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Barfoot & Thompson auctioned fewer properties last week but the sales rate pushed up to 60%

Barfoot & Thompson auctioned fewer properties last week but the sales rate pushed up to 60%

Winter appears to have finally arrived in Barfoot & Thompson's auction rooms, with the number of properties auctioned by Auckland's largest real estate agency taking a significant dip last week.

The agency handled 165 residential auction properties over the seven days from June 5-11, breaking a consistent run of more than 200 a week over the autumn months.

However while the number of properties being auctioned declined, the sales rate pushed higher, with sales achieved on 99 of the auctioned properties, giving an overall sales rate of 60%.

Over the previous several weeks the sales rate had been stuck in the low 50% range.

There is still considerable variation in the sales rates of different districts within the Auckland region, with sales achieved on 78% of the Rodney properties auctioned by Barfoots last week, while just a third of the Waitakere properties auctioned were sold under the hammer.

See the table below for the district-by-district results.

Details of the individual properties offered at all of the auctions monitored by interest.co.nz are available on our Residential Auction Results page.

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25 Comments

11
up

The takeaway from that is the market is still booming. Less properties for sale but more selling, buyers still trying to get into the market. Almost a guaranteed sale if your in Rodney which I have seen first hand.

Yep, absolutely correct.

Carlos
Certainly the bottom hasn’t fallen out of the market. Data re number of listings at end of May is very, very low which could account for fewer properties at auction and the relatively high success rate.
The only uncertainty in these auction results is price - at what level are they selling at.
I think that REINZ data is due out in the next few days - this will include the first significant number of post 23 March sale and purchase agreement signings so will be telling as to impact of Government announcements.

Market is crazy. House in Highland park with a CV of $925000 went 2.08 million. May be builder but still....

House there been sold are going 30% to 110% above CV.

CV is completely irrelevant it is from 2017

Just a couple of weeks away now from a new CV/RV in Tauranga now. I'm expecting the increase on paper to be pretty frightening, the latest boom has come just in time to be included. I guess its not out until October/November but its going to crash the council website again.

It will be a massive increase

Wonder how much of the house price inflation now we are seeing is due to the CV hike by Council in 2017. They overdid it, in my view, to increase the revenue from rates. But they put a few FHBs out of contention in many areas by hiking expectation of vendors in theory and practice.

You don't understand how rates work.

How so ? May be you can educate me on this ? Thanks.

Total sales is most useful metric
Comparing 2021 sales to 2019 shows market sales were 57% up at peak of Oct- March
But in April it was 8.5% up only and in May only 3.6%
Mania gone and pool of purchasable decent stuff is evaporating
No miracles winter this year
Manias compensate for 3 year prior stagnation and in addition eat the future.
Normality boring as it is, is now returning

Mike please attend auctions in real life and see the mania play out as soon as there's a decent property. Prices are through the roof...

Have a look at this one folks .....not a very bright prospect for anyone ....only a tiny minority.

https://youtu.be/zxdx1buMRqk

The speaker does a great synopsis of where the "powers that be" want us to be living like, in the near future.

But we have nothing to worry about, as it will never happen here...we're diffrunt ....we're nuzullin' :)

Yes, saw that, Tucker is great.
If Banks can create money, naturally Banks will buy and own everything, the end price means nothing.

At 3:08 "these institutions promote progressive policies like environmental policies which also raise the price of housing"
KaBoom, there you have it folks a very big reason why nz housing is expensive. Think RMA, think tree protection, think bats, lizards and skinks. He goes on that immigration is also responsible for higher home prices. This would not be so bad if we did not have environmentalists campaigning to restrict house buildiing and availability

So the market is booming and stubborn Mr Orr has data that suggest that housing market is cooling.

My son bought first home at auction late last month. Homes.co estimate 690k has already increased 3.6% to 715k

I'd be careful of homes valuations - they use data on houses sold in the last 3 months not the previous months and homes can take a while to pick up recent sales. As an indication I've been tracking house sales (for May and June) in lower hutt vs what the May homes valuation was (using the midpoint number). 19 out of the 31 houses I could track sales on sold below the homes mid point valuation. 5 of the houses sold for more than 100K below the homes midpoint - more houses sold below the May Homes mid point in June (7 out of 9) than they did in May (11 out of 22) - an indication that the market is slowing and going backwards.

He paid less than the estimate also. The point is the trend, so what he paid is not relevant

Well if you look at the trends I'm seeing by tracking actual sales - then house sales actually fell in Lower Hutt even though homes this month said valuations were up 50K in June. As previously stated 7 out of 9 sold in June sold below their May Midpoint whereas only 11 out of 22 sold in May below the May midpoint.

I have another son in wgtn looking for a FH so I will let him know what you wrote thanks. This son is in Hamilton. Btw the agents assessed the house at 725k and are selling a similar one further up the street so it will be ironical if that does sell for a higher price than homes.cos estimate

Homes.co.nz massively out in Auckland, generally properties selling alot more at auction. Guess you can't predict stupid...

My guess is that anyone with enough money to buy a house at auction in Auckland is not stupid. You don't come up with that sort of money by being the village idiot.

I agree, banks aren't stupid.

Would be nice to know what kind of properties are selling and what are passed over.
High end, middle or low end ? And is there similar info for other top agencies ?