The sales rates were particularly high at Barfoot & Thompson's Manukau and West Auckland auctions, not so strong on the North Shore

The sales rates were particularly high at Barfoot & Thompson's Manukau and West Auckland auctions, not so strong on the North Shore

Activity remained elevated in Barfoot & Thompson's auction rooms in the last week of February, although the numbers dipped slightly from the previous week.

The agency marketed 170 residential properties for sale by auction in the week from February 24  to March 1, which was down slightly from the 187 properties the previous week.

Sales were achieved on 95 properties at last week's auctions giving an overall sales rate of 56% which was also down from 65% the previous week.

The sales rates tended to be higher at the big auctions where more than a dozen properties were offered and lower at most of the smaller auctions, with 68% sold at the Manukau auction and 71% sold at the Shortland Street auction on February 28 where all of the properties offered were from Auckland's western suburbs.

Going against the trend the overall sales rate was 45% at the big North Shore auctions (see table below).

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

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Barfoot & Thompson Residential Auction Results
24 February - 1 March 2020
Date Venue Sold Sold Post Sold Prior Not Sold Postponed Withdrawn Total % Sold
24 Feb-1 Mar On-site 4   2 4 1   11 55%
25-Feb Manukau 16   3 8   1 28 68%
25-Feb Shortland St 4     3 2   9 78%
26-Feb Whangarei 1     4     5 20%
26-Feb Shortland St 21   6 12 1 2 42 64%
26-Feb Pukekohe 2     3     5 40%
27-Feb North Shore 11   9 23 1   44 45%
27-Feb Kerikeri 1     1     2 50%
27-Feb Waiuku       3     3 0
28-Feb Shortland St 15     6     21 71%
Total All venues 75   20 67 5 3 170 56%

 

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48 Comments

Market remains active enough.......

But if coronavirus spreads, we can expect a diminishing in sales volumes. People will be less inclined to attend auctions, visit open homes and so forth. Health will be upper-most in people's minds, ahead of housing.

TTP

TTP I agree.
Success figures being slightly down are quite possibly a reflection of an initial reaction to the Convid-19 virus. A couple of posters on this site have already commented that having been on the verge of buying, they are now holding off and waiting.
The interest.co auction figures will be particularly valuable - and probably the best source of data - to get an early indication of what impact the virus is having on the market.
However, I feel that at the moment the extent (range, level of incidence and duration) of the virus and its economic implications is still unfolding.

“Market remains active enough ...” who cares about market activity in real estate. The houses have been built and are housing people so their purpose is being served. Who cares if they are being bought and sold.

Hi JJ
To be reading and post on this article you are obviously one who cares.
Not rocket science; if you are not interested in the housing market then don’t bother reading articles related to the housing market. Some of us are interested - but don’t let that upset you.
Cheers

JJ, Interest.co.nz cares and most of its readers. I'm afraid you're on the wrong website, Interest.co.nz started by focusing on …interest rates, which are used for mortgages which are used for buying and selling houses. If you don't like it, follow a different website

Bring out the Banhammer! This one's clearly a Doom and Gloom Merchant!

Do not blame on the coronavirus what was already coming to the real estate market...

Non sense! - Even as we speak after last time JK/ANZ visit to CCP direct? - the money flow is directed via online, in clever way. Wealth is undermining Health, not being sarcastic here, just reality.. keep your health by being at home, and do the online bid/purchase to increase the main goal in life Wealth. So stop scare mongering please, just make sure when you somehow need to pay certain expensive cancer drugs. Be Very Away from talking about your wealth, trust me you want to be in the 'tax payers subsidy band wagon' - after all you pay more through your wealth ay? .. make sure you go by public transport, and try to look poor during the check up. - By the way, like the current recent modified TV ads of Chinese ballet Shen Yun, after the Covid19? it's clearly stated made in New York cannot be seen in China. So? do the same for the South East AKL RE - Chinese owned but managed locally never been occupied by the owner... damn ouchy its xenophobes.

Someone’s decided to self-isolate in Kerikeri..

What if COVID-19 spreads in NZ, aged population group gets the most impacts with significantly higher death rate, and results in sudden increase in stock of properties......

10
up

Hi xingmowang,

If you're that anxious, go purchase funeral insurance.

TTP

xingmowang
You are probably too young to remember a novel and film called "Soylent Green".
You would really love it - in a world short of food, old people were euthanised, and processed into a high protein food (called Solyent Green) for the younger generation. You would definitely love it. ;)

You would definitely love it. ;)

The novel/film I assume?

Probably would really enjoy the Soylent Green also . . . . with a side of fries also . . . In a home relinquished by a boomer. All round a win, win, win.

Perhaps the NZ version will start with coughing and spluttering millennials going along to auction rooms and open homes of aged investors.

Soylent Green? I've heard it's made of Uyghurs who *definitely* volunteered. For the greater good!

As much as I don't subscribe to xings comments, based on infected cases overseas he raises a valid point. Old people are in the majority that are not surviving. Its will be no surprise that old people (boomer or older) are the ones that own a good chunk on NZ. If the impact follows overseas trends it could lead to more estate disposal type sales. See what happens.

Equally Financial pressure of a stalled China could force Xings colleagues from the home country to sell their Awk houses for cash flow. And yes energy consumption and reduced pollution via satellite observation tell us that China is indeed stalled, contry to CCP reporting. Perhaps central Banks will step up and spay money everywhere as been the case in recent times, in which case they can keep calm and carry on, if they don't die or starve. Again...see what happens.

All the above is only an issue if you are heavily leverage, or get sick and die. Action....update your will, and reduce debt. Good advise in any case.

Yaaay.. let's rejoice! - plenty of those Chinese young family that we've met in Flat Bush area, just renting from their overlord in China. Those young couple/family spoke fluent Chinese, house painter, car groomer, folkliv driver, elektician, chef, cleaner ex. bottling company or ex Fnp/Haier employee instead of care taker, now they can own it - Give money to boomer to be invited, eradicate them, then just simply replace with the new young generation marching forward with guidance from strong dear leader - wait, where did I've seen this b-grade movie?

"numbers dipped slightly" noo.. watcha sayin' Willis?

12
up

How times have changed.

Auctions used to be seen as the best way to sell 'unique' properties, and if there wasn't a 90% plus success rate then it was seen as a failure.

Now they try to get the owner to go to Auction as almost as a matter of first choice and if you get a 60% clearance that is seen as a success.

Maybe the definition of what is 'unique' has changed?

It's a 'unique' system for the agents.

Make more money, quicker, easier, stuff everyone else.

For the comparable period in 2019 the week 25 February- 3 March Barfoots auctioned more properties . Although the success rate was lower, it would appear that the data is now being skewed by auctions
"sold prior " to the auction . Volumes remain low.

Take all the properties that have unconditional offers on them each week, throw them in the auction mix and come auction day go "oops sold prior". One way to pad the numbers out, as the auction rates tend to draw headlines.

It was a very short lived OCR created 'Bull Trap' with volumes way down on 2016.
The property industry zealots have been hammering main stream media, timed with end / beginning year peak people movements / sales cycles.
Hard to see further inflated prices with the coming money shortages and layoffs.

One person ate a bat and the whole world economy is in trouble losing trillions in shares market.. So much for super power and stable economy!

that's if you believe that story,
they have not found the animal yet it came from

It has been eaten.. WHO confirmed that it was passed on from an exotic animal..

"WHO confirmed that it was passed on from an exotic animal."

Retired-Poppy has not been heard from (or seen) recently....... It's ominous. (-;

TTP

why would he bother. It will play out as he suggested. But you stick to it.

You need to provide evidence to backup your statement then. So far, they haven't found out the origin of the virus. The first person got diagnosed with covid-19 has confirmed that he hasn't been to Wuhan Seafood Market at all. At the momoent, scientists are still trying to find out where this virus came from and the actual patient zero.

No one knows for certain as access to patients/numbers/facts is proving very hard in China. I'd be treating WHOs advice the same as you would with IMF and Goldman Sachs - a great degree of skepticism.

There is every possibility that an infected animal has been consumed, but I don't think that tells the complete story. Theres one laboratory in all of China that already had been testing Coronavirus in its lab before the breakout and that lab is in Wuhan.

Good luck calling that a coincidence.

Didn't we already established that it was the courier that meant to bring the virus sample from one lab to another. He briefly stopped at the wet market to buy some dried bat and pagolin scales for his delicious cheese cake. Then some idiots knocked over his bicycle and broke the beaker!

Ozzy indeed has indeed a lot to be responsible for.

Anyone else noticing that new listings seem to have dried up in the last week or two?

Looking like the post-xmas bump might be done, and total listings barely even got back to where they were at the winter low.

As someone who is currently house hunting the available stock is woeful...

A bit under 10,400 listings in AKL on TM at the moment. This time last year there were about 13,600, so ~25% down.

A bunch seem to be relistings of ones that didn't sell last year. Might be asking more than the market is willing to pay for them.

Definitely some of that going on. Probably there always is, though -- I can't really say if it's more than the usual amount.

Went to three auctions looking to buy over the last few weeks in the Eastern Bays.

First one had a CV of 1.22, auction went for $1.35.

Second one had a CV of $1.38, auction brought forward. Offer was $1.43, went for $1.48.

The third, we put a pre-auction offer in on with a CV of $1.16. Auction was Friday @ 6pm. Our offer was $1.3. We finally lost to an individual much older than myself who wasn't going to stop at $1.385.

I'm not a property bull or believer that property should be an investment vehicle. But i'd say from experience good properties are getting what people are willing to pay for them and better. Very frustrating on my end.

See what coronavirus, a slowing economy and autumn brings. Global supply chain is going to be massively impacted as are the businesses that import products.

Hard luck. Been looking for long?
Here's a question: how would you rank the 3 properties?

There are usually a lot of speculators out there hoping that someone will pay top dollar for their house but don't necessarily want to sell. Those house either stay on for ages, or go on and off every now and then. It seems that people now expect to get well above the 'homes website' estimated price. It used to be the CV price that they expected to beat.

Anything decent you would need to give a pre-auction offer and flight over each other on the brought-forward auction.

Indeed. Listings in Auckland are falling on RE NZ
And total listing is down 30% compared to a year ago.
A healthy market.
Stock up 13% in 5 years and sales lower than in 2009.
Brilliant.

This Wednesdays 10am auction at Barfoots auction rooms should be interesting. They have 26 auctions listed. Properties from all over Auckland - Massey, Northcote Freemans Bay and the usual Eastern suburbs.

I wouldn't go to a large crowd gathering like auction room.. it'll be like a Petri dish!

Just over half of the auctions sold. Not a very buoyant market with not a great future in sight.

Robertson is now saying the economic slowdown will last a year, which probably means 2 years.

https://www.stuff.co.nz/national/politics/119984146/finance-minister-war...

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