There was a big jump in Barfoot & Thompson's auction numbers last week (25 September to 1 October), with the agency taking 70 residential properties to auction.
That compares with just 16 the previous week and 18 the week before that.
The increase in auction numbers looks set to continue, with Barfoots having well over 100 properties scheduled for auction this week.
It appears that the lockdown slump in auction activity that was evident during much of September bottomed out a couple of weeks ago and activity is now well and truly heading back up.
That points to significant strength in the market for the remainder of spring, given that Auckland currently remains under Level 3 pandemic restrictions, which have had a significant impact on normal marketing activity.
The sales rate at Barfoot's auctions was an impressive 77% last week, although it has been at elevated levels throughout the lockdown periods, when there has been fewer properties being offered for sale.
The table below shows the district-by-district sales breakdown for Barfoot & Thompson's auctions last week.
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38 Comments
Houses are of poor quality, of small number, still selling over 70%
Under-supply of houses in Auckland continues to drive up selling prices.
Buyers won’t let lockdown get in the way - for fear of a further surge in prices, post-lockdown.
TTP
Until now sellers do not want to list due to the lockdown (think The Block homes), and on the other hand buyers have more time to think about possibilities and are eager to buy. Perfect storm
Building quality doesn't matter. When a 1000 square meter section is worth $2 million+, who cares about the house? Developers only care about the land and the location, while many FHB's just try to buy *anything* to not miss the gains train.
Gigantic money is being paid for tiny plots of auckland land... 5000 per sqm and more is 5 million plus for a quarter acre. I paid 9 bucks per sqm, and even that is considered expensive, for my farm property in a good location. For hundreds of acres it is cheaper than a lot of auckland homes. It is a very easy choice
Yep, I pad a little over $8/sqm for part of my rural property and even I thought I was nuts.
Location doesn't care about quality. It's land that's going up in price.
You ain't seen nothing yet.
Barfoot Thompson Overdrive?
With Labour only polling in the early 40's they will need the Green's to from a next government. This combined with a .5% interest rate rise will spook the market in about mid 2022. Not a good time to buy, hold off for another year.
donny11 - I hope no one takes any notice of your comment, look at anytime over the last 40 years, yesterday was always the best time to buy !
Shoreman - you must know the party has to end and with houses going for so much how can average paid couple buy at 10 x combined salary plus have over 200000 deposit. Would you like to be the one just buying when shit hits the fan. All it takes is interest rates to raise 1 or 2 % which will happen as governments try to and curb inflation
The party never ends. The RBNZ tree ghost and the government have deemed it so.
Very little will be done to curb inflation because its "transitory" and raising rates very much might hurt property prices which is a big no-no.
Those holding the bag simply be those working people who choose to remain in New Zealand to be taxed and exploited.
The party never ends. The RBNZ tree ghost and the government have deemed it so.
All part of their cunning plan. Dream team of Orr, Robbo, and Ms. Ardern plus their legions of smart people who advise them.
The nz property party lead by Ms Ardern will never end. She is quoted saying that nzers expect property prices to increase, her sister Teri Ardern is an REA and gave up her career of personal trainer for property, the fiance Clarke Gable is soon hosting a new reality show on Tvnz "home sweet home". The whole family is in, boots and all.
Well they clearly can otherwise there wouldn’t be any sales at these levels would there.
Says Shoreman who is only on here to pump the "status quo" to keep his "portfolio" of property increasing.....while watching over his other shoulder at anything that could "upset the apple cart" of the great NZ property express train ......all aboard to "mortgage slavery for life" ....screw that !!!
donny11 ......wash you mouth out with soap and water !!! .....even with a Government change, there is NOTHING that will stop this "high speed train of recklessness" of the NZ property market, as there is absolutely NO WILL of all those with ANY amount of "skin in the game" for any sort of change.
As I have always said, any change to this current market will be forced on the NZ market from overseas - in what ever form that may be ???
Also a local issue that could affect the Auckland market, is the build "quality" of these new townhouses etc ....I reckon we could have another round of "leaky buildings" ....went through it in the mid 2000's in the property industry - soul destroying for those property owners.
Still commanding jaw dropping amounts of money for a small peasant farm based economy like NZ and for very average looking properties, although many are being passed in...on B&T site I don't believe the above statistic table is correct - has been manipulated / inflated.
Just hope those people taking on eye watering amounts of debt don't get caught out with the pandemic and economic melt down, Aucklands ending up a town not worth living in.
Looks like the market is shifting into higher gears.
Smart money is beginning to position themselves for a windfall.
Smart money is beginning to position themselves for a windfall.
Easiest money to be ever made 'ya reckon'?
Is anyone ready for more updates from the ground?
Prices for a 170m2 4 bedroom 2 bathroom house, sitting on 220m2 land, is selling today at 1.34m, off the plan. Before this current lockdown, 1.25m. Late 2020 was selling at 1.1m. Early 2020 selling 950k.
One agent with 5 off the plans of the above sold them all in one day. And yes, all were unconditional offers.
Sounds like behavior that wouldn't have been uncommon in China until recently.
Evergrande Property Mngmnt Unit suspended trading in Hong Kong today.
Wow.
Imagine if it were in a real suburb instead of an imaginary one.
You keep thinking that in your alternate reality :)
Still can't name the suburb.
Lyer.
Gonville?
You'd be the last person on earth I would let in. You keep sitting on the sidelines still hoping for a crash... it may take a while.
Troll me, I don't mind, enjoying everytime I see my investments rise without lifting a finger. You keep typing while investers keep winning.
Dont play stupid mystery games flyer, inform the interest.co community
https://www.propertyvalue.co.nz/auckland/north-shore-city/hillcrest-062…
This 2 bedroom unit with RV 800k went a pre auction as the vendor accepted 1.1 M.
Today it was sold after 30 bids at 1.349 M at Barfoot auction.
It would have to wait long negotiations if it were sold before this crazy house boom.
that's crazy, although understandable once you realise it has a 'sea view' and with the sleepout/study, well that easily makes it four bedrooms!
this is milford/takapuna pricing from 12 months ago, but without any benefits of the beach and dual westlake zoning
top end of the market is exploding ^ from off shore demand frenzy. its crazy
Tis similar to what I heard around the water cooler and on Facebook
The foreign buyer ban probably stopped Chinese sounding surnames gobbling up $800K renters in Torbay (now $1.3m renters) but the high end has access to just about anything it sets its sights on
The pain continues to mount for Ardern. Prepare for a drop in polls.
House prices exploding, COVID cases increasing, vaccination rates slowing, hospo out of business, child poverty unchanged...
And she can’t manage an interview with anyone that questions her resorting to the behaviour of a teenage girl.
This mornings one with Ryan Bridge was a petulant disgrace.
I'm no fangirl of Jacinda, but I thought she did fine there.
Ardern "Im trying to answer your questions Ryan"
Quote by Ronald Reagan: “If you're explaining, you're losing.”
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