Barfoot & Thompson auction volumes up more than threefold year-on-year

Property

Activity in Barfoot & Thompson's auction rooms setting a cracking pace

10th Feb 21, 11:56am by Greg Ninness

Barfoot & Thompson auctioned more than three times as many homes in the first week of February as it did in the corresponding period of last year.

The agency handled 185 residential auction properties in the week form January 30 to February 5, compared with just 54 in the corresponding period of last year (1-7 February 2020).

The sales rate was also considerably higher this year with sales achieved on 71% of the auctioned properties compared with the sales rate of 52% in the corresponding week of last year.

The sales rate was 100% for properties in Rodney, Papakura and Franklin, although the number of properties offered from those areas was relatively small.

At the bigger auctions the sales rates ranged from 60% for properties in the central Auckland suburbs, to 77% for North Shore properties.

Where selling prices of the properties that sold were able to be matched with their rating valuations (RVs), 98% sold for more than their RVs.

March is traditionally the busiest month of the year for the real estate industry and the high level of activity in early February suggests the market remains extremely firm.

The table below gives the district by district breakdown of Barfoot's auctions for the week.

The comment stream on this story is now closed.

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

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40 Comments

by iconoclast | 10th Feb 21, 12:22pm 1612912955

Race Day
They're in the starter's hands
They're racing

by Bugger | 10th Feb 21, 12:25pm 1612913151

Wasn't it Adrian Orr who said house prices will double every 10 years? The guy is a genius.

by Cowpat | 10th Feb 21, 12:43pm 1612914204

Mr Orr has appeared before the parliamentary committee, undoubtedly bombarded by difficult and far reaching insightful questioning.

RBNZ Gov. Orr says LVR rules will help head off growing financial stability risks. Says he is concerned that a sharp drop in the NZ housing market could do harm.( at least or especially to homeowners and banks)
Relating to that LVR news, Orr says he is still awaiting a response from NZ's finance minister of including debt-to-income ratios

They all know what a DTI tool will do the New Zealand housing market

by Bugger | 10th Feb 21, 12:54pm 1612914872

That's why the DTI tool will never see the light of day.

by bw | 10th Feb 21, 1:38pm 1612917487

There are many instances in which people or groups have got themselves into situations in which there is no longer any right decision because their actions to that point have determined the outcome.

by printer8 | 10th Feb 21, 1:59pm 1612918741

Cowpat
" . . sharp drop in the NZ housing market could do harm.( at least or especially to homeowners and banks) . . . "
No, not just especially homeowners and banks . . . the RBNZ has progressively reduced the OCR over the past decade since the onset of the GFC never with the intent of simply supporting housing or banks per se but rather indirectly the wider economy and in particular inflation, employment and financial stability.
RBNZ has no responsibility for housing (other than indirectly economic stability), and the rampant house market over the past decade is a consequence of that support for the wider economy. The reality is that a sharp correction in the housing market will have significant impacts for the wider economy.
If it was betting at the races and looking at sections; then I would be giving considerable weight to the fact that RBNZ will be endeavouring to ensure that there is not a sharp correction to housing simply for the economic consequences of it.
My bet therefore: RBNZ actions will be looking at flat housing market, possibly some correction . . . sharp correction, no.

by printer8 | 10th Feb 21, 2:02pm 1612918955

Bugger
It wasn't Orr who said "house prices will double every ten years".
An urban myth which can be attributed to those ill-informed about the housing market . . . and from those that quote it on this site they tend to be dgm being sarcastic.

by Carlos67 | 10th Feb 21, 5:17pm 1612930644

Well clearly not fast enough for Orr, he has enabled the housing market to double in 7 years now.

by PandaMonium | 10th Feb 21, 1:16pm 1612916168

Transitional government. Some examples:
Child poverty
House prices
Foreign buyers ban (what a joke)
Billion trees
Kiwi Build
Social housing
Homelessness
Inequality gap
Did I forget something guys? Help me out here.

by Rex Pat | 10th Feb 21, 1:43pm 1612917822

You mean transformational? It’s a slow start if they are.

by andreas_od | 10th Feb 21, 1:54pm 1612918480

wage subsidy to everyone , including poor B&T agents

by delboy | 10th Feb 21, 6:42pm 1612935768

They did declare a climate emergency.

by dago | 10th Feb 21, 7:45pm 1612939544

Kiwis love.. Fake PM, Being Kind, virtue signals, team of 5, no GCT, ponzi schemes, kiwi-burger love one please

by Albert2020 | 10th Feb 21, 10:29pm 1612949399

They did ban plastic bags

by bw | 10th Feb 21, 1:38pm 1612917512

(DP - Replied to above)

by CourtJester | 10th Feb 21, 2:24pm 1612920248

January was insane. I mean, even in Auckland terms. 27b Heathcote road was one of the houses we checked out. Uneven floor (literally sunk a few centimeters in some spots), tiny section with zero green area, no views, no insulation or double glazing... sold for close to $1.2 million. Thanks Mr Orr.

by realterms | 10th Feb 21, 2:40pm 1612921258

Are the shots of the view(s) from the roof or something?

by CourtJester | 10th Feb 21, 2:49pm 1612921752

I think the shot of the city must be a zoomed in shot from the upper level. The sea views were blocked by the hill and the neighbours.

by realterms | 10th Feb 21, 2:57pm 1612922262

Bit dodgy that. Though not the first I've seen where, upon turning up at the open home, I wondered where the views had got to.

by CourtJester | 10th Feb 21, 3:13pm 1612923183

There are some nasty surprises aye. Too bad you also can't smell the mould through the pictures. 12b Surville place, Mairangi Bay for example... reeks. The neighbour's (joint) unit is also carefully cropped from the pictures, as it looks like a giant cockroach nest.

by HW2 | 11th Feb 21, 3:54am 1612968858

Turn some of these negatives to positives and reap the rewards... I would also caution against over-spending on first home unless its necessary. GL

by Nifty1 | 10th Feb 21, 3:08pm 1612922923

Looks like that house has leaky written all over it.

One that caught my eye on the Shore: 4 Infidel place, Torbay $1,330,000
Seems 1.3mil is the new norm now. Crazy how many people are flocking to auctions to buy at these levels.

by CourtJester | 10th Feb 21, 3:14pm 1612923286

Yep, 1.3 million is the new norm. Half a year ago that would've sold for 1.1 million or less. Also, apparently people are escaping from Torbay en masse due to gangs moving in.

by Nifty1 | 10th Feb 21, 3:59pm 1612925975

Yeah Torbay is abit of a mixed bag! I guess if that's too expensive one could settle for a cheaper/'less desirable' area like Birkdale, 8 Castleton Street for example... oh hold up also sold for $1,335,000. Market out of control.

by Lord Dowding | 10th Feb 21, 4:07pm 1612926436

Anything lower north shore is in massive demand at the moment especially if it’s near the coast. Birkdale, Glenfield and Beach Haven are being gentrified at Mach 1.

by CWBW | 10th Feb 21, 4:16pm 1612927003

Wait till you see they upgrade the engine in March for Mach 3.

by delboy | 10th Feb 21, 7:05pm 1612937140

Good grief $1.3M for a house in Birkdale just mental.

by delboy | 10th Feb 21, 7:00pm 1612936805

27b Heathcote Rd previously sold in June 2005 for $409k.

So it’s tripled in price in 15 years. Great result for the sellers.

by Lord Dowding | 10th Feb 21, 8:17pm 1612941469

Not sure what your point is as 15 year ago is a very long time and everything has tripled apart from some apartments.
How much has your property increased since then? or let me guess you don’t have one.

by delboy | 10th Feb 21, 9:39pm 1612946369

Yes I guess. Bought the family home on north shore in ‘99 for $360k now valued around $2M.

by Lord Dowding | 10th Feb 21, 9:56pm 1612947386

So again what exactly is your point? You would expect something to triple or at least double in that amount of time.

by Albert2020 | 10th Feb 21, 10:31pm 1612949513

Except wages, you know the instrument use to pay the mortage

by Yvil | 10th Feb 21, 2:26pm 1612920413

Wow, three times more auctions and still way higher clearance rates!!! Unbelievable : o

by CWBW | 10th Feb 21, 3:24pm 1612923875

Firmly on track to a fantastic year!

FHBs who hadn't learn anything from the years prior may have a hard re-learn ahead after Feb. Smart investors are piling in for their share this month. We may be setting a new RE record for the Februaries.

Floor that accelerator!

by CrispyKahawai | 11th Feb 21, 8:48am 1612986500

I think you've taken the crown as worst contributor to this site. Bravo!

And I'm doing very well for myself, before you accuse me of being 'jealous' or whatever else. I just happen to give a shit about other people.

by CWBW | 11th Feb 21, 12:32pm 1612999934

Feel free to stick to your Kahawai philosophy.

by dago | 10th Feb 21, 8:08pm 1612940895

"Consider a turkey that is fed every day. Every single feeding will firm up the bird’s belief that it is the general rule of life to be fed every day by friendly members of the human race “looking out for its best interests" as the politician would say. On the afternoon of the Wednesday before Thanksgiving, something unexpected will happen to the turkey. It will incur a revision of belief" - The Black Swan by Nassim Nicholas Taleb.

by C_T_20 | 10th Feb 21, 8:21pm 1612941682

i am beginning to think there is something being added to our drinking water... And with every month going by i think the country is loosing its collective marbles! or perhaps those marbles never existed in the first place lol

by Pusheen | 11th Feb 21, 12:16am 1612955783

Go go go.. investors, the door closing.. Banks will always open the wallet, if you can 'shuffle good number'.. borrow within the club, united - even if being pushed to 50%? - it's all just a number that can be achieved.
'when there's a will, there's a way'.

by VeryInterested | 11th Feb 21, 2:32pm 1613007129

The commentator Andrewj mentioned around Sept / Oct last year that he knew of several property investors that intended to sell their investment properties by christmas 2020. Anyone know whether he has an update!? Did they all sell?