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The move to online-only auctions during lockdown isn't deterring buyers with a 69% sales rate at Barfoot & Thompson's auctions last week

The move to online-only auctions during lockdown isn't deterring buyers with a 69% sales rate at Barfoot & Thompson's auctions last week

Most real estate agencies continued to conduct property auctions last week although they were conducted entirely online because of the Level 4 lockdown restrictions.

Although the move to Level 4 saw many vendors postpone scheduled auctions, online bidding was brisk on those properties that did go under the hammer.

Most agencies introduced online auctions after the country first went into Level 4 lockdown last year, which minimised disruption to scheduled auction activity this time around.

However there are still strict restrictions around some activities such as face-to-face meetings and open homes, and agency branch offices remain closed.

At Auckland's largest real estate agency, Barfoot & Thompson, 123 residential properties were auctioned online last week (14-20 August), down from 164 the previous week.

Potential buyers did not appear to be deterred by the online-only format and sales were achieved on 85 properties last week compared with 101 the week before that.

That meant the overall sales rate increased to 69% last week compared to 62% the previous week.

There was good bidding on properties throughout Auckland, with the sales rates ranging from 58% for properties in Manukau to 89% in Rodney (see the table below for the district-by-district sales 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.

The comment stream on this story is now closed.

Barfoot & Thompson Residential Auction Results
14 - 20 August 2021
  District Sold Not Sold Total % Sold
  Rodney 8 1 9 89%
  North Shore 12 7 19 63%
  Waitakere 17 8 25 68%
  Central Auckland 18 3 21 86%
  Manukau 22 16 38 58%
  Papakura 4 1 5 80%
  Franklin 4 2 6 67%
  Total 85 38 123 69%
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27 Comments

Housing market remains resilient.

TTP

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Certainly seems to have immunity to Covid. :)

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The first week of lockdown will never make a difference, you guys can repeat all your buzzwords as much as you want, but truth is that if someone has already done his/her due diligence they won't stop participating in an auction just because it's been moved online, so do not get ahead of yourselves, "resilience" will be tested after at least couple of weekends without open homes.

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TTP - I wonder how RP is these days, I'm sure he is loving the house price inflation and dismal TD rates !!
Perhaps he might enlighten us of his views ?

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You guys keep bullying him even when he hasn't commented in a year or two. And you wonder why he's not commenting anymore.
Get a life.

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I think the biggest threat to the housing market at current price levels, is that we run out of mortgage qualified buyers, everyone who can buy at this price point, have.

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New CVs coming out in Auckland in October. Plenty more leverage to add on!

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Wellington too.

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I agree in part, the rise has been so rapid its caused a hole in FHB new mortgage lending. Everyone who could has stretched themselves to the limit to get on the ladder and the ladder has now been pulled out of reach.

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Of course, there is no more 'smashed avo' to spend on. Might as well use that money towards assets like buying a house.

Congrats Labor, you did it again!

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This week will tell us if elimination is possible, or we go down the Ozzie and SG track where they ramp up vaccinations and live with COVID.

I suspect, at this point in this, our elimination strategy is doomed.

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Aussie? You mean NSW route

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69% sales rate... Noooooiiiice!

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Mainfreight up $6.89 today enjoying a return of 125% since purchase...no gutters to clean as well

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With 35 new community cases announced today, this will likely mean at least another 2 weeks of level 4 lockdown in Auckland.

House prices will just keep on truckin' along especially in Auckland. It feels almost criminal for investors like myself to be benefitting from COVID. But I guess it's people pushing up the demand and hence the prices.

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You are underestimating how long we are going to be in lockdown. Significantly.

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I did say at least.

Either way, hope this government is smart enough to change strategy if elimination doesn't work.

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I'm going to call it, elimination is not possible. Auckland will remain in level 4 for at least 2 weeks more while they ramp up the vaccinations. Lockdowns will be regional, no point in keeping us in level 4 in BOP so its level 3 for us. Stop everyone traveling out of Auckland and Wellington.

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Plebeians, stand in awe before the gates of Spring!

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Sir, yes sir!

I smell... increasing mortgage debt in the air.

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We are not worthy!

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There is still lot of space considering loose fiscal policies, it will definitely another 15% increase in price by March next year.
If the market is super buoyant in lock down, than imagine what will happen once summer comes without lock-down.
Thanks to labour & RBNZ, for working tirelessly to make it possible they are doing great job.

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Well take a look at the auction results posted now and you'll see nothing will stop house prices.

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Agree. Market is touching new height and it will keep on as has support from Jacinda and Orr's.

A House purchased last year in January for 935000 went for 1.7 million (not for land/section).

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Googling; How do I ‘short’ the Auckland housing market? Not working any help

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You borrow someone's house, sell it, buy it back in one year, give back the borrowed house and bank your margin.
Simple.

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You cannot find it because it doesn't exist. All the money to be made is in house flipping. Buy a second house, something just about anything and do a bit of tidy up work, leave it empty and sell it again in 12 months and make over $100K. Even smarter buy something off the plans, do absolutely no work and sell it when its completed for $100K plus profit. The more money you put in up front the bigger the profit. Simple.

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