Barfoot & Thompson's auction rooms are now in peak selling mode with the real estate agency handling 216 residential auction properties in the first week of March, up from 170 the previous week.
March is traditionally the busiest month of the year for the residential real estate industry and that also appears to be the case this year.
Of the 216 properties offered by auction last week,118 were sold, giving an overall clearance rate of 55%, almost unchanged from the last week of February when 170 properties were offered and 95 were sold, giving an overall clearance rate of 56%.
A notable feature of recent auctions has been the relatively high number of properties being sold prior to auction compared to recent months.
That occurs where a potential buyer is so keen on securing a property they are prepared to make a pre-auction offer at a sufficiently high price that the vendor does not believe they are likely to get a better price at auction and takes the "bird in the hand."
Last week 26 of Barfoot's auction sales were sold prior to auction, which was 22% of all auction sales.
At Barfoot's main auctions last week where at least a dozen properties were offered, the highest sales rate of 80% was at the Shortland Street auction on March 5, where most of the properties offered were from central suburbs such as Royal Oak, Greenlane and Mt Roskill, with a sprinkling from western suburbs such as Glendene and New Lynn.
The lowest sales rate of 44% was at the Shortland Street auction the following day, where most of the properties offered were from the western suburbs (see table below for the detailed breakdown).
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|
|2-8 March 2020|
|Date||Venue||Sold||Sold Post||Sold Prior||Not Sold||Postponed||Withdrawn||Total||% Sold|
|3 March||Shortland St||14||3||10||27||63%|
|4 March||Shortland St||24||5||18||2||2||51||57%|
|5 March||North Shore||15||6||19||1||1||42||50%|
|5 March||Shortland St||8||4||2||1||15||80%|
|6 March||Shortland St||7||1||8||1||1||18||44%|