Barfoot & Thompson took more properties to auction last week but sold slightly fewer of them.
The real estate agency, which is by far the largest in Auckland, handled 243 residential auction properties in the week from October 24-30, up from 214 the previous week, and 219 the week before that.
But although more properties were taken to auction, the number of sales stayed about the same as previous weeks, reducing the sales rate to just over half.
Sales were achieved on 131 of the auctioned properties last week, which gave an overall sales rate of 54%.
That compares with 132 sales and a 62% sales rate the previous week, and 131 sales which gave a 60% sales rate in the week before that.
Those results suggest more potential vendors are deciding to sell, but some may have unrealistic price expectations and want more money for their properties than buyers are prepared to pay.
At the major auctions the sales rates were tightly bunched between 59% and 61% for properties in Manukau, central Auckland and Waitakere, and lower in Franklin at 36% and on the North shore at 42% (see the table below for the sales breakdown by district).
Details of the individual properties offered at the auctions and the results achieved are available on our Residential Auction Results page.
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13 Comments
Sales rate 3w moving average continues downwards and it is now the lowest since August.
Next few auction results will be interesting. Are the winds just starting to change with at least some heat taken out of the market . . . but RBNZ may have an overriding impact.
East Tamaki auction of Barfoot is on and is on full swing, where people are fighting over each other to get home. Fight fir Toliet paper has been replaced by house - literally as everyone is aware come what may RBNZ cannot backout and will have to continue as long as it needs to aboud bloodbath and not only save his job but the cery entity of reserve bank in future.
ha yeah. The new toilet paper sums it up! Same mentality and same morons.
However one may present tbe data, fact is that market is too too hot.
All thanks to Mr Orr and his team who have created environment to support speculators and by creating FOMO forcing FHB to borrow in extreme to buy tiny 2 bedroom units at a premium / price at which earlier could have bought a decent 3 bedroom house AND Mr Orr is enjoying the show from sidelibe, how FHB is panicking and being screwed nit realizing the damage he is doing for geneartion to come.
If can act promptly to avoid fall WHY cant he act swiftly to control the ever growing price, why wait till march - next year.
Even Government instead of acting swiftly will be able to give a big window opportunity to so called investors to go on rampage till march instead of trying to control the damage done by their reckless behaviour.
Adrian Orr has ruined his legacy, that much looks sure.
My perception is that they may not reintroduce restrictions just yet since the market is showing signs of starting to cool down. Economic indicators will not help in the short term so they will do everything in their hands to keep the ponzi going for a while longer.
Cool down....where ?
Just attend any auction to witness the action. People are dying to buy as no where else cannot you make as much money as in housing market - courtey Mr Orr.
The clearance rates trend shows this is the case. NZ herald might say otherwise of course ;)
I can confirm that houses are hot property in Palmerston North.
Heaps of buyers but very few sellers. Hardly any houses on the market.
Building sections in the best suburbs (like Hokowhitu) are virtually non-existent.
TTP
There's about 14% more listings than this time last year according to realestate.co.nz across the country. Manawatū-Whanganui does not represent the current trend.
https://www.interest.co.nz/property/107762/auckland-property-listings-3…
Nothing cooling in Wellington
The RBA just chucked another log on the fire.
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