The number of properties being auctioned by Barfoot & Thompson has risen steadily through November

The number of properties being auctioned by Barfoot & Thompson has risen steadily through November

Barfoot & Thompson continues to maintain the recent momentum in its auction rooms, with 334 residential properties going under the hammer in the week from 21-27 November.

The number of properties being auctioned by the agency has climbed steadily over recent weeks, increasing from 258 in the first week of November to 290 in the second week before passing the 300 mark in the third week and hitting 334 last week.

Of those, sales were achieved on 192 properties, giving an overall sales rate of 57% last week, little changed from the previous few weeks when the sales rate has bounced around at either 59% or 60%.

It was a huge week for auctions in Auckland's leafy central suburbs, with auction numbers passing the 100 mark and sales being achieved on 61% of them (see table below), while Manukau properties also featured prominently with 82 of then going up for auction, although their sales rate was lower at 52%.

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.

We welcome your comments below. If you are not already registered, please register to comment.

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.

15 Comments

More flies for the web.

We are definitely not getting the clearance rates from two months ago anymore. Too many houses saturating the auction segment now, sellers should really think of alternate ways of selling instead.

https://i.postimg.cc/cCczncpg/BT-clearance-rates-3w-trend-w48.png

Do you have this data as actual numbers of sales / not sold as well? Numbers of houses being sold could still be increasing even as achievement % declines, after all.

Yes, that can also be true, note my statement refers just to what seems to be an over-saturation of auctions, since otherwise percentages would have kept constant but they didn't, which can be an early indicator.

Hi b21,

Better if you focus on "what is", rather than "what seems to be" (from your jaded perspective).

TTP

Appreciate your constructive comment as always, anything else I should do? Maybe open some more multiple accounts?

To be clear, b21, I've repeatedly asked the good people at interest.co.nz to change my account name back to "tothepoint" - but they haven't done so as yet. Until they do so, I can only use "hardhit2". Note that I'm not able to use both at the same time.

Anyway, all my posts are signed TTP so can be identified easily.

If you wish to open multiple accounts, b21, then by all means go and do so. But I wouldn't recommend it, as it creates confusion. (Witness how long it's taking me to get the matter sorted.)

TTP

If this is true as you claim I really hope it get fixed to avoid further confusion.

Anyone who has been watching the market can see that properties that haven't been moving are now being sent to auction and a greater percentage of the new properties on the market are going straight to auction compared to a couple of months ago.

ShoreThing
Very selective data and very selective conclusion that can be drawn.
For the last 13 plus weeks or so it shows a slight declining trend in clearance rates (accentuated by a truncated y-axis). So what conclusion can be drawn?
It certainly seems contrary to what the market has been doing over those 13 plus weeks which has consistently shown increases in the both number of properties sold and - more importantly - escalating prices.
Rather than signs of a declining market, the reason for the trend is likely due to a lot more complex cause relating to seller expectations and the number of properties offered.
I have often posted that auction data is a valuable real time indicator - rather delayed data such as REINZ - of what is happening in the market so I support use of auction data. However the data used in this case is too selective to draw much of a conclusion at all.
A more valuable analysis for example could be the number of properties selling at differing percentages over and above relative to RV.

Of course auction numbers rising
Agents like auctions as price bid up
Listings per day have dropped 16% since Nov 15th on a 6 day rolling average

Isn't it too close to Christmas to run a full auction campaign hence numbers dropping?

Exactly right, I saw vendors trying to run 2 week long sales campaigns to try and squeeze the sale into the current hot market before Christmas but its to late now. Try getting a house mover in Auckland right now, many will tell you they are already booked out till February, did the move myself just rent a truck.

Yeah and solicitors will be going away, banks slowing etc. People have missed prime sale period of 2020, will it be all go late Jan/Feb - could there be a mass dump of properties on the market?

I'm hoping so. Can't wait for the pendulum swing next year.