Barfoot & Thompson is continuing to auction twice as many properties as it did at this time last year

Barfoot & Thompson is continuing to auction twice as many properties as it did at this time last year

Activity remained reasonably steady in Barfoot & Thompson's auction rooms last week although the sales rate dipped slightly.

The agency marketed 122 residential properties for sale by auction last week (6-12 July), almost unchanged from 124 the previous week but well up from the 97 auction properties it handled the week before that.

Barfoot's auction rooms are continuing to handle twice as many properties as they were at the same time last year, with the agency marketing just 63 properties for sale by auction in the equivalent week of last year (8-14 July 2019).

However, the number of sales achieved at last week's auctions slipped a bit, with sales recorded on 51 properties, which gave an overall sales rate of 42%.

That compares with 67 sales the previous week which gave an overall sales rate of 54%.

The sales rates at last week's auctions ranged from 30% at the Shortland St auction on July 9, to 50% at the Pukekohe and on-site auctions (see the table below for the full breakdown).

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

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Barfoot & Thompson Residential Auction Results
6-12 July 2020
Date Venue Sold Sold Post Sold Prior Not Sold Postponed Withdrawn Total % Sold
6-12 July  On-site 6   1 6   1 14 50%
7 July Manukau 10 1 1 15     27 44%
7 July Shortland St 2     3 1   6 33%
8 July Shortland St 10   1 11   2 24 46%
8 July Pukekohe 2 1   3     6 50%
9 July North Shore 6   2 15 1   24 33%
9 July Shortland St 3     6   1 10 30%
10 July Shortland St 3   2 6     11 45%
Total All venues 42 2 7 65 2 4 122 42%

 

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10 Comments

10
up

"Activity remained reasonably steady" - has it? 51 sales vs 67 last week is a 24% drop. Suggesting that the surge in numbers was from the unsold March-May stock coming onto the market all at once.

15
up

'Barfoot & Thompson is continuing to auction twice as many properties as it did at this time last year'

Does it mean more people trying to sell as future does not look promising ?

15
up

Now we have 4m worth of figures from BT and REINZ, I really would like to see commentators comparing these 4m with 2019, and stop getting excited by June sales figures. June increase on REINZ for Auckland was up 9.3% whilst 4m comparison is down 31%. For NZ as a whole, sales in June were up 8% on 2019 but over 4m were down 41%. I know the industry does not like this but it is time they stopped pretending everything is improving. it is only improving compared to lousy April and May and also because of those months being so far down.

The spin is always interesting. And boy are they spinning it.

Ebb and flow with the number of properties up from 2019 the feature
4 prior comments over 4 hours is the lowest number of comments on the b&t report I have ever seen. It is not the hot topic it used to be.

Speaking for myself, I'm burned out on it all. Even if prices drop by 30% I expect to never be able to buy a house (I have owned before but got smashed by life) and have my sights set much lower.

If you're anything like me, having and raising a family and keeping it together has been the toughest assignment.

Demand is still high, and listings in the 600 to 800k are scarce.

Real demand is number of buyers
In Auckland last 4 months shows 31% drop in buyers
That is people who actually bought
Not potential demand
Buyers have been drying up since 2012
In 2019 there were 26% fewer sales in Auckland than in 2012 and that is despite about 40000 added to stock in the interim. That is stock rose 13% and sales fell 26%. Too expensive

Lets hope its only a 10 - 15% correction, that would be healthy.
Anything more than that, puts real pressure on the banks balance sheets, which in turn puts pressure on the govt and before you know it, the tax payer is bailing them out (bail in)

A large property crash in this environment would be devastating for most people. Pray it doesn't happen

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