There was a bumper crop of residential properties brought to auction by Barfoot & Thompson last week but the sales rate only just made it past the half way mark by the barest of margins.
The agency offered 356 properties at auction last week (20-26 November) up strongly from 259 the previous week.
Of those, 179 were sold under the hammer, up from 141 the previous week.
However that means the sales rate only just scraped past the half way mark at 50.3%, with just two more properties selling under the hammer than were passed in.
The sales rates dipped below 50% at the auctions for properties in Northland, the North Shore, Waitakere and Manukau but were above 50% everywhere else (see the table below for the district-by-district results).
Barfoot's overall auction sales rate has been in a steady decline for five consecutive weeks, as shown in the figures below:
- 16-22 October 68%
- 23-29 October 67%
- 30 October - 5 November 62%
- 6-12 November 59%
- 13-19 November 54%
- 20-26 November 50%
That could suggest that the exceptionally buoyant market conditions apparent for the last few months are starting to settle down, and vendors will need to take care in making sure their price expectations are realistic.
With almost half the properties being offered at auction now being passed in, agents with good negotiation skills will be proving their worth as they attempt to close the gap between the price vendors are hoping to achieve and what buyers are prepared to pay, during post auction negotiations.
Details of all of the properties offered at the auctions monitored by interest.co.nz and the results achieved are available on our Residential Auction Results page.
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