Sales on more than half the properties at Barfoot & Thompson's latest auctions

Property

Properties in Auckland's leafy central suburbs were the top sellers at Barfoot & Thompson's latest auctions

16th Oct 19, 11:28am by Greg Ninness

There was little change in activity levels at Barfoot & Thompson's auction rooms last week, with the real estate agency handling 91 auction properties in the week from 7-13 October, compared to 93 the previous week.

The overall sales rate was slightly higher at 54% last week compared to 48% the week before.

However there was a wide variation between the sales rates at the bigger auctions where at least 10 properties were offered, with 38% selling at the Manukau auction which catered to properties in south and east Auckland, and 60% selling at the Shortland Street auction on October 10 where a mix of properties from central and west Auckland suburbs were offered.

A similar sales rate was achieved at the North Shore auction where 58% were sold, and the sales rate was 47% at the Shortland St auction on October 9, where most of the properties offered were from central suburbs such as Meadowbank, St Heliers, Epsom and Ponsonby.

Details of the individual properties offered and the results achieved are available on our Residential Auction Results page.

Details of recent commercial property sales are available on our Commercial Property Sales page.

The comment stream on thsi story is now closed.

Barfoot & Thompson Residential Auction Results 7-13 October 2019
Date	Venue	Sold	Sold Prior	Sold Post	Not Sold	Postponed	Withdrawn	Total	% Sold
7-13 October	On-site	4			3			7	57%
8 October	Manukau	7	1		11		2	21	38%
8 October	Shortland St	4			3	1		8	50%
9 October	Shortland St	9			9	1		19	47%
9 October	Pukekohe	2						2	100%
10 October	North Shore	9	2		7	1		19	58%
10 October	Shortland St	5	1		4			10	60%
11 October	Shortland St	4	1					5	100%
Total	All venues	44	5		37	3	2	91	54%

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87 Comments

by cmat | 16th Oct 19, 11:41am 1571179308

91 auctions... compared to 200 in the same week last year.
49 sales... compared to 68 last year.

Some agents must be working through their stores of canned food.

https://www.interest.co.nz/property/96350/comparing-auction-selling-pri…

by printer8 | 16th Oct 19, 1:06pm 1571184366

Any comparison that you want to make to that year ago is based on the premises that the market is the same, and that auctions have equal preference and appropriateness.
As such any inference you want to make is very suspect.
As I have commented previously, deadline tenders (which are de facto auctions) seem to be gaining in popularity and probably a reflection of a change in the market.
Your implied inference that the Auckland market is in the doldrums is clearly incorrect - REINZ figures released yesterday show volumes YOY for Auckland were 6.3% higher. You seem to be clutching at straws.

by RickStrauss | 16th Oct 19, 1:19pm 1571185149

Warning, graphic content!

1. Auckland Median since 2016
2. Auckland Volume since 2016
3. Auckland Volume since 2012

Interestingly, REINZ HPI for Auckland was down YoY. Good news for younger Kiwis.

by Ocelot | 17th Oct 19, 9:42am 1571258569

Factoring in inflation, that's an 8.3% fall in the median.

by cmat | 16th Oct 19, 2:53pm 1571190806

"Any comparison that you want to make to that year ago is based on the premises that the market is the same"

Right.
So, I'm not allowed to make a reference to the previous corresponding period from *one* year ago... "cOz mArKeT nOt tHe sAMe"
Meanwhile, your like-minded posters are trying to convince everyone that a 10 year property clock exists based on spurious analysis of the past *30* years.

I'm producing context, because without it WTH does 91 auctions, 49 sales and 54% clearance rate mean to me in isolation? Nothing.
REINZ's stats were for September - everyone's pumping up the arrival of spring - apparently spring doesn't arrive in property land until October. So as far as I'm concerned, September is ancient history - I want to know if spring has arrived or not *now*.

Yeah, more deadline tenders, so what?
Every agent's first port of call for a sales process is auction in a hot market (easy, less work) - are you trying to tell me that more deadline sales is not, in of itself, a market indicator?.

by CourtJester | 16th Oct 19, 2:43pm 1571190205

It's easy. When you compare Auckland to any other city in the world, Auckland's diffrunt. When you compare this year's (month's, week's, day's?) market to any other point in time, the market's diffrunt.

by cmat | 16th Oct 19, 2:51pm 1571190711

"the market's diffrunt..."

Yeah totally different period on period.
Except over the long run... then it's a metronomic clock.

by Due Diligence | 16th Oct 19, 3:59pm 1571194797

DGMs often compare Auckland affordability to other major international cities, but fail to account for important differences.

For example, I've seen it claimed that Auckland (with a 9.0 income multiple) is less affordable than London (with a multiple of only 8.3). You can get something like this for £1M in London - https://www.onthemarket.com/details/4477394/. Not that different from your average Auckland house - 3 bedrooms with a yard, nice but not fancy. This is more than 27 times average household income in the UK. This may be the average house in Auckland, but it is not the average house in London. The average house in London is a terraced unit. If you want to buy an average Auckland house in London you need to be very well off.

by mikekirk29 | 17th Oct 19, 10:31am 1571261507

Joke. Average 3 bed in UK is made of brick or stone or both, with wood etc.
Average 3 bed in Auckland is made of wood and is poorly heated and is priced $750k or above.
Median price in NZ outside of Auckland is over $575k I believe.
Check median price in UK outside of London. Then we might have some valid comparisons.
How much time have you spent in UK, outside of London and how much travelling have you done there?

by Due Diligence | 17th Oct 19, 7:08pm 1571292518

Mike,

I'm referring to London in comparison to Auckland.

I've lived in London.

Differences in construction materials and insulation count for only a small fraction of the price variance between London and Auckland.

Here is a typical Auckland house, 65 Chartwell Ave, Glenfield, NZ$910K. Something like 9x median household income. How much would this same property cost in London? Much more than 9x London household income.

https://homes.co.nz/address/auckland/glenfield/65-chartwell-avenue/oGXGV

by printer8 | 16th Oct 19, 3:42pm 1571193751

cmat
Settle down.
Your basis for making a comparison is questionable and as such should be challenged. I have no problem with any comparison provided one is comparing like, and your assumption that both the market and marketing preferences are the same is suspect.
Clearly that upsets you.

by cmat | 16th Oct 19, 4:14pm 1571195663

Why is it questionable?

All my first post contained, quite literally, was a comparison of two headline numbers this week to exactly the same week last year.

If you've noticed, I've done exactly this for probably the past 8 weeks straight on Barfoots weekly auction releases - because I feel like it's useful context.
But you're saying I'm implying and making assumptions about something this week?

by Fritz | 16th Oct 19, 5:38pm 1571200723

Yep. The market is still weak and flattish. Nothing remarkable either up or down and it's likely to be like this for a while until the next recession arrives and there's no OCR ammo left to prop up the market as per previous recessions.
Then all bets are off.

by cmat | 16th Oct 19, 2:50pm 1571190620

Also the 6.3% YOY growth in volumes you're touting took volumes to 1,821 sales in Auckland for September 2019.

For context (coz I like context) sales volume was 2,321 in September 2016.
So it's *still* down 21% on 3 years ago.

But, yeah, yeah I'm the one clutching at straws.

by Houseworks | 17th Oct 19, 6:47am 1571248031

Cmat, The *one* year ago volume growth is 6.3 percent, why are you ignoring this and trying soo haard to reframe it??

by mikekirk29 | 17th Oct 19, 9:04am 1571256275

Sorry to repeat ad nauseam (!)but sales have to be taken in context of total stock, which is rising.
So, if sales are lower than 3 years ago, and stock has risen (say 35,000?) in that time and was originally 500,000 (for sake of illustration, as census not on this yet) then stock is up 7% and sales are down MORE as a % of increased stock level. This is v seldom stated.

Patently bleeding obvious but sales are falling because of OBB and prices being too high.

by mikekirk29 | 16th Oct 19, 11:51am 1571179868

A little context:

6m sales, residential only, Auckland, March-August 2019.
Compared to 2018, down 10%

However, July and August, same group: up 26% on 2018.
Same 2 months compared to 2017: down 10%

Apartment sales under $800k in 6m period, 2019: 968.
Apartment sales in same period of 2018, under 800k: 1579. In 2017: 1232.

My point is: a lot more apartments are being built. But in this price bracket, 38.6% fewer sold

If you have more stock of something and its selling a lot less and you keep building more, unless what you are building is all pre-paid, you are storing up trouble.

Residential sales over $1.3m in Auckland in 6m block of 2019: 2013.
In 2018 it was 2575.
In 2017: 2461
So, 2019 6m sales (total residential) 18% down on 2017. And 22% down on 2018.
But 2m sales much better than 2018, though still 10% lower than 2017.

Seems like there was a dearth of sales in July/August 2018 and this was made up for in October sales.
So, October 19 sales figures will be v interesting.
Anecdotal reflections of Agents and other commentators about pick up in market in July and August 2019 have proven accurate.

We will need to see if this continues.

Residential sales pcm in Jan-Aug 2019 period in Auckland ran at 1625 pcm
Sept 18 to Aug 19 it was 1679.

That is remarkably similar to pcm rate applicable in Jan 2008 - Dec 2011 (1669) which was last time market was as subdued for such a long period.

by cmat | 16th Oct 19, 12:10pm 1571181056

Surprised July & August so much higher than last year (26%)

These weekly auction results from Barfoots have consistently been lower year-on-year.
And Barfoot sold exactly the same number for July-Aug in 2018 and 2019 (1,625).

Given their market share I would have thought they are representative of all of Auckland, appears not based on your data.

by Chairman Moa | 16th Oct 19, 12:13pm 1571181233

@mikekirk29 - TM2 will be here shortly to refute your data... ;-)

by CourtJester | 16th Oct 19, 12:23pm 1571181788

And point out that he is a real estate agent!!! Or isn't!!! Whatever the case is, we cannot trust him!!!

by Ex Expat | 16th Oct 19, 12:30pm 1571182231

Who can you trust then? What's missing from these threads is a picture of what's going on with actual buyers and sellers. Poring over the entrails of auctions adds limited value if you don't know the individual properties. I suspect that successful agents are far too busy working to stop by and post their secrets here. What I'm hearing from a local agent is that they don't have enough stock of what sells e.g. quality single site family homes and you cant sell what you haven't got.

by VeryInterested | 16th Oct 19, 3:46pm 1571193971

Last Wednesdays auction results for Eastern Suburbs.

https://www.barfoot.co.nz/-/media/Website/Documents/Auction-Results-201…

4 sold 5 unsold so it does indeed reflect very low numbers. Will be interesting to get the latest sales data from Bayleys as their data indicates which agency sold the property.

The devil is in the detail and I only really take notice of the sales prices for each property sold in my area and also how long it has taken to sell. Waimarie Street in St Heliers has about 6 house for sale all in the $2.5m+ price band and all surrounding a very large plot of bare land which will soon become a Retirement Village - so looking ahead years of building work noise, mess, diggers and tradies trucks parked everywhere.

by cmat | 16th Oct 19, 9:22pm 1571214160

Good ploy.
Bayleys definitely have the best report.
Clear that volumes are way off at the top in those reports.

Funny on Waimarie - they all are expecting top dollar too.
Banking on potential purchasers not knowing / doing DD on what's going on there.

by Voiceofreason | 16th Oct 19, 12:24pm 1571181849

And TTP along to say market looking remarkably resilient, could be a good summer, let's wait and see.

by BadRobot | 16th Oct 19, 12:27pm 1571182051

or tell you to go away in no uncertain terms......

by THE MAN 2 | 16th Oct 19, 12:39pm 1571182762

Chairman, what a silly thing to say!
Where have I been refuting Mike Kirk’s data?
I questioned whether he was still a practicing salesperson as it appears he is not!

by Chairman Moa | 16th Oct 19, 12:53pm 1571183632

What he does is his business, is that anything to do with you though? This s a public forum and free for all.. Or does one need to be qualify to say something? What a strange man (or woman or thing)..!

by THE MAN 2 | 17th Oct 19, 3:26pm 1571279175

Chairman, Interest.co should be operating on contributors and posters telling the truth!

by BadRobot | 16th Oct 19, 12:24pm 1571181843

I see Stuff are running a story that TradeMe asking prices in Auckland slump again...

https://www.stuff.co.nz/business/116617575/auckland-asking-prices-slump…

Make of it what you will.....

by theglc | 16th Oct 19, 1:14pm 1571184877

Ive often said that the ones that aren't selling tell a bigger story that the ones that do...

by tothepoint - d… | 16th Oct 19, 2:02pm 1571187728

Hi BadRobot,

The obvious thing that's slumped around here........ is the credibility of the DGM.

TTP

by BadRobot | 16th Oct 19, 2:06pm 1571187978

How so.....

by theglc | 16th Oct 19, 3:15pm 1571192112

which means they had credibility in the first place, something you were never blessed with

by J.C. | 16th Oct 19, 3:20pm 1571192422

The obvious thing that's slumped around here........ is the credibility of the DGM

The DGM is the antichrist to Ashley Church's messiah.

One of the problems with property and mainstream beliefs is that much of it is faith based.

And it's very easy to control the faith in the masses: just ask Destiny Church or look at The Hosk's bag of emotional hooks.

by Fritz | 16th Oct 19, 5:41pm 1571200897

And just like any religion nonsense can be spun based on a whole lot of spurious arguments masquerading as 'reason'

by Houseworks | 17th Oct 19, 6:47am 1571248052

Then I saw her face NOW I'm a believer...
https://youtu.be/rcnsao7Y0gk

by Yvil | 17th Oct 19, 8:35am 1571254506

The nonsense of comments is limitless it seems. Sad that a good business website gets ruined by ridiculous posts

by Houseworks | 17th Oct 19, 10:38am 1571261899

Start behaving proper it's not a gd look

by Chairman Moa | 16th Oct 19, 12:36pm 1571182607

The warning is there
https://www.abc.net.au/news/2019-10-16/imf-predicting-synchronised-slow…

NZ might be duffurent and we won't get caught in the net. Some will say buying in CHCH under market value and you can't go wrong, plus house price will double every 7-10 years.

by THE MAN 2 | 16th Oct 19, 12:41pm 1571182877

Chairman, you can buy in any place in NZ under market value, and that is where the money is made.

by Chairman Moa | 16th Oct 19, 12:54pm 1571183698

I rephrase that "you can buy in anything anywhere under market value, and that is where the money is made"

by Laminar | 16th Oct 19, 1:04pm 1571184271

That isn't where the money is made lol. Skimming 20k to 100k off a buy price is nothing compared to growth over 30 years. If buying undervalue is where the money is made, then its because you are a trader and need to pay your taxes.

by Chairman Moa | 16th Oct 19, 1:15pm 1571184906

To give you one example; a colleague of mine is a watch collector. He's regularly buying limited edition watches; his latest is the new Rolex Submariner blue, he paid 16K for it new and then 6 moths later he sold it for 25K and there is waiting list..!

by THE MAN 2 | 16th Oct 19, 1:21pm 1571185295

No, you make money when you buy a property rather than when you sell.
For an investor that buys under true market value, the yield is so much better over a long period of time.
Of course you will obtain capital gain when you sell after a number of years, however you will have got capital gain as well on a house that you paid market value for as well.

by Yvil | 16th Oct 19, 5:21pm 1571199696

TM2 I don't always agree with your brash comments but you are 100% right, it shows you are actually an investor, not a theoretical talker. Buying overpriced can take years to recover from, likewise buying under value puts you way ahead of the pack.

by THE MAN 2 | 16th Oct 19, 6:13pm 1571202803

Yvil, what so-called brash comments that you think I make, do you not agree with??

by RickStrauss | 17th Oct 19, 10:22am 1571260976

Buying overpriced can take years to recover from, likewise buying under value puts you way ahead of the pack.

I think you've captured what worries buyers in today's Auckland market. Three years of slightly downtrending median price now. If the buyer is lucky then it's not a long slow deflation of the balloon. If they're unlucky, it is. So they need to buy carefully and ensure they can handle a downturn AND not necessarily need to trade up too soon (for lifestyle reasons) in the event of declining equity. In a market where NZ has been blown up by an injection of foreign capital and that global economists call heavily overpriced.

E.g. buying an $800k+ apartment in a market with surging supply and significantly declining YoY demand (sales numbers) could take a while to recover from.

by Nzdan | 16th Oct 19, 8:45pm 1571211926

In some dictionaries you'll find a photo of The Man 2 next to the entry "Dunning-Kruger".

by Due Diligence | 16th Oct 19, 2:23pm 1571188981

I think you're spot on here. If you happen to secure a good deal when when purchasing a property you'll get some additional profit when you sell, but in most cases this will just be icing on the top of much more substantive long-term capital gain.

by Voiceofreason | 16th Oct 19, 4:45pm 1571197534

I agree with both of you to a certain extent. Buying well located property at a great price is going to be fine over the long term (15-20 years) in NZ. However, I think in NZ now is one of those times that it's best to wait a while to purchase. It might just be quite a few years before seeing decent capital gains buying now in much of NZ. Wait a while and it might be quicker. Fine if you've bought a while ago, but it's a very unusual time, in Australia too. I see even Mr Australian real estate John now-is-always-the-best-time-to-buy McGrath quietly sold off his last property recently. https://www.smh.com.au/business/companies/mr-real-estate-offloads-his-l…

by Due Diligence | 16th Oct 19, 8:43pm 1571211801

Fair enough. As long as waiting a while doesn’t become waiting forever.

by Houseworks | 17th Oct 19, 6:46am 1571248000

VOR. It is fine to downsize a portfolio, pay off some/all debt and strengthen the balance sheet.

by Yvil | 16th Oct 19, 5:25pm 1571199933

DD, you do not "happen to secure a good deal" just like "you do not happen to cook a great meal" either you know what you're doing or you don't (I cannot cook good meal).

The point is focus on what you can control - finding a good deal, not on external factors you have no control over - the way the market is heading

by Due Diligence | 16th Oct 19, 8:17pm 1571210247

I secured a very good deal on my first house. Chinese investor subdivided the site but then had cashflow problems so needed to sell up quick and head back overseas. As is the case with most of my successful cooking endeavours - 100% happenstance.

The saving I made by buying at a discount now pales in comparison to the long term capital gain.

by RickStrauss | 17th Oct 19, 10:24am 1571261050

As is the case with most of my successful cooking endeavours - 100% happenstance.

Haha, nice.

by Yvil | 16th Oct 19, 5:17pm 1571199454

Sorry Laminar, I very much disagree with your comment. I would be very happy to continue investing in property if the market never went up. You indeed make money when you buy, I would never buy a property if I can't extract at least 20% of value out of it in the first 3-6 months and since I only put in 20% of my own money in, I double it. (btw I do not sell so I'm not a trader). Buying in the hope the market will go up is speculating, not investing, the beauty with RE is that, if you know what you're doing, you can quite easily create value

by Due Diligence | 16th Oct 19, 7:34pm 1571207642

Disregarding improvements, is there a property in your portfolio that has gone up by less than 20% of fair market value (not the “good deal” price) since purchase date? No such property exists in my portfolio.

Investment is “the act of allocating funds to an asset or committing capital to an endeavor (a business, project, real estate, etc.), with the expectation of generating an income or profit.” Buying in the hope the market will go up in the long term meets this definition perfectly.

“Creating value” is different to “buying well”. If you create value through improvements of some form, the increase in value is reward for your work. You made the money when you did the work, not when you bought or sold.

The saying about “making money when you buy, not when you sell“ is very common in real estate circles. But when it comes to long-term property investment, I put it in the same camp as “what doesn’t kill you makes you stronger”. Catchy, but untrue in many cases.

by THE MAN 2 | 16th Oct 19, 8:14pm 1571210069

Yvil, you of course are correct, although I don’t have a % of buying under true market value but it has to have a good positive yield, be under value and with upside.
We have not needed to Put a single cent into a property for over 10 years, the beauty of buying well and leveraging.

by rastus1 | 16th Oct 19, 12:51pm 1571183492

Balance point here of confidence verse resistance. We have yet to get to that consensus at the wider community level that it's better to wait.

Remember the buyer frenzy? How about a 'don't buy frenzy' - when everybody at the water cooler is talking it down. I don't hear that yet...... but when that happens, pick your low.

by Laminar | 16th Oct 19, 1:05pm 1571184343

Its been pretty clearly established that the low will be 50% of the high.

by Yvil | 16th Oct 19, 1:04pm 1571184274

I'm a bit surprised the "leafy suburbs" are doing well, where do the buyers of these pricey properties come from?

by Laminar | 16th Oct 19, 1:07pm 1571184424

I've got it on good authority that only Chinese can buy valuable properties in NZ.

by printer8 | 16th Oct 19, 1:24pm 1571185475

Possibly from among the 54,000 immigrants over the past year??????

Further: Laminar - Why, unless it is a prejudice comment, do you specify Chinese. Nearly three times as many immigrants arrived from South Africa, India, Australia and the Phillipines. So who is your "good authority"?

by HeavyG | 16th Oct 19, 2:13pm 1571188415

Looks like sarcasm to me so you may want to hold off on the moral outrage.

by Laminar | 16th Oct 19, 2:36pm 1571189814

Indeed im trying to make fun of the chinese conspiacy posts from the past.

by printer8 | 16th Oct 19, 3:58pm 1571194716

Heavy G and Laminar
Glad to hear. I don’t want to see what are often unsubstantiated prejudice comments.
While it may be considered by you as sarcasm, repeated such comments can fuel prejudice, so your comment is not ok.
One of the comments made by the Human Rights Commission was that often comments made in jest can hurt.
I am not being pc but I hate anything that denigrates others. It is simply bullying, intentional or not.

by CJ099 | 16th Oct 19, 7:21pm 1571206888

Well let's stick to the facts that Overseas Investors from China are not going to be able to get their money out of China anytime soon. Article from South China Morning Post: China’s capital outflow controls have gone to the ‘extreme’, former central bank adviser says
https://www.scmp.com/economy/china-economy/article/3012312/chinas-capit…

by Yvil | 17th Oct 19, 8:42am 1571254922

So back to my original question: who buys theses expensive houses in the leafy suburbs?

by RickStrauss | 17th Oct 19, 10:26am 1571261166

In the small volumes going on at the moment, people who bought in significantly earlier and are buying and selling in the same market. That would be my guess.

by cmat | 16th Oct 19, 4:27pm 1571196428

Yeah, settle down printer8

by Ex Expat | 16th Oct 19, 1:26pm 1571185604

In the Eastern Bays it appears to be NZ born Kiwis buying properties in the $2m to $3m range. With some that I've spoke to, it's their 4th property or more so they must be sitting on past gains. No particularly fancy cars to go with it so I assume they're not newly minted.

by cmat | 16th Oct 19, 5:21pm 1571199716

You're talking to people in rarified air Ex Expat
Not many have been buying $2m - $3m range in the Eastern Bays lately... and their numbers are falling.

https://issuu.com/barfootsuburbsales/docs/st_heliers_kohi_mag_template_…

by Yvil | 16th Oct 19, 5:28pm 1571200116

cmat, there are plenty of Kiwis with money, especially in Auckland,

by cmat | 16th Oct 19, 5:48pm 1571201329

Yeah good to know, thanks.
I was a private banker so I have a fair idea.

I'm looking at the actual stats in that report of how many people have been buying in that bracket recently (Not many compared to previously. Also confirmed by Rob Report), rather than reckons on how many rich people they are and how much money they have.

by Ex Expat | 16th Oct 19, 5:58pm 1571201917

The easiest way to view is to log into homes.co.nz and choose a point on the map then view the surrounding sales e.g. 7 Allum St, which sold on 11/9. The homes estimate was $2,770,000 but I believe it sold for circa $3,000,000 after only days on market. Very little in the surrounding area is under $2,000,000 unless it's a small townhouse or a leaker and there are plenty of sales to look at, some so recent the price isn't disclosed. There are not rich private banker type customers, they are financially comfortable small business owners and professionals.

by cmat | 16th Oct 19, 6:48pm 1571204891

OK. While we're talking about that area.

What about 109 Melanesia Rd?
- Sold (not a homes estimate - *Sold*) for $2.43m in May 2018
- Sold again (again *Sold* - not an est) for $1.95m in July 2019

No change in condition, no reno distorting CVs or estimates.
Just a stone-cold $480k loss in 14 months.

Homes had it at $2.35m before it sold the 2nd time because homes.co.nz is weighted toward recent sales and it gets distorted by renos.

Easy to point to 7 Allum - the owners "restored and extended the property".
So the CV and estimates will all be up the whack.
Don't know how many times I've pointed out how renos distort sales data - as a purchaser I'm going to put a line through every single one of them in a comparable sales dataset.

by Ex Expat | 16th Oct 19, 7:20pm 1571206858

Just asked an agent to fill the gaps. 107 Allum sold for $3,250,000. 85 Melanesia sold for $2,400,000. 91 sold for $2,315,000. All renovated at who knows what cost. The leaker at 68 sold for $1,269,000. Isn’t 109 the one the developer of the houses across the road unloaded? A stalled subdivision strategy. They must be selling those new ones soon and there’s competition just down the road. I think some of those are actually St Heliers. In any case there’s money around, renovated or not, which was my point.

by cmat | 16th Oct 19, 8:10pm 1571209830

Yeah, the developer who owned 109 Melanesia has a colourful history.
I don't think he is involved with the other development.
Must take something dodgy or cataclysmic to have to book a loss like that in such a short space of time.

Thanks for that other data.
I'm really interested in how prices have moved in the last 12 months because I think some vendors will still be pegging off comparable sales data from 12 months ago - which is clearly obsolete now.

The vendor at 91 Melanesia had to reset his expectations.
He tried to sell that property 12 months ago and withdrew the listing.
When it was previously listed he amended the valuation on homes.co.nz to $2.55m - presumably this is what he was expecting initially.
So he took a hit on that to come back to $2.315m only 12 months later.

That leaker at 68 got smoked.
Do you know what the other leaker at 62A went for? - that was on the market for a long time with numerous price drops.

60A Melanesia is on the market at the moment.
Purchased in Sept-17 for $2.625m and now with an asking price of $2.595m - so guaranteed to book a loss over 2 years.

by CJ099 | 16th Oct 19, 7:37pm 1571207852

@ Ex Expat: Yeah get real, they're called Money Launders and there's been a fair amount of them cleaning their ill gotten gains through Auckland via property purchases. It still goes on or haven't you noticed.

by Yvil | 17th Oct 19, 8:48am 1571255311

16 minutes ago you posted Chinese cannot take their money out and into NZ anymore and now you say "it's still goes on". Which is it?

by CJ099 | 16th Oct 19, 7:21pm
Well let's stick to the facts that Overseas Investors from China are not going to be able to get their money out of China anytime soon.

by VeryInterested | 16th Oct 19, 3:50pm 1571194218

Leafy Eastern suburbs results from last week where a staggering 4 properties were sold!
https://www.barfoot.co.nz/-/media/Website/Documents/Auction-Results-201…

by GS | 16th Oct 19, 2:34pm 1571189643

There is something going on here that does not add up. Properties that sold over council valuations have both that value and sale price displayed. I am wondering why they have left out for others, perhaps sold for substantially lower and the RE agents dont want the info out so the ponzi scheme can carry on. Makes me wonder how far this con will continue to play out before it all comes crashing down.

by RickStrauss | 16th Oct 19, 2:43pm 1571190227

On a lot of them they don't have the sale price or valuation price. Might not be disclosed...I know some of the agent emails I receive no longer disclose sale prices on recent sales, where they always used to. Seems like the stats we have here have maybe 30-40% with clearly known RV and sale price, and they vary above and below.

by Jaf | 17th Oct 19, 6:57pm 1571291877

If the Sale Price is not disclosed, then by default its below CV. One could presume so. If it had been well over CV, wouldn't the RE agents been yelling out loud for all to hear???

by VeryInterested | 16th Oct 19, 3:56pm 1571194565

@GS Easy to find the latest cv looking on
www.homes.co.nz
Check out a few with unlisted cv’s and see if a pattern emerges and let us know.

by Becnz | 16th Oct 19, 8:55pm 1571212530

Yes I think something strange is happening when agents leave sale price off
homes website.
Can agents somehow fudge sale prices to keep confidence in market higher than it maybe. I know some developer's are offering cash backs in contracts to keep section sale prices higher on paper.
Could make a good story for interest website.

by mikekirk29 | 17th Oct 19, 10:45am 1571262304

Unfortunately, REINZ figures this week show that sales in NSC are down 19.6% on 2018.
NSC is not particularly leafy, esp Albany.