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The sales rate in Barfoot & Thompson's auction rooms remains remarkably steady as auction numbers keep rising

The sales rate in Barfoot & Thompson's auction rooms remains remarkably steady as auction numbers keep rising

Barfoot & Thompson's auction rooms keep getting busier and busier, with the agency auctioning 354 residential properties in the first week of December (November 28 to December 4).

That's up from 290 in the first week of November with numbers rising steadily every week.

However, while the number of properties being auctioned has kept rising, the sales rate has remained remarkably stable, staying within the 57-60% range for several weeks and coming in at 58% last week.

Sales rates by district ranged from 50% in Northland to 93% in Papakura last week, with the number of properties in the central Auckland suburbs passing the 100 mark (see the table below for the district breakdown).

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

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19 Comments

Very weak numbers except for Papakura.

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New migrants from India are buying a lot in Papakura

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I won't be surprised to see these numbers and success rates fall in the coming month or two.
Height of spring season over and quieter Christmas period upon us - these results could part of the pre-Christmas rush :)
Banks self-imposed LVRs will be likely slowing activity. Latest RBNZ mortgage numbers are showing FHB and investor numbers plateauing. I see Tony Alexanders (yeah, blah, yeah) survey of REINZ agents (yeah, blah, yeah) indicate appraisals requests seemingly down, fewer numbers possibility attending open homes, and FHB and investor interest seemingly both down (consistent with RBNZ mortgage data) but FOMO still high.
With RBNZ LVRs next March, personally expecting a cooling (but not a bubble burst) in the market and these indicators are consistent with that.

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With RBNZ LVRs next March, personally expecting a cooling (but not a bubble burst) in the market and these indicators are consistent with that.

So many people in NZ think they're experts on forecasting and whether or not the bubble will burst. This is what we call the Dunning Krueger bias where people overestimate their expertise, knowledge, and abilities. That's why the media is populated with Hoskings, Alexanders, Churches, etc.

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Looking at listings new per day has shown slowing since November 5th, with slowing becoming greater each week

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In this crazy market mikekirk29 that means less supply - so prices will "continue to rise" with the current demand.....just ridiculous.

Have you ever thought that this is just all part of the "Great Wealth Transfer" with increasing renters and landlords in way more debt, because of the extra now needed to expand their "property portfolios" ? .......I have always said in the end 'the bank always wins".

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Today's auction - 272 Bucklands Beach Road.
Just sold 1,890,000 CV 1,100,000
A lotto winning result for the vendor.
I guess FHB's will be avoiding that area.

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It's an odds-on bet that the housing market will remain reasonably firm through 2021...... There's still plenty of pent-up demand - especially in Auckland and Wellington.

It would be helpful if there was a sustained increase in listings - but, understandably, there's a reluctance to sell real estate in NZ. Once out of the market, it can be damned difficult to find one's way back in.

TTP

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TTP
“Reluctance to sell real estate” is my understanding also.
While there are many reasons for not selling, this is one - of i expect is numerous- as to why not.
Brother has five year contract in Australia but has not sold his Auckland home. Too many were burnt in the 2002 - 08boom when they headed overseas for work in Australia to return to find they were then shut out of the market due to increases.
He does not rent his vacant property out but finds it great when returning on holiday and for when the family get together for Christmas.
There is perception that by some on this site that having a vacant Auckland home is criminal - but having a second home in Auckland is no different to having a coastal bach/crib.

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Agree printer8,

I know people who have their main home in Auckland - and a beach house in places like Omaha. They can afford it - and it's a lifestyle that suits them. I can only be envious......

I know someone who sold up in Kelburn (Wellington) to work overseas in 2014. With the escalation of inner-city Wellington house prices over the last 6-7 years, they've serious regrets. Soul-destroying.......

In hindsight, they wish they'd never ventured abroad. They'll buy back in - but with a large mortgage and all the hassle of finding a suitable house.

TTP

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$1.9m for that, I'm struggling big time.

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Congratulations to the bank which issued the mortgage.

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Hi b21,

Have you thought of a career in banking, old chap?

If you can't beat them, why not join them?

TTP

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Many reasons "chap". Have you though a career as a personal adviser?

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@ b21 ..... TTP would make a "great" personal advisor, as regards to real estate ...he's of the "the only way is up" & "property doubles every 7 - 10 years" generation ...does not matter one iota what is happening in the rest of NZ or the world ...it's all 'one way traffic' in the "TTP RE weirld" ....always be fully aware of any advice regarding real estate when given from someone whose livelihood depends on it ......

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What the actual f***

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Don't sell is my advice. Hold on for as long as possible. It's very rare for someone, in Auckland anyhow, to be especially relieved about selling a house. It's most likely they will end up regretting it.

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Any smart investors must be selling as we speak, I doubt they will find a better time to sell anytime soon.

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TO THE MOON BABEE !!!

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