Barfoot & Thompson's auction activity steady at the end of July

Property

Two-thirds selling under the hammer at Barfoot & Thompson's auctions

5th Aug 21, 9:22am by Greg Ninness

It was steady as she goes in Barfoot & Thompson's auction rooms in the last week of July, with the agency auctioning 169 residential properties and achieving sales on 106, giving an overall sales rate of 63%.

That was slightly more properties than the 154 that went under the hammer the previous week, while the sales rate was almost unchanged from the previous week's rate of 65%.

The sales rate has hovered around the two thirds mark for most of June and July, suggesting demand from buyers has remained consistently firm throughout winter.

Around the Auckland districts Barfoot's sales rates last week ranged from 56% in Rodney to 82% in Franklin - see the table below for the full district results.

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 CWBW | 5th Aug 21, 9:27am 1628112452

Looks like everything is returning to normal.

Good news indeed.

by Brock Landers | 5th Aug 21, 10:16am 1628115362

Good news in the clown world is bad news in the real world.

by CWBW | 5th Aug 21, 11:24am 1628119499

Glad the world doesn't revolve around whiners.

by CourtJester | 5th Aug 21, 11:44am 1628120692

It revolves around the rich.
Imagine the whining if they had to pay tax on capital gains... Or if a land tax was introduced... Or if house prices fell back to 2020 levels... Or if OCR was raised to 2%...
Based on all the whining I've heard when the Healthy Homes bill was introduced along with the rental changes, the world indeed does revolve around whiners.

by Crazy Horse | 5th Aug 21, 12:00pm 1628121629

Yes CJ ....and they call us DGM's when we state our opinions - but when we state actual facts like my OECD comment, they just dismiss it ....and still revert back down their path that it's just a DGM opinion.

Sad part is they will learn the hard way, that the current "status quo" can not go on forever.....incomes can not keep pace with these current house prices.

by CourtJester | 5th Aug 21, 12:40pm 1628124050

"Sad part is they will learn the hard way, that the current "status quo" can not go on forever"
Sad part is, I'm no longer sure about this. Apparently saving the rich is the number one priority of everyone who gets anywhere near the relevant decision making positions. Saving the rich at any cost. *Any* cost.

by AJ123 | 5th Aug 21, 4:41pm 1628138466

Interest rates will not be raised, no land tax & no CGT. It's all in dreams, which is not going to happen at least in rule of this spineless govt with full majority.. Shame

by Brock Landers | 5th Aug 21, 12:44pm 1628124265

Behold the clown-centric universe.

by JimmyJames | 5th Aug 21, 2:11pm 1628129507

The world does revolve around whiners, …bankers an property investors. They get almost everything for free and when they don’t they whine. The whining from property investors over interest deductibility this year was out right embarrassing, and as for the bankers after the financial crisis (which they caused),… just infantile.

by tothepoint | 5th Aug 21, 3:03pm 1628132632

"Good news in the clown world is bad news in the real world."

But all news is gloomy news in the melancholy world.

TTP

by Amokk | 5th Aug 21, 4:04pm 1628136262

Get a room…

by Amokk | 5th Aug 21, 4:03pm 1628136231

Get a room….

by Crazy Horse | 5th Aug 21, 11:01am 1628118100

Can you please tell me what your "normal" is CWBW ? ......is having the highest house prices in the OECD with the lowest average income "normal" ?

If that's an economy you want, I have every sympathy for any FHB's ...as in the end the result will be, anyone with any any clues, will be off to Aussie

by northman46 | 5th Aug 21, 11:18am 1628119113

It's not worth it Crazy Horse. Pretty certain they're a bot, coded by TTP.

by CWBW | 5th Aug 21, 11:29am 1628119755

Most math doesn't require people to load pandas not to mention trying R. Normality is not hard to see unless viewed through an outdated prescription glass.

by Crazy Horse | 5th Aug 21, 11:50am 1628121008

You're right northman46 ... and yes, I was wondering where TTP was with his "one line monologues" he states with "absolute fact" - but it's just TPP's opinion....nothing more.

by CWBW | 5th Aug 21, 11:26am 1628119592

No abnormal upswing and downturn this month. Which part of abnormal do you see?

by General Comment | 5th Aug 21, 1:45pm 1628127936

Not doubting there is a huge housing cost issue in NZ, but a 30 second Google tells me NZ is mid-pack for OECD average income and "near the top" for house price to income. If you have stats that prove the statement at the core of your second question to CBW I'd appreciate you posting a link.

by Crazy Horse | 8th Aug 21, 5:28pm 1628400501

Fair call GC ....we totally agree there is a huge housing cost issue in NZ.

We seem to have very high costs for everyday living though - ie the "duopoly" of the 2 supermarket chains and filling the tank at the petrol station....compared with the average income and the current cost of housing.

by alittle | 5th Aug 21, 9:47am 1628113672

https://www.newshub.co.nz/home/money/2021/05/time-for-house-price-growt…

Data suggests that house price are still rising and no sign of market cooling but still Mr Orr insist that housing market is cooling.

How come he throws data Every time action or inaction is required to support housing ponzi as he is a firm believer of data but when it does not suit his narrative and under pressure to act, comes up with assumption and hope.

If he wants the ponzi to halt, What is stopping time from going out with least regret policy ...raise LVR to investor from 40% to 60% and most importantly stop interest only loan to fund speculation.

In weeks and months to come, interest only issue will come to forefront as many politicians have started to pick up.

by Caughtinthemiddle | 5th Aug 21, 11:28am 1628119738

I have been thinking the same. Do you think that maybe he's already decided that the OCR is going up in August and that's colouring the judgement on other brakes? I honestly believe that because many properties are bought and sold in NZ purely as an asset, that once the markets momentum slows, and dare we dream stagnates or declines then those asset speculators will sell to avoid depreciation and switch to another mode of investing. The switch between a climbing market and declining market will happen abruptly IMO - a tipping point if you will. Time will tell if I've read my tea leaves well or not.

by Carlos67 | 5th Aug 21, 12:00pm 1628121613

Business as usual then really. I'm sure the August figures will be FAR more interesting given all the possible changes in the wind including a hike in the OCR. This could be your last chance to get into the market at the current low rates and also before summer sees the market land on Mars.

by JustAnOpinion | 5th Aug 21, 12:34pm 1628123677

I am a little mystified by latest LVR changes, making it harder for FHBs to get into housing? Why?

A hike in the OCR is helpful but generally noise, there has been so much equity growth (38% over the last two years) that leverage is still gifting access to these new prices.

by Brock Landers | 5th Aug 21, 12:49pm 1628124587

The reserve bank has stated that house prices are "well-above sustainable levels".

They believe that when this speculative housing bubble shifts into reverse these low deposit people are at high risk of being shoved into negative equity, thus threatening "financial stability".

by JustAnOpinion | 5th Aug 21, 1:16pm 1628126178

OK thanks, that makes sense. I guess I thought that horse had bolted, an average of 1200-1500 new home buyers every month for the last few years means there plenty of people in that position already. A sorry state of affairs.

https://www.rbnz.govt.nz/statistics/c31

by Caughtinthemiddle | 5th Aug 21, 1:29pm 1628126991

From my comment what makes you think I'm have an appetite to invest in property. You presume too much!

by Brock Landers | 5th Aug 21, 1:35pm 1628127311

The RBNZ and Treasury have both forecast house price inflation between June 2021 and June 2022 to be around 1%.

Then again, these were the same morons that thought removing LVRs and slashing interest rates to zero was a great idea.

by HouseMouse | 5th Aug 21, 6:03pm 1628143420

And the same morons who have been out by 5% annually on their forecasts over the last 10 years.

by 7jai | 5th Aug 21, 12:24pm 1628123091

I wonder what "knee-jerk" decision the Government & RBNZ will launch next month. Can't wait to see what the Flavor of the Month will be next.

Every month they introduce some sort of scheme to stop house prices, and every month it fails to make a dent. I've never seen a more incompetent government who does knee jerk decisions and doesn't come with a full one-hit comprehensive package. The credibility has been long lost. What a joke of a government.

by Brock Landers | 5th Aug 21, 1:12pm 1628125921

Unfortunately, the Labour party are blinded by their neoliberal ideologies and politics. House prices must never be permitted to fall and first home buyers must be given ever more subsidies and concessions that result in jacking prices up more.

Everything that Grant Robinson does is a limp wristed half measure for this reason. It's designed to fail.

The correction that eventually comes (and it will) is going to be much much worse as a result.

by 7jai | 5th Aug 21, 1:49pm 1628128198

That's probably what happens when the people elect a Political Science major to become the Minister of Finance. Zero knowledge of how Finance works. Probably has a book called "Finance for Dummies" on his table.

by rastus1 | 5th Aug 21, 12:40pm 1628124027

I do not expect in change in prices until sales volumes rise. And that will not happen without an event.
It is pretty clear that neither mr orr or this govt wants to be seen as the cause of the 'event'.
If you think you can time this 'event' and bail before the rest of them...history shows otherwise.
But most won't bail as they fear they will miss further cap gains.
And so on it goes...

by Carlos67 | 5th Aug 21, 4:28pm 1628137682

Well look at the bounce we got with Covid, its almost like bring on the next disaster baby, I cannot wait for more gains. Simply no way you would bail out of the market right now unless you were being forced at gunpoint.

by HouseMouse | 5th Aug 21, 6:05pm 1628143527

Imagine if you had bailed early last year.