Barfoot & Thompson's auction rooms are showing the first tentative signs of the market starting to slow ahead of the Christmas/New Year break.
The agency processed 324 residential properties at auction in the week from December 5-11, down from 354 the previous week, bringing an end to more than a month of steadily increasing auction numbers.
Barfoot's Orders of Sale suggest around 300 properties will be auctioned this week.
The sales rate dropped back slightly as well to 53%, after remaining stuck in the 57% to 60% range for the past several weeks.
Unusually, there were also half a dozen properties withdrawn from auction, compared to no withdrawals over the previous three weeks.
The sales rate was particularly strong for Papakura properties for the second week in a row, with a 70% sales rate, following 93% sales rate the previous week.
Properties on the North Shore brought up the rear, with a 40% sales rate compared to 57% the previous week.
But overall, the auction rooms remained extremely busy and it's likely some agencies will continue to be holding auctions in the few days before Christmas this year.
Details of the individual properties auctioned and the results achieved are available on our Residential Auction Results page.
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14 Comments
Oh no, the market is about to crash, again, ; )
Quick Mr Orr, slash the OCR by -5%
Yvil - I would love to hear from RP to hear what his outlook for 2021 is ??
Given he was completely incorrect in all of his predictions, added salt into his wounds with the massive TD rate drops.
Come on RP front up and perhaps even apologize to anyone who might have listened to your statements that certainly would have impacted their lives in a negative way ?!
Add bw (bee-double-ewe) to that
It won't, until it does.
Edit: ; )
I can imagine desperate buyers feverishly scouring the property websites during the holidays.. those agents working through the break will be busy... no holiday for them. The ones who have secured a property and moved in prior to Xmas can put their feet up
Suggestion Box
Do you have control over the preparation of the Auction Results Page?
Would like to see each week a calculation based on the sum of the sales price, expressed as a percentage over the sum of the July 2017 Rating Values
Stock now lowest in 4 years and probably heading lower. Will be interesting to see if the price surge tempts more sellers after the holidays.
For us it's put any thoughts of trading up on ice. Just silly out there.
In the same boat. Was looking at a move, but with very little choice will sit.
So are we going to see the market lock up, with everyone waiting for some direction? I suspect so.
And then a correction.....or another injection to keep it pumping?
Problem is that each time we 'inject stimulus' it appears to massively increase systemic risk (too big to fail), not reduce it - which is the opposite of the RBNZ mandate.
Will be in slight diversion, but aimed at the same result. Both RBNZ & govt soon I believe will launch another massive QEs/LSAPs in the name of climate change/carbon neutral/coastal erosion.
In 2020 the handout stabilisation is for the Banking sector (Finance) then Real Estate, the missing piece will be 2021 onwards.. for the Insurance industries. If you want to keep the FIRE flame during strong winds, or even rainy day.. you must douse it with plenty of petrol/'stimulus injection' - that is the only way to keep it up, without it? well..
Regardless of the lower absolute numbers, which could be blamed to the Christmas period, clearance rates continue their downward trend which already started a few weeks ago.
https://i.postimg.cc/rFTNDb8B/BT-clearance-rates-3w-trend-w50.png
More houses going to auction than they should, likely due to overoptimism from sellers but specially agents encouraging them to sell this way.
Hi b21,
Anyone reading your posts would think the NZ housing market has gone into free-fall and crashing......
But this is not the case.
TTP
Take a long relax deserve break, but be online for those house listing - holiday done in couple weeks! - full throttle on folks! - buy quickly, and if possible more of it - the next 5yrs, it will be up, up and away. So grab it, before those overzealous regulatory means start muttering the idea.
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