The number of residential properties being auctioned by Auckland's largest real estate agency is increasing but the sales rate is declining.
Interest.co.nz monitored 90 residential properties auctioned by Barfoot & Thompson last week (22-28 January), up 50% from the 60 properties the agency auctioned the previous week.
However the number of properties that sold at auction only increased from 25 to 34, which meant the sales rate declined from 42% in the week of 17-21 January to 38% in the week from 22-28 January.
The number of properties auctioned last week was particularly low on the North Shore and in Papakura and Franklin, with most of the action focused on properties in west Auckland, Manukau and Auckland's central suburbs.
However January's auctions are not necessarily a good indicator of what is to come in the housing market, because auctions generally require at least a two to three week marketing campaign, so there is a possibility that some potential buyers may still have been on holiday in the second half of January, which could have reduced the competition for some properties.
However activity typically builds strongly over February and peaks in March, so the next few weeks' auction results should give a more reliable indication of the state of the market.
The table below shows Barfoot & Thompson's latest auction results by district.
You can view the results of all of the auctions from throughout New Zealand that were monitored by interest.co.nz, on our Residential Auction Results page.
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33 Comments
Today is looking dreadful https://www.barfoot.co.nz/auctions-live/upcoming
"It's a buyers market" aka "please turn up and bid at auction, we need you badly"
Are you bidding today Nifty1 or do you have properties for sale.
I don't think you can read much of this weeks auctions as its really the 1st week back and people have been on holiday a lot longer so its generally pretty slow. From next week on will be interesting to watch however, there seems to be a lot of crap boxes coming on so I'm not surprised they are not selling and there isn't many good all round homes available and they should sell well. Time will tell.
NZ's two week holiday period seems to last from November until February.
Pretty sure this "holiday" period will last a lot longer than 4 months.
Is that one out of twelve sold today.wow will have talk to vendors about expectations looks like cold market for summer’s day.
Highbrook Room 2 on Tuesday at 1pm with 14 lots looked a bit grim. Only one sold and only one other even had a bid. 12 with no bids at all it would appear.
yes same with B & T central auction room at 10am today, 15 lots only 1 sold and only a few had bids, the rest didn't really appeal to me perhaps more suited to investors which don't seem to be around
Hope no one was relying on those 14 lost sales
hope no one was relying on someone relying on one of those sales
The city of sales is running at half mast.
This will be followed by fall in price, when those who have to sell, start selling at best available price ( would be much less than expectation) and set new benchmark, only this time will be new lows
B Kwik
The real CWBW alt :D
We got 'im!
Looks like the outflow from Auckland continues as the lock down has no end dates.
Prices in the rest of the country will have to catch up to Auckland fast.
Hot new money is coming to your nearest town.
Be quick!
Looks like some may have left it too late to cash up in Auckland and escape...
BE QUICK CWBW !!! .....have I gotta deal for ya ! ....so put yaself on my list an' see me later in the year for all da deetails !!
*The information provided in this comment is complete nonsense and is not intended to be a substitute for professional advice. You may seek appropriate financial advice from a qualified professional to suit your individual circumstances.
Thank you for the disclaimer Orontogosh .....you are a fine, upstanding citizen in these parts....always got to remember these honest and very authentic good folk in the real estate game need to be treated with kid gloves ...as they seem to get very upset when things don't seem to go their way ...you have a good day now, ya hear ...Sincerely CH
Yep - sure seems like there's plenty of active Auckland buyers pursuing properties outside of the city confines - whereas City sales stats seem to have fallen off a cliff, it sure is still steaming along elsewhere. This is my current experience, in a number of locations.
BE QUICK !!! .....see the hot property deals flying off the shelf at the "Surefoot" Auction House ....yee haaa !! ....just gonna saddle up and ride into town to pick meself up a bargain !
Whoa dere Crazy H ! ....don't ya know why most didn't sell !?! ....becoz dose vendors were askin' 2021 prices in 2022 condeetions !
Whoa pardner ...thanks for de info ! .....ya saved me a bundle !! ....yee haah !! .....I'll be back in around 6 months ...yee haa !
8 out of 52 or 14% sold at auction in Auckland today - BE QUICK.
Last week had mentioned, once the success rate fall below 40%...........can say process has started.....if next two weeks follow the same trend can confirm......
Got email from Rayhite - East Auckland Auction Result - Latest :
It seems were able to sell 7 properties out of 33
9 Moyrus Crescent, East Tamaki Heights
Sold $1,850,000
4 Brailsford Court, Dannemora
Passed In
8 Artesia Close, Shamrock Park
Sold $1,850,000
14 Mark Carter Place, Flat Bush
Passed In
531 Chapel Road, Dannemora
Sold $1,360,000
7 Woolaston Place, Flat Bush
Passed In
2/19 Carniew Place, Dannemora
Passed In
17 Hariata Street, Flat Bush
Passed In
8 Ifield Court, Burswood
Passed In
16 Aspatria Place, Northpark
Passed In
9 Heyington Way, Dannemora
Passed In
8D Greenhill Crescent, Pakuranga Heights
Passed In
2/55 Ennis Avenue, Pakuranga Heights
Passed In
3 & 3 A Swan Crescent, Pakuranga
Sold $1,450,000
127 Argento Avenue, Flat Bush
Passed In
15/58 Manuroa Road, Takanini
Passed In
139 Argento Avenue, Flat Bush
Passed In
44 Stellamaris Way, Northpark
Passed In
18 Galloway Crescent, Farm Cove
Passed In
51 Marriott Road, Pakuranga
Passed In
1/62 Glennandrew Drive, Half Moon Bay
Passed In
14....passed in
13/171 Pigeon Mountain Road, Half Moon Bay
Passed In
40 Mission Heights Drive, Flat Bush
Sold $1,400,000
2/57 Gibraltar Street, Howick
Passed In
10 Michael Richard Place, Dannemora
Passed In
21B Arahanga Road, Flat Bush
Passed In
53 Beechdale Crescent, Pakuranga Heights
Passed In
52 Ksenia Drive, Flat Bush
Passed In
1/17 Bain Place, Bucklands Beach
Sold $1,006,000
423/425/427/429 Bucklands Beach Road, Bucklands Beach
Passed In
1/52 Galsworthy Place, Bucklands Beach
Sold $1,310,000
65A The Parade, Bucklands Beach
Passed In
I am surprised they sold 7 would you say price’s were a same level as before December or less.
Over 25000 houses on trademe for sale and over 10000 in Auckland. I guess people will wait for a few bargains as interest rates skip higher look like the smart people have already sold over last few months.
I've heard this so many times.... "sales rates are dropping"....."prices are dropping", etc. etc. etc.
Demand is still there, and house prices will keep going up until we have strict rules on how many people can buy (max 1 house per NZ citizen). Balance the supply & demand, you will have your housing price crash.
FHB's can have a home. A home is no longer a commodity or an investment. All the rich will become middle class citizens again and will get off their high horse. Equal and common prosperity for all.
You're welcome.
Still 38% is at the higher end at auctions, now the property stock is enough there is no shortage because houses are available for sale but fewer buyers.
I can see in the next 3 to 5 months there will be a huge number of the new build going to be completed and available for sale, buyers just wait till June and you will find a better option.
Worst hit will be those tiny shoebox houses and domino effect will be catastrophic, unless RBNZ and Government bail out by going out of the way.
Wait and Watch.
Indeed. Wait a little bit and get a new insulated double glazed unit, modern systems and a warrantee, or take over a specuvestor leveraged leaker, or old dunga with non of those upgrades.
Hmmm, let me think...
Its pretty clear that an Auction is no longer the way to sell your house. The numbers going for auction are tiny in comparison for what is for sale. The numbers at auction are still not a direct reflection of the market however, at the end of the day your interested in selling prices. Clearly it still went up in January and indications are it will probably peak in February. The perfect storm could arrive in the form of a significant jump in the OCR on Feb 23rd. If the OCR doesn't take at least a 0.5% jump then expect the market to keep on trucking. At this stage its going to take a huge jump to kill the market and send house prices into a significant decline so we get back to "Sustainable" house price growth. The overshoot due to stupid low rates for to long has had prices go up 5 years worth in 1 year. Even if growth dropped to 1-2% a year now its still high.
8 Athlone road, Glendowie went to auction last night, passed in at $3M. They paid $2.6M in 2021 and only made cosmetic changes, apparently there is also work that dosn't have Code of Compliance. Thought they would have taken that.
I see it's now up for $3,125,000. I see in the advertising they've cynically photoshopped a trampoline in the back garden that must be all of three feet in diameter to make the section look much bigger than it is.
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