Sales on two thirds of the properties at Barfoot & Thompson's latest auctions

Property

School holidays didn't dent activity in Barfoot & Thompson's auction rooms last week

19th Jul 21, 11:52am by Greg Ninness

It was a busy week in Barfoot & Thompson's auction rooms last week with the number of properties on offer shooting up to 200 from 145 the previous week.

That was an especially strong result given that it was the first week of the school holidays, which can often have a dampening effect on auction activity.

The school holidays didn't seem to affect the sales rate either, with sales achieved on two thirds (66%) of the properties on offer.

That was down from 74% the previous week, although that was an unusually high clearance rate.

The sales rates for properties in the main districts of North Shore, Waitakere, the central suburbs and Manukau were all above 60% (see the table below for the full district breakdown).

By any measure, the latest results suggest the market remains firm as we proceed through the winter season.

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

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34 Comments

by Nzdan | 19th Jul 21, 12:16pm 1626653816

First Home Buyers getting in as the investors offload before interest deductibility is phased out?

by Pragmatist | 19th Jul 21, 12:29pm 1626654598

Would be good if it was true. Or developers buying up old rot boxes to demo and redevelop.

by company of heroes | 19th Jul 21, 12:32pm 1626654764

It's a good time to sell now if you are planning to do so. But probably not a very good time to buy.

by TheTor | 19th Jul 21, 1:37pm 1626658647

I tend to agree. But then, people were saying the same thing when I bought my first home 3 years ago. So who really knows?

by company of heroes | 19th Jul 21, 2:34pm 1626662073

I guess the point is not to time the market. If you have plan to sell houses for capital gain, don't try to time for the peak to sell cause when that moment comes, everyone else wants to sell as well, less people want to buy, that will drive down the price. You might not be able to get the peak price. Basic investment tip, buy low sell high but not timing the bottom and peak.

by WellingtonInvestor | 19th Jul 21, 5:19pm 1626671951

Supply is artificially low, and even lower due to winter. So still a lot of buyers out there who missed out over summer, but even lower inventory numbers. Many buyers are getting desperate so are still making high bids. I think Aucklands house prices would be be higher if they did tenders and deadline sales, like much of the rest of the country. But Auctions are easy for agents. At least buyers can see what others are offering with auctions.

by Champagne Charlie | 19th Jul 21, 12:40pm 1626655257

An absolutely spiffing result ....say what ol' boy.

Good to see the proletariat are gobbling up these gargantuan mortgages, to make their purchase of said top quality real estate in building standards and insulation requisites - bar none.

And what stunning locales in the Auckland environs.....your most fortunate residents can spend well over one million NZD for a beautiful, hand-crafted renovated ex- state house one of those fine central Auckland suburbs, as names spring to mind like Mt Roskill, Onehunga and one of Auckland's true delights Mt Wellington.

Such absolute value for the moolah, that will have to be paid off over the next 55 years, well into your retirement .... haw haw

Well, back to work my salaried employees et al - there is mortgage interest to pay ! ....while it's cocktail hour here on the Caymans .....that's right Sebastian, 3 sprigs of mint, not 2 in my Mint Julep, my good fellow ....

by JustAnOpinion | 19th Jul 21, 12:50pm 1626655815

Indeed, and if it seems there is a warm glow to this wintery play, wait until the 2nd act as interest rates start off, a new hair-do for all concerned as that warm glow turns out to be the window on the blast furnace door!

by Carlos67 | 19th Jul 21, 12:45pm 1626655546

The party continues, all sorts of excuses why housing is still selling like hot cakes but its looking more and more like there is simply no door left for you to leave even if you wanted to.

by alittle | 19th Jul 21, 12:45pm 1626655557

Market is hot and no sign of it slowing down and both RBNZ as well as government silent on ever growing house price as media too not raising or tired of raising it and have accepted that house price in NZ will keep going up up and UP.

by JustAnOpinion | 19th Jul 21, 12:54pm 1626656083

This is interesting to me, the mass media's lack of usefulness in holding the legislature to account. The 4th estate seems to have been sold off? No accountability in the legislature (not a new thing) but no one cares?

by GV 27 | 19th Jul 21, 1:39pm 1626658752

Remember when the state housing waiting list was 25% of what it is now, and RNZ Checkpoint ran story after story about how the evil uncaring Nats were leaving people to rot in taxpayer funded motels?

by HouseMouse | 19th Jul 21, 2:38pm 1626662294

Is it a leftist conspiracy at Rnz or are people just over it...over the lack of any political party taking it seriously.
I mean I am kind of over it

by GV 27 | 19th Jul 21, 3:24pm 1626665070

I lost count of the accusatory "Declined to come on Checkpoint" ending notes for each story, don't seem to hear them that much at all these days. Suspect it's a different story when Wellington has the government it wants.

by GV 27 | 19th Jul 21, 1:41pm 1626658910

by Nifty1 | 19th Jul 21, 1:45pm 1626659117

The media are all invested in Real Estate through advertising & PR, they don't want the party to be over.

by WellingtonInvestor | 19th Jul 21, 5:22pm 1626672121

Because most want the party to continue. Property is good advertising. NZs economy is property, 1.5 trillion dollar value now, much out of thin air. Pity we can't export it.

by rastus1 | 19th Jul 21, 1:30pm 1626658250

I've accepted its going to go bang in a b###dy big way myself.

by Shoreman | 19th Jul 21, 1:35pm 1626658534

A consistently strong market, interest rates increasing will have little effect for most people. Even rates doubling are still lower than the acid test one has to pass to get mortgage approval.
Auckland market which is what B&T only cover is still in catch up mode to the rest of the country.
Strong Auckland market for the next 3 years.
Economy is doing well, terms of trade keeps braking new records, no catalyst for the market to drop in the foreseeable future.
It is what it is, right or wrong the market will remain strong.

by alittle | 19th Jul 21, 1:45pm 1626659100

Agree that housing market is very strong and too big for Jacinda and Orr to touch it.

It has to run or if it burst (doubtful as support from Orr and jacinda) NZ economy will collapse so doubtful that this ponzi will slow down anytime soon.

by HouseMouse | 19th Jul 21, 2:41pm 1626662487

Yep.
Don't forget the likely impact of widespread rezoning

by Brock Landers | 19th Jul 21, 5:14pm 1626671655

I love me some internet reckons.

Neither you, me or the tooth fairy have any idea what is going to happen for the next three years.

by CWBW | 19th Jul 21, 2:48pm 1626662909

Spring is coming soon.

Nothing like starting a New Year with a new house.

Be quick.

by CourtJester | 19th Jul 21, 3:44pm 1626666257

Nothing like paying a million dollars for a rotten, mouldy s***box in Papakura.
Be quick.

by HouseMouse | 19th Jul 21, 4:10pm 1626667850

Like it or loath it, it's the reality unfortunately. And it will get worse, at least in some locations.

by CWBW | 19th Jul 21, 4:43pm 1626669780

It's not the wood, it's the paydirt, Jester.

Nice trick anyway.

by WellingtonInvestor | 19th Jul 21, 5:25pm 1626672349

What's the bet banks will have some special low rates in spring to kick start the market again?. Some banks may have put up interest rates now to allow for it.

by Spiceeh | 19th Jul 21, 4:24pm 1626668678

Articles like this are designed to obfuscate the RE market.

Sales rates are dependent on price. If the reserve price is set right you get a sale, otherwise...

We know that due to taxation changes, sale rates had been dropping and as such so then expectations(reserves) had to ease, soooo adjust to meet a changing market with realistic reserves and up goes the sales rates.

This is not quantum physics folks.

by Carlos67 | 19th Jul 21, 5:13pm 1626671613

Its not quantum physics, its much harder than that. Physics has math and predictable outcomes, try predicting anything out there in the markets right now, nobody knows where this is all heading. I predicted a market crash of 25% and it did the complete opposite and went up 30% instead in the middle of a Pandemic. You cannot predict anything right now, the best you can do is pay down debt and try to minimize your risk in case it all suddenly goes pear shaped.

by HouseMouse | 19th Jul 21, 5:26pm 1626672411

Great comment

by Brock Landers | 19th Jul 21, 5:43pm 1626673409

Nah. It was very predictable what was going to happen to house prices once the RBNZ decided that pumping housing was the cure for the Wuhan virus. LVRs removed. Interest rates slashed. Mortgage holidays. LSAP and money printing. Then the clowns from the RBNZ going on TV and saying what a tragedy it would be if house prices weren't going to the moon.

The only thing I got wrong was how stupid and reckless the central bankers were actually going to be letting it run so long.

Where it is going to end up is a totally stuffed country. This is already baked in one way or the other.

by WellingtonInvestor | 19th Jul 21, 10:55pm 1626692154

It is sickening to see a house that works have only sold for 650k pre covid, now able to get 1.1 million. We have sold the younger generations into huge debt, or a life of rent

by HouseMouse | 19th Jul 21, 11:03pm 1626692607

Yes it's horrific. But we only have ourselves - collectively as a nation, and represented by successive governments - to blame.

by AJ123 | 20th Jul 21, 10:24am 1626733473

Good to see there are people with common sense but there are still few corrections. It's Chinese not Wuhan virus & these clowns from RBNZ are shameless & will let it run for next couple of years more.

Also where it is going, it will go to moon and will never come back.
What about young kiwis? If they are little sensible then they should leave this place as soon, otherwise be ready to live in average place with you future being surrendered to banks in shape of big fat mortgage.