Sales rate shoots up to nearly two thirds at Barfoot & Thompson's latest auctions

Property

Buoyant sales results in Barfoot & Thompson's auction rooms

28th Jul 20, 9:46am by Greg Ninness

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Date	Venue	Sold	Sold Post	Sold Prior	Not Sold	Postponed	Withdrawn	Total	% Sold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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94 Comments

by HeavyG | 28th Jul 20, 9:59am 1595887173

Dead cat bounce.

by printer8 | 28th Jul 20, 10:31am 1595889078

HG
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.

by Boatman | 28th Jul 20, 10:49am 1595890164

@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

by Te Kooti | 28th Jul 20, 11:44am 1595893461

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.

by Averageman | 28th Jul 20, 11:49am 1595893752

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.

by Te Kooti | 28th Jul 20, 12:11pm 1595895103

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.

by house hunter | 28th Jul 20, 12:57pm 1595897844

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.

by Alpeg | 28th Jul 20, 3:02pm 1595905379

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

by b21 | 28th Jul 20, 10:12pm 1595931161

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.

by house hunter | 29th Jul 20, 8:20am 1595967600

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

by Shamino | 28th Jul 20, 4:49pm 1595911789

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.

by dictator | 28th Jul 20, 12:06pm 1595894771

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

by peter.may | 28th Jul 20, 3:37pm 1595907434

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

by Yvil | 28th Jul 20, 7:25pm 1595921140

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

by richard1965 | 28th Jul 20, 9:59am 1595887183

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.

by tothepoint - d… | 28th Jul 20, 12:08pm 1595894939

Hi Richard1965,

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

TTP (Terry)

by buyandhodl | 28th Jul 20, 10:32am 1595889152

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.

by mikekirk29 | 28th Jul 20, 10:34am 1595889248

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

by J.C. | 28th Jul 20, 10:49am 1595890144

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

by richard1965 | 28th Jul 20, 11:46am 1595893598

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.

by printer8 | 28th Jul 20, 10:38am 1595889537

Richard
' . . 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".

by Cowpat | 28th Jul 20, 11:13am 1595891618

"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

by printer8 | 28th Jul 20, 3:05pm 1595905538

Cowpat
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 :)

by richard1965 | 28th Jul 20, 11:48am 1595893734

Please check question mark at the end of the statement.

by printer8 | 28th Jul 20, 4:27pm 1595910460

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

by Due Diligence | 28th Jul 20, 11:11am 1595891460

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.

by richard1965 | 28th Jul 20, 12:21pm 1595895694

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.

by b21 | 28th Jul 20, 10:15pm 1595931353

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.

by Chairman Moa | 28th Jul 20, 10:40am 1595889644

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

by J.C. | 28th Jul 20, 10:52am 1595890351

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.

by Boatman | 28th Jul 20, 10:47am 1595890042

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

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

by Chairman Moa | 28th Jul 20, 10:49am 1595890195

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

by Nzdan | 28th Jul 20, 11:08am 1595891312

Last rounds at the bar.

by company of heroes | 28th Jul 20, 11:07am 1595891234

Queens town is the first domino to fall, which place is the next one?
https://www.newshub.co.nz/home/new-zealand/2020/07/queenstown-rental-pr…

by tothepoint - d… | 28th Jul 20, 11:40am 1595893225

NOTE TO ALL PROPERLY INFORMED READERS:

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

TTP

by CourtJester | 28th Jul 20, 1:06pm 1595898416

NOTE TO ALL PROPERLY INFORMED READERS:

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

CJ (Caesar Julius)

by Chairman Moa | 28th Jul 20, 1:12pm 1595898729

His pants is on fire!

by tothepoint - d… | 28th Jul 20, 2:55pm 1595904935

Hi FraughtJester,

Feeling a little guilty?

TTP

by gingerninja | 28th Jul 20, 3:21pm 1595906501

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?

by tothepoint - d… | 28th Jul 20, 3:43pm 1595907821

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)

by Pragmatist | 28th Jul 20, 5:02pm 1595912577

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.

by tothepoint - d… | 28th Jul 20, 5:48pm 1595915327

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.

TTP

by CourtJester | 28th Jul 20, 6:11pm 1595916663

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?

by Houseworks | 28th Jul 20, 7:18pm 1595920714

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

by gingerninja | 28th Jul 20, 7:49pm 1595922549

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.

by Houseworks | 28th Jul 20, 8:33pm 1595925234

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.

by RickStrauss | 29th Jul 20, 3:40pm 1595994034

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?

by status quo | 30th Jul 20, 2:48pm 1596077304

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.

by CJ099 | 28th Jul 20, 12:06pm 1595894779

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?

by J.C. | 28th Jul 20, 1:08pm 1595898515

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.

by CJ099 | 28th Jul 20, 1:53pm 1595901209

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-the…

by J.C. | 28th Jul 20, 1:59pm 1595901556

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.

by CJ099 | 28th Jul 20, 2:11pm 1595902296

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.

by J.C. | 28th Jul 20, 2:32pm 1595903563

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

by CJ099 | 28th Jul 20, 3:13pm 1595906018

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. :)

by gingerninja | 28th Jul 20, 3:24pm 1595906646

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.

by CJ099 | 28th Jul 20, 3:46pm 1595908016

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

by gingerninja | 28th Jul 20, 7:57pm 1595923028

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

https://media.giphy.com/media/l2YSqezR9mg0XnseQ/giphy.gif

by CJ099 | 28th Jul 20, 8:50pm 1595926227

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

by fat pat | 28th Jul 20, 8:31pm 1595925102

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.

by CJ099 | 28th Jul 20, 9:14pm 1595927641

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.

by Ex Expat | 28th Jul 20, 9:46pm 1595929595

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.

by RickStrauss | 30th Jul 20, 1:43pm 1596073426

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.

by Shoreman | 28th Jul 20, 11:48am 1595893697

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

by J.C. | 28th Jul 20, 1:11pm 1595898664

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.

by Shoreman | 28th Jul 20, 1:23pm 1595899424

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

by J.C. | 28th Jul 20, 2:03pm 1595901788

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.

by youngdumbandbroke | 28th Jul 20, 2:28pm 1595903293

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

by CJ099 | 28th Jul 20, 12:01pm 1595894489

"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!

by tothepoint - d… | 28th Jul 20, 12:08pm 1595894881

Hi CJ099,

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

TTP

by CJ099 | 28th Jul 20, 12:25pm 1595895904

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.

by Dave Moderato | 28th Jul 20, 1:02pm 1595898151

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.

by stuart786786 | 28th Jul 20, 1:07pm 1595898461

So NZ following : https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12351595

by Crazy Horse | 28th Jul 20, 1:53pm 1595901234

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 ......
https://www.zillow.com/homedetails/12618-Relindo-Dr-San-Diego-CA-92128/…
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 !

by RickStrauss | 28th Jul 20, 2:01pm 1595901693

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.

by Ex Expat | 28th Jul 20, 2:42pm 1595904128

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

by RickStrauss | 29th Jul 20, 9:14am 1595970842

Yep.

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.

by Ex Expat | 29th Jul 20, 10:24am 1595975064

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.

by RickStrauss | 29th Jul 20, 3:45pm 1595994327

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.

by Crazy Horse | 28th Jul 20, 3:49pm 1595908147

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 !

by Te Kooti | 28th Jul 20, 2:59pm 1595905194

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-90291/20450…. Hip, but grungy...

by Crazy Horse | 28th Jul 20, 3:45pm 1595907921

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 !

by Chairman Moa | 28th Jul 20, 4:41pm 1595911319

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

by Te Kooti | 28th Jul 20, 5:55pm 1595915754

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....

by Chinaman1 | 28th Jul 20, 2:06pm 1595902018

No surprises, just print more money.

by Pathos | 28th Jul 20, 6:46pm 1595918786

Wow!! Everyone pile in!

by b21 | 28th Jul 20, 10:10pm 1595931057

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.

by Ex Expat | 28th Jul 20, 10:39pm 1595932770

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.

by Brock Landers | 28th Jul 20, 10:45pm 1595933122

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.

by b21 | 29th Jul 20, 1:30am 1595943042

Not really, heaps of new builds coming out too.

by Ex Expat | 29th Jul 20, 6:55am 1595962549

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

by Shoreman | 29th Jul 20, 10:38am 1595975908

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.

by mikekirk29 | 29th Jul 20, 9:33am 1595972008

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.

by Boatman | 29th Jul 20, 11:25am 1595978723

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 ?