Buoyant sales results in Barfoot & Thompson's auction rooms

Buoyant sales results in Barfoot & Thompson's auction rooms

Things were exceptionally buoyant at Barfoot & Thompson's residential property auctions last week, with sales achieved on almost two thirds of the agency's auction properties.

Barfoots marketed 115 residential properties for sale by auction last week, which was down very slightly on the numbers offered over the last few weeks, which had consistently ranged from 122 to 125.

But the sales rate was higher last week, with sales achieved on 73 properties, giving an overall sales rate of 63%.

That was well up on the sales rates achieved over the previous few weeks, which had ranged from 42% to 54%.

At the major auctions where at least 10 properties were offered, the stand out was the on-site auctions which had a sales rate of 85%.

The big Manukau auction had a sales rate of 55% and on the North Shore it was 64% (see the table below for the full breakdown).

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

The comment stream on this story is now closed.

Barfoot & Thompson Residential Auction Results
20-26 July 2020
Date Venue Sold Sold Post Sold Prior Not Sold Postponed Withdrawn Total % Sold
20-26 July On-site 8   3 2     13 85%
21 July Manukau 16     13     29 55%
21 July Shortland St 7     2     9 78%
22 July Shortland St 12     7     19 63%
22 July Pukekohe       3     3 0
23 July North Shore 11   5 9     25 64%
23 July Shortland St 3   2       5 100%
24 July Shortland St 4   1 5 1   11 45%
24 July Whangarei 1           1 100%
Total All venues 62   11 41 1   115 63%

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Dead cat bounce.

That is what they said about the stock market as it rose again after plummeting in mid March and still be at very high levels for the past four months.
That seems likely due to QE and low interest rates - and the low interest rates maybe a significant factor in the housing market. It is widely accepted tha tthe New Zealand economy hasn't been as hard hit as anticipated, and bank economists and others are more conservative in their estimate of a housing down turn.
However, yeah, yeah . . . still got wage subsidies and mortgage deferrals.
Given the uncertainty and volatility due to both Covid and growing US-China tensions I am still sitting, watching and waiting.


@printer8 .............. the stock market is now our biggest casino , Sky City is a poor third rate casino compared to the NZX , and the property market

If you are a prospective home buyer and are holding off, that is your personal decision. However, there are several key warning signs that anyone with a scintilla of financial competence can interpret - the rally in commodities, stock markets and that Auckland Wellington house prices are holding up far better than any of us expected. Choose your risk asset, just don't be cashed up as you are going to be punished.

Sad to say that the printing presses at high RPM all look to be destined to bail the indebted out, and ultimately punish savers. The US is printing the same amount WW2 cost...every day. Do the math.

Precisely and it's the easiest way out of Covid debt over-hang. If every central bank does it (which looks likely) it makes it so much easier. It will widen the wealth gap though so we are going to all need to accept there will be wealth and capital gains taxes coming soon.

At this point I'm inclined to think that any drop in the Auckland market is going to be small and short lived. Ditto for most other parts of NZ apart from the main tourism centres, i.e. central Otago and perhaps Rotovegas.

Totally agree. The housing market will never be satisfied, at the current rate of building

You would be wrong since you are missing the global context, including the ending wage subsidies and mortgage holidays. You cannot make a trend of a single sample.

"You would be wrong since" [insert random incorrect assumption here]

We can't be far away enough from a scenario where renting is much more expensive than owning, and with no capital gain or certainty.

Seeing a lot of demand recently through my work. There seems to be a hungry market with a lot of demand.

Agree - I am trying to build a spec / showhome - but as soon as I start - buyers are on my case to sell!

Hahaha great comment HG, that cat must be made of top quality dense rebounding rubber material. lol


Does it mean vendors are getting more realistic with price expectation ?

Still fetching good price though may be, not premium price - over the top.

If have to sell or plaining to sell, best time to sell is Now as future looks uncertain.

Hi Richard1965,

With all due respect, when has the future not been uncertain?

TTP (Terry)

The future is always uncertain.

There are always multiple outcomes that can occur.

Having said that, the suggestion that there is significantly more uncertainty currently on the global geopolitical and economic outlook is surely an easily defendable one.

Jim Morrison: "The future's uncertain and the end is always near."
Bit DGM though!

With all due respect, when has the future not looked uncertain?

When people talk about house prices doubling every 7-10 years and the phenomenon is trumpeted by media interests like Granny Herald.

Jim Morrison: "The future's uncertain and the end is always near."
Bit DGM though!

Good DGM

It has never been as uncertain as now.

Also as most experts and indication are that market should soften, once various subsidezis comes to an end. So why not wait till October / November but FOMO is a very powerfull emotion that many sccumb to.

Except gold (Which rises in uncertain times) no asset class is running on fundamental and will be interesting to see stock market after US election as everything is been done by government in power to see that come what may stock market should not fall till election and when / if it falls will be a disaster as many first timers with no experience have entered and with luck are seen some profit so are being tempted to stretch/ borrow to invest and when the inevitable happens will be the first to exit with heavy loss. Currently institutional buyers are not going all out to buy and sitting with cash as risk is too big at this stage compare to return.

Same in housing - currently is supported by FHB but they should be fine if their earnings are not affected by panademic and buying to stay for long term BUT why buy now when their is more possibility to get more for your money/deposit in very near future.

Again no one is guru and to each its own depending upon their risk taking capacity.

' . . vendors are getting more realistic with price expectation ?"
Can you justify that?
I see no evidence of that at all, so not sure where you are coming from.
Look at selling prices - compared to 2017 RV as a benchmark, most Auckland properties are selling well above at RV and in many instances 20% or more. Given that the Auckland market was relatively flat over most of 1998 and 1999 and selling around or only slightly above 2017 RV was common, prices are arguably possibly higher.
So to me absolutely no evidence that "vendors getting realistic with price expectations".

"Given that the Auckland market was relatively flat over most of 1998 and 1999 and selling around or only slightly above 2017 RV was common, prices are arguably possibly higher."
So to me absolutely no evidence that "vendors getting realistic with price expectations"
Printer8 you are prone to exaggeration

I'm prone to exaggeration????????
If so then I'm just a learner but I find you amusing.
This is what exaggeration really means :
"by Cowpat | 16th Mar 20, 8:26am
The end of the New Zealand property cult."
This and previous occasion clear indication that you are not really able to read the property market.
Cheers :)

Please check question mark at the end of the statement.

I have done that. Apologies - some of us are a little slow.

Plenty of prospective buyers holding off until the wage subsidy and mortgage holidays end because they think this will deliver bargains. Will be interesting to see what impact this has down the line.

Who knows as plenty are holding off may see a surge in demand at that time and house price may hold.....

Anything is possible and Unemployment rate at that time will be very very important, if as expected below 10% will be fine but if above 10% will be bad and each percentage above 10% will be disaster.

Your analysis is wrong in the sense that buyers are not holding off, they are unable to purchase at the current prices which is a very different thing and given prices are already sliding they see some hope in the future, that doesn't mean people will jump like crazy into the debt train.

It will be 6 years, 8 months and 14 days before the price will be double.

6 years, 8 months and 14 days

From 6 years, 8 months and 14 days to 9 years, 8 months and 14 days.

But.....God might talk to Ashley Church and change all that. You never know. All one can do is wait for the prophecy.

This is a bad cocktail of cheap money and pent-up demand .

WARNING : - Its a cocktail likely to give some a hangover

It's more like Bali cocktails.. Cheap, quick buzz but pretty good chance that you might get pretty sick

Last rounds at the bar.

Queens town is the first domino to fall, which place is the next one?


Please excuse the DGM. They're a bit on the snarky, sarcastic side today.




Please ignore TTP (TimTom). He's been caught lying many times.

CJ (Caesar Julius)

His pants is on fire!

Hi FraughtJester,

Feeling a little guilty?


I am loving the new bromance between TTP and CJ.

Question for TTP though, after someone outed you on youtube as Tim Mordaunt, founder/owner of Property Brokers you appeared to confirm it here by responding to comments and signing off as Tim. Then you deleted a bunch of messages and now you are using all these other names. Is it so bad to be Tim? What gives?

Hi GingerNinja,

I don't delete messages.

I have no idea who "Tim Mordaunt" might be. Certainly, I have never come across anyone by that name.

I'm free to use whatever name I choose: it's a bit of fun.

Suggest you get over your strange fixation with names - and renew your focus on the substantive issues. You have considerable intellect - so don't waste it on conspiracy theories and trivia.

TTP (Troscalina)


So, do we believe that TTP isn't Mordaunt, or do we believe that TTP is not being honest..
Reader straw poll:
Thumbs up for this post if you think TTP is Tim Mordaunt, and not exactly being straight-up.
Thumbs up for TTPs post above if you think it was all a big mix-up and TTP isn't Mordaunt.

Better still......

If you have factual evidence that "Tim Mordaunt" is contributing material here under the name "tothepoint" / "TTP" then please reveal the evidence.

If nobody can present factual evidence, then the allegations are mere hearsay/gossip, because they remain unsubstantiated...... As such, the allegations would appeal only to conspiracy theorists - who have nothing better to do with their time.


Interesting that you require such solid evidence for this claim. Are your predictions regarding the future without any evidence whatsoever also to be considered unsubstantiated conspiracy theories?

Gee that's choice coming from you CJ and the DGM team in general, wild speculation of carnage and crashes and plunges and any other mayhem

The person who alleges to have doxxed TTP claimed to have evidence but they didn't share it. I genuinely have no clue if its true. However, they did also appear to know who I was from here, so I had to credit them with at least some powers of deduction! It's a bit spooky tbh. However, I interpreted TTP's responses that he had confirmed that he was Tim Mordaunt (some members are completely open about who they are IRL on here so it wouldn't necessarily have been a big deal, it's personal choice) hence my question. It's not a conspiracy theory, being on a an anonymous online forum is a bit like going to a masked ball, part of the fun is wondering about who people really are behind the mask.

TTP, I don't watch soaps, sports or "shop". I get through several books a week, work hard, have two kids, a company, a reno to juggle.. but even a geek has to get her kicks somewhere, surely you can forgive me a little mild ribbing ;-). Some folks tear strips off each other on here.

Just want to say that Tim Morduant on YouTube is highly professional IMO. Its not TTP but I wouldn't care if he is. Everyone is entitled to share his/her property opinions here on interest equally the same as anyone else. I agree it is good learning who people are, if they are willing to disclose it. I wouldn't be surprised if there are well known people but I truly hope in the run up there is no obvious lobbying.

Yeah, that's strange that at the time he was okay with it and confirmed it, and he's now trying to back away from it.

Bad for business, perhaps?

Bad for business? I'd say so. Saying that, I have just listed with Property Brokers.. but only because a mate is selling it for me and he's doing me a deal too good to miss.

Yeah Queenstown won't be propped up until the Auckland effect happens again; Which is Chinese (HK) money flows to Auckland then cased up Auckland Boomers move out to the provinces. Big question is how long will the Chinese Government allow money to move out of Hong Kong?

Yeah Queenstown won't be propped up until the Auckland effect happens again; Which is Chinese (HK) money flows to Auckland then cased up Auckland Boomers move out to the provinces. Big question is how long will the Chinese Government allow money to move out of Hong Kong?

The dream of a rich Chinese buyer rocking up to buy a suburban home in NZ for a king's ransom is not reality at the moment. Don't listen to the nonsense. People need to soldier old. Might be better off buying Lotto tickets.

So go on JC you explain just where the money is coming from then? How is it that one of our major industries International Tourism has gone, most of working population has had to receive wage subsidies all due to the coronavirus. And yet magically Auckland property auction rates are more than double what they were last year before the economic shock and downturn.

Not only that but Auckland sales rates were sagging below most of the rest of the country only a short while ago, before China effectively reclaimed Hong Kong just recently. Suddenly Auckland property sales are on the rise again in areas that are very popular with HK Chinese. It's hardly rocket science is it. Go look at auction sales rates for July 2019 which were at 30% with far fewer sales.
Interest article July 2019 Auction numbers remained on their winter lows at Barfoot & Thompson's latest auctions. https://www.interest.co.nz/property/100926/auction-numbers-remained-thei...

So go on JC you explain just where the money is coming from then? How is it that one of our major industries International Tourism has gone, most of working population has had to receive wage subsidies all due to the coronavirus. And yet magically Auckland property auction rates are more than double what they were last year before the economic shock and downturn.

There are enough armchair commentators supporting the 'king's ransom' idea with spurious 'evidence'. I'm simply calling it for what I think it is: pure nonsense. 60-odd auction results do nothing to propel these myths about how good all it is.

Oh come on JC, you can do better then that none answer. At least try to justify where the money is coming from if you disagree with the facts. And copying and pasting other peoples words to pad out your response doesn't make you look clever.

OK. Your comments suggest troll to me, therefore I exercise my right not to feed you.

You seem to be very confused JC and still you have no answer as to where the money is coming from? And by the way; Trolling is when you first start disagreeing with someone else over their comments or presented facts. So in this case, you are the one trolling me. :)

Noooooooooooooooo!!! trolling is when you wind people up on line for fun. Good trolling is an art form and the troll is never confused or angry, they are just usually amused.

:) What We Do in the Shadows comedy clip: Colin Robinson on Social Media. https://www.youtube.com/watch?v=4k1EhYj7YEk

I love that show so much (and the film obvs)


Yep they're truly brilliant. Can't wait until the next series of; What We Do In The Shadows. :)

Yeah CJ099's right. The Auckland sales data and economic reality are incongruous. The credit impulse is dropping like a stone. Perhaps 20-30% of NZ's export earnings in the form of tourism and education are gone, and yet upper quartile Auckland is going gangbusters. I feel sorry for Kiwis who want to buy there. It's like the misery index on steroids. Where is the money coming from.

Thanks Pat. Thing is this current gold rush for Auckland property in the upper price brackets may not last long, since the Chinese government is bound to restrict that capital outflow. It stands to reason that the HK wealthy would look for a home for their money, so why not aim for a country that is largely virus free and has a strong Prime Minister that is not willing to kowtow, even if it means relocating later when the coast is clear.

Looking at the evidence via the auction results, also shows an economic shift from most Auckland property selling on or a bit below RV (Before June) and now it's suddenly shifted to selling on RV mostly higher with a lot of successful selling from, well look at the agents who are selling. Hardly rocket science to figure out what's going on.

I have one new neighbour who is HK Chinese but he came via Two years in Melbourne. The other seven sales in my area recently were to locals. Today, I went to Rose and Heather to order furniture. It’s a 12 week wait now. I doubt HK Chinese are buying boutique NZ furniture. Lastly, CoreLogic has my house at 102% of 2017 CV i.e. flat. I suspect it’s just locals getting on with life.

Interesting. Perhaps certain segments of property more than others. Quite some variation in the results posted on Interest. Meanwhile, as a habitual watcher of various properties on TradeMe I'm receiving more and more price drop emails. Strange times.

These results are reflective of the strength of how well our economy is doing. There is a growing confidence that the worst case scenario will not happen and the economy has picked up where it left off pre lockdown. Our terms of trade are still very good, our products are still in demand. Along with a realisation of just how fortunate we are as a country while the rest of the world still lives with Covid 19. Seems to me that The Lockdown was a great break for most people to reflect on their lives and are now acting on those decisions and getting on with life. Our Team of 5 million - special thanks to Jacinda Arden who will go down in history as totally being the right leader at the right time for NZ

These results are reflective of the strength of how well our economy is doing.

Not wanting to burst your bubble but the idea that the NZ economy is 'doing well' is garbage. It has nothing to do with the perceived value of and demand for export products. Yes, Zespri had a boomer Q1 in Japan, but that's all beside the point.

JC - You clearly don't understand economics, you may not be doing well, the economy is on the verge of booming next year, these are good times ahead relax, participate or miss out again like so many on this site ! Happy Investing

You clearly don't understand economics, you may not be doing well, the economy is on the verge of booming next year, these are good times ahead relax, participate or miss out again like so many on this site !

I understand economics well enough to know that consumer spending is the lifeblood of the NZ economy. I also know that the wealth effect is particularly important to ensure the quality and breadth of that consumer spending. There is no 'evidence' that the current and future economic climate is going to support that in any way.

I doubt it the way the USD is weakening. We rely on a strong dollar

"The big Manukau auction had a sales rate of 55% and on the North Shore it was 64%". Humm both of those areas of Auckland are very popular with the Chinese. So not surprising that on the run Hong Kong money would find a investment home there!

Hi CJ099,

I take it that you'll be further boosting the auction clearance percentages in the not-too-distant future.......


Nahh, I'll leave the crowing about much money you're making from overseas dodgy money to you Real Estate Agents. Either way, for local property investors it's a bad investment, we've seen this from the recent past because it's so unsustainable.

Might pay to wait a wee while to see which way the wind is blowing. Maybe after Christmas things will become clearer. Also, I should note, from the beginning of the Great Depression, the downside didn't kick in well and truly for three or four years. Disclaimer, I'm fully invested and have been for many years.

What is it with the Auckland property market ??? .....for your NZD $1,000,000 all you get is cold,damp shoddily built dump, on a south facing section, in a not so great area !!! At the moment, that NZD million equates to USD$669,462 so for the same money (and the same interest rates) have a look at this ......
San Diego has the same amenities than Auckland, if not more, while it has a great warm dry climate ! ....while California is considered one of the more "expensive" states" in the USA ......I just don't get and so many people I speak to say "how do FHB's manage!?" .....well, we all know the answer to that !

What is it with the Auckland property market ???

Reserve Bank of NZ decrees that prices must be pushed up at all cost. It is their sacred cow, and if they have to transfer wealth to feed it, so be it.

Free market risk is strictly not allowed.

Wasn’t this supposed to improve under the COL? Homes for all?


What've they done that's useful? I'd say good on them for putting in the Foreign Buyer Ban the previous government said was too hard.

KiwiBuild not so much. Good they invested heavily in Kainga Ora though, one of the avenues that helped create more affordable housing that previous generations benefited from. And there has of course been consideration of how budgets, metrics and central banking should consider wellbeing, not simplistic measures like GDP.

Clearly they need to do more. Trick will be how to get more Kiwis interested in the idea of affordable housing for their children and grandchildren rather than just money for themselves.

The catch-cry used to be "won't somebody please think of the children"...doesn't seem to resonate these days, having been replaced by "won't somebody please think of the ma and pa investors!"

I think the current lot have failed at some things and done some good things. For young Kiwis it'll then come down to voting for a government that is making some albeit minimal progress vs. one that will make their lot actively worse - the National Granny State.

You have had a Leftie Government for 3 years now and a PM with stratospheric approval ratings, yet the poor stay poor and nothing transformational is done or planned. FHB on this site are evidently frustrated with progress, yet all the hope they apparently have is to vote for the current lot. Sounds like a plan for disaster.

Notwithstanding the handcuffs that have been Winston First, of course.

But even if taken as given, there still needs to be a better alternative. ACT has some good policies, but they won't be implemented by National. National has not the policies nor the propensity to improve the lot of NZ's younger generations, only seemingly to enrich the older at their expense.

So until NZ's pretend-Right has something to offer them, it makes no sense for young generations to vote for them. Perhaps only the safely indoctrinated will.

In the end it's not about Left or Right as very few seem to seriously and in demonstration through their behaviour genuinely hold those philosophical positions (including the pretend-Right receiving their benefits). It's going to come down to policies that benefit different groups - either wider or narrower segments of society.

Yes Rick ...it is truly "caveat emptor" ! ....what will happen in September onwards with the mortgage "holidays" and work subsidies drying up ??? If you HAVE to buy, at least wait until then !

That house is 40km from CBD and 25km from the coast. There is an infinite supply of land if you look at a map. In rush hour it will take you forever to get anywhere, roasting in summer, freezing in winter. Check out a small place in Venice, LA for NZ$3m https://www.zillow.com/homedetails/554-Rialto-Ave-Venice-CA-90291/204504.... Hip, but grungy...

Te Kooti .....how can you compare Venice, CA with Auckland ? ....nearly all of the population of Venice wouldn't pay USD $3 mil for something in Auckland at the equivalent price ! Next you'll be telling me that Henderson is the new Hollywood, with the production studios there !

many posters here often compare Auckland vs LA, London Tokyo.. Even comparing with Sydney, Auckland is hick town (with issues)!

I agree with you and I reckon Venice is cheap compared to Auckland. BUT, there are a number of adjustments you need to make to compare the two, there is almost unlimited cheap labour due to Mexican border proximity, so wages are really low. That's one of the reasons houses are cheaper, semi-skilled labour is $15 an hour. No welfare, gun crime, try and buy some generic medicine etc etc. Other countirs always look cheap until you look at the bigger picture. Venice is still tempting though....

No surprises, just print more money.

Wow!! Everyone pile in!

How can sales be buoyant if sales have been lower than previous weeks? Higher percentages means agents are taking to auction just those homes they are confident they will sell.

This is just another sign of the market being stagnant and sellers getting desperate to get out.

Aren’t there fewer listings? Is there stale stock out there? I didn’t expect the market to be so solid but at some stage you have to look at the evidence and accept you were wrong. I was wrong. This market isn’t tanking. The DGMs will be sulking.

Of course it's not tanking. Because it's not a market.

The criminal RBNZ is pulling the strings and the strings always, without fail, pull up.

Not really, heaps of new builds coming out too.

Plenty of choice then, albeit not necessarily at a price that some wanted.

Ex Expat - Quite right the market is not tanking quite the opposite. Two factors limiting sales, shortage of listings and bank over cautious still calculating applications at 7% /taking a ridiculous amount of time to process applications.

If you look carefully (as I am able to do, with access to the data) at sales data for March-June and compare it to 2019, it is possible to see how many sales were lost in lockdown for different areas, and what % of that loss was made up by gains in June. For Auckland the answer is 34% recovered by June gains. So, there is a long way to go. In Wellington, interestingly, the gain was total and made up more than in full in June for lockdown loss.

Surely , given the current drop in inward migration , one would expect supply and demand to have found a sensible level by now ?

It seems the FHB market under $800k in Auckland is where the action is from my reading . .

I also wonder how long this FHB market is going to take to get to a point of starting to slow down , it when the market has been satisfied ?