The second week of the school holidays saw a drop in activity in Barfoot & Thompson's auction rooms but the sales rate was unchanged at two thirds.
The agency, which is the largest in the Auckland market, processed 154 residential properties by auction in the week of 17-23 July, down from 200 the previous week.
Of those 154, sales were achieved on 100, giving an overall sales rate of 65%, almost unchanged from 66% the previous week.
Around the Auckland districts the sales rates ranged from 44% for properties in Papakura to 86% in Franklin.
The highest level of activity was in Auckland's central suburbs where 49 properties were auctioned and the sales rate was the same as the regional average at 65% (see table below for the district-by-district breakdown).
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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29 Comments
The housing market's having a remarkable run this winter.
TTP
It's taken me about 5 years but I'm actually coming around to TTP's way of thinking. Which ironically might be a sign that a crash is imminent
Let's see what happens with the OCR on August 18. If they don't raise it, we could prices increase in spring.
What an utterly pointless comment.
I wrote the comment once. I have no idea why it appeared 2x....
I was addressing TTP. His post was not in error, it was just so obvious that it was pointless to point out.
Hi CrispyKahawai,
My comment above would, indeed, be pointless - except that the DGM mistakenly believe that it's all, err, doom and gloom out there.
Good to give the DGM a reality-check every now and then - pertinent to remind them that the housing market hasn't fallen to pieces this winter.
TTP
TimThePointless
"TimThePointless"
Corny comment of the week...... offered by man of the weak.
TTP
The demand is still there. There is not many reasonable houses for sale.
MIQ if booked out till the end of November. Many of those people are cashed up with overseas money and will pay high price for the property - because they can. $2m house in NZ is still not bad compared to an apartment in London...
Expecting a nice, dry property on the nice street - prepare to pay...
How do you know how many of these people are 'cashed up'? Genuine question.
He wrote the comment twice so he must be pretty confident.
We were trying to buy a house and we have lost 2x in those 2cases the buyers were with 'strong English accent' and you could see that they just came from overseas (looking at the clothing for example). One house was 'leaky home' and the money they paid was extraordinary given the house had to be re-clad. The locals could not believe the price the house achieved at the auction. The feedback from the agents in those 2 cases was that the buyers just came back from overseas. I also know the story where couple bought the house being in MIQ + a car. All cash.
I have questioned MIQ about slots availability (work travel) and they commented that vast majority is broke by returnees to NZ. The same is happening in Australia....
hope it helps.
People are returning and moving here as they can see that Covid is now a long game. Who really cares how many are cashed up because 2/3 of properties are still selling in the middle of winter. If the OCR doesn't get a bump in August then Summer prices will continue to climb. If you think its bad now, you ain't seen nothing yet.
I'm told the medium multipler in San Francisco is 17. I mean, do we want to be number one or what?!
The team of 5 million can pull 20, we want to be number one in the world at something, go hard or go homel̶e̶s̶s̶
It's funny to joke about this if you're a home owner but this whole situation must be absolutely horrible for those who are not property owners. I look at the current value of my house (my first, which I only bought 4 years ago) and there is no way I could afford it now with current market valuation up almost 90% since I purchased. I'm sorry but that just crazy. It shouldn't be like this. I feel so sorry for young ones struggling to get a place of their own. It must be hopeless. And hopelessness is one of the very worst feelings in the world.
I agree. We are in the same position as you. We are also unwilling to move "up" to a more suitable house (as we thought we would be able to) despite the gains on paper, as the mortgage debt we would incur feels ludicrous.
It is what it is. Half of NZ voted for Labour and now you have the result. Election turnout is always way less than 100% so how many here are complaining and they didn't even bother to vote ? There is no law that you need to own your own home, I still reflect on me not bothering to pay that mortgage and just live in a van and go surfing my whole life with no worries at all.
Now we have to take it as a joke, if someone have 1 home with 2 or more kids, sooner or later they also have to face this pathetic situation, it's just matter of time everyone have to face it.
The best option is to relocate to a place where buying a home is not equal to mortgaging your life, if you still love NZ just visit 10 Auctions, you will stop loving it.
Thanks to Cindy & team
The demand is still there. There is not many reasonable houses for sale.
MIQ if booked out till the end of November. Many of those people are cashed up with overseas money and will pay high price for the property - because they can. $2m house in NZ is still not bad compared to an apartment in London...
Expecting a nice, dry property on the nice street - prepare to pay...
Looks like a prelude to spring.
There's a cost to waiting.
Does anyone know in the Auckland area, what percentage of residential properties are mortgage free ? ....or where I could find out, thank you.
Crazy , similar to Census data One Roof had a report slightly dated https://www.oneroof.co.nz/news/36039
Thanks Cowpat ....looks like AKL mortgage free properties are decreasing ....or they have splashed out on a new car or boat using their equity ..is that good or bad ? ....suppose it depends on your cashflow :)
Hosking market is hot and will remain hot forever...has to otherwise would be disaster.
Aunty Jacinda and Uncle Orr should do everything to support and promote to avoid disaster, if needed provide money to pay for mortage or mortage holiday for as long as.
The Hosking market? Personally I wouldn't throw a bid at it.. Maybe a few other things I'd throw at it though.
.
It's pumping, anything quality is being snapped up. The stock is so low, everyone is fighting for the scraps and paying ridiculous prices.
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