | 1 | 6 | 50% | |||
| 20 August | Manukau | 4 | 2 | 4 | 13 | 1 | 2 | 26 | 38% |
| 20 August | Shortland St | 6 | 1 | 1 | 8 | 88% | |||
| 21 August | Whangarei | 1 | 1 | 0 | |||||
| 21 August | Shortland St | 7 | 1 | 7 | 15 | 53% | |||
| 21 August | Pukekohe | 2 | 2 | 0 | |||||
| 22 August | North Shore | 3 | 4 | 1 | 8 | 38% | |||
| 22 August | Shortland St | 1 | 1 | 1 | 3 | 100% | |||
| 23 August | Shortland St | 3 | 3 | 0 | |||||
| Total | All venues | 24 | 4 | 6 | 33 | 2 | 3 | 72 | 47% |
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22 Comments
Still just 24 sold under the hammer
As the article notes; market has been holding up fairly well over traditional winter gloom (no signs of bubble burst apparent) with positive outlook for spring and falling interest rates.
This must give some assurance to FHB
Hard to get too much assurance from only 24 houses sold.
The evidence is cumulative.......
The Auckland housing market is strengthening.
It may be no more than the usual Spring upturn - or it may be sustained for a longer period......
Have to wait and see.
TTP
And the negative news we're hearing easily offset that cumulative evidence.
Blinkers on chaps, blinkers on.
Can anyone point me to the best data source for inventory levels on auckland property market?
20% above 2 years ago. fewer sales
Mike Kirk, any update on volumes this year vs. previous years? Will be interesting to see.
Flat as to NZ re 3 and 7m figures
However, in 2017 sales in 3m May-July in NZ as a whole were 26,722 and
May to July 19 was 22,662
Compare to 2017, as that is more relevant as 2018 was unrepresentative due to front running OBB
Auckland, last 3m is selling 5% below 2017.
Improvement on last 7m which was 7.4% below 2017.
Residential sales only, 2.4% above 2017 in July.
Considerable increases in sales in some price brackets, which is disguised by in total figures
So, $600-850k, 9% up on 2017, in July
$850 - 1.05m up 22% on 2017 in July
Above $1.2 and below 1.4m, down 12% on 2017 in July
Above $1.4m and up to 1.6m, down 24%. All down above that.
Headline should read "Appartments and mid market staying active, high end remains in denial". Have said it was the 2m+ market that will miss overseas cash the most. Lets face it, what kiwi willing pays $3m for a house that should be $1.5m if they don't have to?
Thanks, useful info!
I think there is still a huge amount of seller denial in my area.... There are a number of high end $2m plus homes going up for sale then being withdrawn after several weeks or months. Several have been listed for rental at $1250 per week and upwards. Can’t provide and figures as it’s just an observation, but I do get monthly sales info from 2 local agents and by saving properties that are listed on realestate.co.nz it’s not difficult to build a picture about my local area.
The other part of the market that is finding it tougher to sell are new builds on small sections $2m plus and older properties on full subdividable section 1.6m+
The rental return for those high ends can't be that good!
Has it ever been good? The rental demand is focused around 2-3 bedroom houses. Many of the $1.5M+ houses in my area (East Coast Bays) that are available for rent are around $800-900 per week, and tend to stay vacant for many months.
Anecdotal evidence, we were looking at rentals in April-May, and the cut-off seemed to be at $600-620 per week. Anything under that had dozens of people at the open home, anything over that had just us or one more person showing up.
The correct headline should have read :
"Barfoots's latest auction results show that the residential market is still stubbornly flat with 53% failing to sell"
Sure, if you're a "glass half empty" type of guy
I found the comment by BigDaddy to be incredibly positive.
Good to question why finance media articles are almost always glass half full though. It’s funny how finance media is almost always positive and general news is almost always negative (if it bleeds it leads). There is a reason.
Looking at the first page of the auctions results section, it looks like Harcourts had a good weekend for North Shore auctions. Pretty high sales rate but some pretty dramatic falls from CV. 37A Holland Road went down $300k from CV, for example. Should be an interesting update on Friday.
'Concrete tilt slab' construction - not popular! And a whole lot of other things wrong. Good houses are selling around CV.
Today l saw the first mortgagee sale of a half built house in Remuera. The Rob report for June also noted only three new builds were sold in the Bays to Parnell suburbs.
Seems like the new properties are finding it very hard to shift and presumably banks are pulling funding for some developers.
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