The number of residential properties auctioned by Barfoot & Thompson took a slight dip in the last week of November, with 156 properties passing through the agency's auction rooms, down from 199 the previous week.
More than half of those properties found new owners with sales achieved on 87, giving an overall sales rate of 56%, compared to 49% the previous week.
At the major auctions where at least 10 properties were offered, the sales rates ranged from 36% at the Pukekohe auction to 79% at the on-site auctions.
Sales were achieved on two thirds of the properties at the big Manukau auction and just under half the properties at the North Shore auction changed hands.
See the table below for the full results.
Details of the individual properties offered are available on our Residential Auction Results page.
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| Barfoot & Thompson Residential Auction Results | |||||||||
| 25 November - 1 December 2019 | |||||||||
| Date | Venue | Sold | Sold Prior | Sold Post | Not Sold | Postponed | Withdrawn | Total | % Sold |
| 25 Nov-1 Dec | On-site | 7 | 4 | 3 | 14 | 79% | |||
| 26 Nov | Manukau | 19 | 4 | 12 | 35 | 66% | |||
| 26 Nov | Shortland St | 4 | 3 | 7 | 57% | ||||
| 27 Nov | Mortgagee/Court | 1 | 1 | 100% | |||||
| 27 Nov | Whangarei | 2 | 1 | 4 | 7 | 43% | |||
| 27 Nov | Shortland St | 14 | 1 | 14 | 1 | 1 | 31 | 48% | |
| 27 Nov | Pukekohe | 4 | 6 | 1 | 11 | 36% | |||
| 28 Nov | North Shore | 12 | 3 | 15 | 1 | 31 | 48% | ||
| 28 Nov | Shortland St | 4 | 1 | 2 | 1 | 8 | 63% | ||
| 29 Nov | Shortland St | 5 | 1 | 5 | 11 | 55% | |||
| Total | All venues | 72 | 15 | 64 | 3 | 2 | 156 | 56% | |
32 Comments
Manuakau : Howick, Buckland Beach and nearby area have been hot. Most properties went much above CV (10% to 30%).
WOW : looking at those auction result seems like old time.
Manuakau : Howick, Buckland Beach and nearby area have been hot. Most properties went much above CV (10% to 30%).
WOW : looking at those auction result seems like old time.
This looks conspicuously and awkwardly like a vested interest talking the market up. Plenty of very mixed results in the actual auction results listings on Interest.
Am trying to help a relative to find a house in Howick, Bucklandbeach area who is a FHB and can vouch with the auction result that have been posted today that most houses that were sold (and were 2/3rd and not 1/4t or 1/3rd) went for fantastic price. which would not have been possible earlier - In today's market going by more than 10% thatn what they would have fetched earlier.
Houses that are not worth are not selling, as the vendors of those house, when they see other houses going at a premium are expecting atleast CV if not more for their houses, which is fair but those houses are not selling. The only difference between last bull run and now is that earlier anything and eveything was going at a premium but today Good houses /Average houses are going at a premium and not every house.
Good Lord! If that's the best comment a spruiker can put up, the market MUST be in real trouble!
He's an agent. He was patting himself on the back for one of his sales in Howick a week or two back.
Nothing wrong with that, I guess.
Was reading a comment that their is a feeling in RE Agents that Chinese / Hongkong have found ways to transfers money and also to manipulate FBB and buy houses (may be in proxy name or trust or....) - Was wondering, if it is a rumour but seems that it is not a rumor.
Mid 800s CV houses going for mid 900s and million and 1.1million house going for 1.5million and so on is Boom Time and does not in any way represent the doom that many on this website felt.
Barfoot Auctions result/data speaks for itself. If this trend continues it is very bad news for FHB in Auckland for one house going at a premium will help other houses to hold the price and with low interest rate, distress sell can be avoided (% reduced).
Just more stock to be confiscated in due course.
At some stage Governments here and in Australia will deem that any property that avoids The Rules will lose 100% of the sale price on confiscation. None of this 'forfeiting the gain' but 100%. Wait and see!
As you suggest, it only takes ONE house in ONE street to have 100% of the proceeds confiscated, and panic will set in amongst those who know what will happen unless they get the funds back out of the market, quick smart....
"That won't happen!" Really? Have a read of the Proceeds of Crime Act and ask the bikie gangs what's happening to their property! (Oh, and I wouldn't want to be any RE Agents or solicitor that gets caught up in the process either!)
have doubts that will be caught.
They find a way like finding a proxy buyer who is resident in NZ or trust or..............same as many house owners are able to get away with brightline test (Atleast use to get away earlier). The way is done will look legal-it is just finding a way around the rules.
Ah. So the Real Estate market is corrupt then! Thanks for letting us know what many of us suspected.
And as I say, Only ONE person has to get caught and lose the whole amount. That...will scare the daylights out of everyone else who has broken the Law. (NB: Do you really think those tasked with overseeing The Laws regarding property transactions are not very well aware of all the possible schemes that various people have tried? Of course, they are! And...they are just waiting for people to have another go at the same old failed transactions)
Do not forget that Singaporean are NOT exempted from the foreign buyers ban. 80% of Singaporean are Chinese by race (but not by nationality). A quick check of Singapore private property prices (propertyguru.com.sg, select "condo", "private", etc.) will help you understand why NZ properties are considered a bargain, even at today's prices. It is not fair to constantly insinuate corruption or money laundering just because they are Chinese. Most of them work 10-12 hours every day and save 50% or more of their income, and in an environment that is ridiculously competitive. (See https://www.cnbc.com/2019/10/08/singapore-overtakes-us-to-become-most-co...)
Underestimate the reach of the Financial Intelligence Unit at your peril. Everything financial is being collected...ready and waiting for any govt agency when they request it.
Regardless of what NZ agencies are doing, I have been informed by a reliable source that China is heavily monitoring possible leakage of funds out of Hong Kong
Yay ! Confiscation , here we come ! BW is going to be RICH !
Just hold your breath until when .
stuart
I agree with you that this trend is bad news for FHB as Auckland market seems to be firming.
Seems a great leap to argue on unsubstantiated rumour regarding Chinese/ Hong Kong FB that as the market is increases "wondering, if it is a rumour but seems that it is not a rumor."
Bank deposits - and especially so for large international transfers - are closely monitored due to anti-laundry requirements. Sold my mother's house had to produce evidence of sale to bank despite my mother being a long term customer and funds deposited by a respectable local lawyer. Also despite my mother having been with the lawyer for donkey years and the land agent knowing my mother personally, both required proof of her identity and citizenship.
Maybe, just maybe, Auckland house prices could be increasing due to recent drops in mortgage interest rates, very high immigration rates, shortage of new listings and decline in listings (22% drop in housing stock over past year) as posted today, housing shortage, increasing realisation by potential buyers of movement upwards in prices and need to get in now etc might just have something to do with it.
But then, such rationale doesn't fit well with a conspiracy theory.
All good points. And yes. Surveillance has tightened up! We've sadly just finished liquidating a deceased estate in Northland (a good story with that for another time!) and I thought we were going to be asked for blood samples at one stage! such was the form-filling, questioning and verification that went on.
Good to know that enforcement agencies are really serious.
I would have expected that to show up more in the auction results Interest.co.nz posts.
Cheap cash, a sniff of future gains, is anyone surprised...?
The statistics show in in the table above have warped the facts. The auctions of small numbers of properties in any particular suburb are no indicator at all. You need larger sets of figures per suburb to get the correct picture .
In this case Manukau 7 sold, 8 no sale, Shortland 14 sold, 14 no sale, North Shore 12 sold,15 no sale.
The market over all is flat lining with increases and decreases in prices and demand cancelling each other rout. themselves out. If interest rates were even set at 0% it wouldn't make any difference.
Said like a true pro.
Also many of the properties that are selling for well over CV are subdividable or redevelopable under the Unitary Plan. Such development rights were not necessarily considered in their 2017 valuation.
Many that are not redevelopable are going for a similar amount to their CV.
Houses that you say are going for similar amount to their CV now, were earlier going 7% to 15% below CV and those that were subdivideable were going near around CV.
This is how market has changed in last two months.
This is like panic buy before the big flood, everyone rushed out buying stuffs to stock up. And then the big flood wiped everyone out!
Or what is commonly referred to as a dead cat bounce
Dead cat bounce is the short pickup after a significant fall followed by falling back to where it originally fell too (or below). That is not what this is.
This might be a bull trap however.. A small dip then a rally before the ass falls out of the market.
This big flood phenomena had been seen in Ireland and Spain during the onset of GFC..
Dead cat bounce is when price picked up a little and then over time it flattened out.
Just watching ABC news. Sydney and Melbourne up more than 8% off their lows earlier this year and the rate of increase is the biggest in 16 years. Aus is on the move.
What caused this rapid change in sentiment? An interest rate cut? Seems a big turn around from earlier.
Hi Chairman Motor Moa,
I hope the "big flood" doesn't choke your carburettor.
TTP
Lame and when you have nothing good to say.. Play the man not the ball!
In this short life, imagine that average from the age of 20 to retirement age of 65.. around 45yrs of productive lives is dedicated to the loan payment to the Banks.. all in the name of entering/joining the 'Game' - there's plethora of tricks to end the game, early, quickly & successful etc. - Questions is who is going to be the winner & who is going to be the looser? - can it all be possible to have all winners? (liked being preached by most of RE industry here), one day you are a looser (renting), the next day buy a house (winner) - In imaginative world the only way is for the winner to give a hands, say a CGT tax, used by govt. to build more kit boxes for the looser, then all being rigged into winning territory. But yea naa.. By the current looks of it.. more and more calculation of this private debt ridden economy is to be circulated to the next generation & lower wage migrants import demographics.
Comment would be better if "looser" was correctly spelled as "loser". Two completely different words.
Comment moved & deleted from here.
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