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Sales on two thirds of the properties at Barfoot & Thompson's auctions last week - Great Barrier bach sells for $1.56m

Sales on two thirds of the properties at Barfoot & Thompson's auctions last week - Great Barrier bach sells for $1.56m

Barfoot & Thompson's auction room activity continues to gather pace, with the agency handling 248 residential auctions last week (6-12 February), which was exactly double the 124 properties it auctioned in the equivalent week of last year (8-14 February 2020).

Sales were achieved on just over two thirds of the auctioned properties last week with an overall sales rate of 68%, compared to the sales rate of 57% in the equivalent week of last year.

Ninety eight per cent of the properties that sold went for more than their rating valuations.

Around the main Auckland districts the sales rates ranged from 53% in Rodney to 70% in Central Auckland and the North Shore (see table below for the full district breakdown).

One of the more interesting sales of the week was a two bedroom bach at Medlands Beach on Great Barrier Island (pictured above).

Located about three kilometres south of Claris, it's on a 900 square metre section across the road from the beach and has two sleep outs at the back of the section.

It sold for $1,560,000.

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

Barfoot & Thompson's scheduled auctions will be proceeding during the current Level 3 lockdown, but they will be conducted online only.

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16 Comments

Boomers going large with free capital gains.

The higher they go the bigger they fall ........

There is not many livable standard homes on the market now.
Sub-standard homes are on the sale by auction and getting sold at the record high price.
It is not just happening here but all over the world.

This is just not true, the vast majority of homes on sale (on record numbers in January) are perfectly fine to live in, with new homes coming at a rate of 1000 per month just in Auckland. You are right in that the value does not match the price some are still willing to pay but the pool of greater fools is not infinite.

10
up

$1.6m for 900sq/m on Great Barrier Island, are you kidding me????

I see that the neighbours are quickly building more sleepouts to cash in. One million over RV, raises multiple questions.

I agree Te Kooti absolutely ridiculous. What the hell is going on?

I think that’s an example of ‘get your money out of the bank now!!’ buy any property, anywhere.

...Nice spot though, wish them the best.

Maybe Great Barrier Is. is the new Queenstown :)

Maybe Great Barrier Is. is the new Queenstown :)

Maybe it comes with 899sq/m of jazz cabbage?

lol

Only one thing is needed to sort it all out.. Come on Jacinda you can do it

Equity release used for the deposit portion of a home puchse needs to be taxed as income. This will immediately make an investor equal to a FHB when stumping up a deposit for a house.
Its not a capital gains tax.. just a level playing field.

Absolute no indicators of any possible cooling of the market.
During the 4pm press conference on the one hand I was impressed with Jacinda’s grasp of detail regarding Covid - but information that should have really been Bloomfield’s responsibility.
At the same time I was feeling that as Covid was her single focus other significant issues including housing weren’t being given much thought - as a leader this shouldn’t be. It’s called management and delegation.
Sadly pressing housing issues seem at best very much secondary issues of minimal importance.

They don't want house prices to go down.

It's best to not think of Jacinda as a leader. Instead think of her as a virtue seeking ambulance chaser.