Market maintains its steady pace in Barfoot & Thompson's auction rooms

Property

The steady level of activity evident in Barfoot and Thompson's auction rooms over July is continuing into August

10th Aug 21, 10:34am by Greg Ninness

The steady activity that was evident in Barfoot & Thompson's auction rooms throughout July has continued into August.

Auckland's biggest real estate agency handled 154 auction properties in the week of July 31 to August 6, down slightly from 169 the previous week but exactly the same as the 154 in the week before that.

The sales rate remained firm with sales achieved on 106 properties at auction last week, exactly the same number of sales as the previous week. However, that pushed the overall sales rate up to 69% compared to 63% the previous week.

Around Auckland's main districts the sales rates ranged from 56% in Auckland's central suburbs to 100% in Franklin (see the table below for the full district results).

The latest results suggest the Auckland market continues to steam along at the same steady pace that's been evident throughout the winter months.

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

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19 Comments

by CWBW | 10th Aug 21, 10:56am 1628549796

Looks like pre-season pressure is mounting.

by tothepoint | 10th Aug 21, 12:35pm 1628555746

Spring is just 3 weeks away.......

TTP

by flyer | 10th Aug 21, 1:34pm 1628559244

CWBW, if you don't mind, because I believe it...

Be quick!

With new Auckland CVs coming out in October, plus spring and summer seasons just around the corner, I am predicting another 10% rise in Auckland and flatten out from autumn 2022.

by Jay Lim | 10th Aug 21, 12:14pm 1628554469

Not many stocks to buy from.
Buyers may wait until decent houses coming to the market.

by 7jai | 10th Aug 21, 12:24pm 1628555048

Assuming people want to sell that is. I predict this summer will have limited housing supply on the market because there's nothing else to spend on. You can't travel internationally, so what are you going to do with all that hard earned cash? Bank time deposits? Stocks?

The only way supply will resurface is if there are more housing stock for those to let go of their current house, so they can buy a cheaper bigger lifestyle block somewhere in the whop whops. Otherwise, what's the point of someone selling their house? All that money just sits idle in their bank.

by 7jai | 10th Aug 21, 12:22pm 1628554927

Unfortunately it will continue to get hotter as long as we put more and more restrictions. Creating more ways to restrict purchasing only extends the FOMO mentality. Need to tackle this from all angles if house prices are to be doused.

by flyer | 10th Aug 21, 1:37pm 1628559442

Ardern: "It just cannot keep increasing at the rate that it is.” March 2021.

And don't forget her line about how we all expect house prices to rise over time.

Boy oh boy.

by alittle | 10th Aug 21, 12:49pm 1628556580

Tell us something new.

If have support of likes of Jacinda and Orr's, What else does one expect.

It has been evident house prices are touching new height every week, still is wait and watch.

Under pressure, they do speak to create headline and deflect .....Do not believe.....Will be evident next week, what Orr will do after his Big announcement that to contain speculative demand will increase LVR ( Atleast that was the gist of his announcement and headline) but in reality will just tweak here and their......If he actually wants to contain speculative demand raise LVR from 40% to 60% if not 80% as will directly target investors without effecting FHB but instead........

DTI is under discussion for over a year and still this gentlemen has no blue print ready to discuss and finalise in weeks, if not in days......delaying tactics.......to push......

by flyer | 10th Aug 21, 1:35pm 1628559356

All this talk about interest rates rising won't make a dent at least until after next summer.

Pure economics. Demand > Supply.

Petrol prices are risen sharply over the last decade, yet we still continue to buy it, because we need it.

Electricity prices are also through the roof - do we stop using electricity? No, we just keep paying the bills however we can.

by Carlos67 | 10th Aug 21, 5:16pm 1628572612

Interest rates will make a dent, in fact they could be risen to the point it causes a total crash and burn but thats the problem there are no rises to date. Anyway only a couple of days away now to the big announcement, coincidently I have my TD coming out on the same day. I hope it gets live streamed on inteerst.co.nz I will be watching with my popcorn.

by Nifty1 | 10th Aug 21, 8:11pm 1628583079

It's still crazy out there, another typical FHB property I've seen go for 1.46mil - cv $840k. All valuation indications were max 1.2mil. Who's buying these?

by tothepoint | 10th Aug 21, 8:24pm 1628583884

Hi Nifty1

If the house is on a good piece of land, it might have gone to a developer.

Developers are busy cannibalising chunks of the traditional FHB market - especially where the land area is large/subdivisable and an existing (old) house can be trucked off.

I've been astonished to see certain properties in Palmerston North sell for way above CV - because developers are after the land. With the shortage of new houses, I imagine this tend will continue well into the future.......

TTP

by Nifty1 | 10th Aug 21, 8:51pm 1628585465

Understable - this one however couldn't be subdivided, zoned for single housing.

by flyer | 10th Aug 21, 8:47pm 1628585246

The Rodney area is taking off big time.

Prices have risen 100k (I do not kid you) over the last 3 weeks.

These include off the plan builds too.

by flyer | 10th Aug 21, 8:48pm 1628585315

This is the final 6 months of price rises in my opinion.

Then steady as she goes.

by Nifty1 | 10th Aug 21, 8:51pm 1628585502

Yeah the property I mentioned above was in Rodney

by flyer | 10th Aug 21, 9:02pm 1628586153

Yep, seems like people are preferring new builds here in Rodney.

I had a FHB offer 10k extra as a backup offer on my investment property. No dice, they missed out sadly for them as they were a week late. The price of the house? 1.45m just like your example.

by Lord Dowding | 10th Aug 21, 9:03pm 1628586203

Yeah Warkworth used to be quite a nice country town now the traffic is worse than Auckland and the prices are not far behind

by flyer | 10th Aug 21, 9:18pm 1628587089

Nowhere is safe from house hunters!!!! Lol