Fewer properties were on offer at Barfoot & Thompson's latest residential auctions, but the sales rate was unchanged from the previous week.
The real estate agency, which is the biggest in Auckland, took 118 residential properties to auction in the week of 28 May to 3 June, down from 128 the previous week.
Of the 118 properties offered at the latest auctions, 21 sold under the hammer, giving an overall sales rate of 18%.
That was barely changed from 19% the previous week.
Most of the properties offered were in Auckland's core districts of North Shore, Waitakere, the Central isthmus suburbs and Manukau, with very little on offer in the outer fringe districts of Rodney, Papakura and Franklin.
Within the core districts the sales rates ranged from just 11% in the leafy central suburbs to 58% on the North Shore.
The table below gives the full district-by-district 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.
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61 Comments
Come on OneRoof correct your property value estimates, they are a joke and everyone is laughing at you!
'Bidding Frenzy' was part of the title of yesterday's lead story
At this rate OneRoof will be doing a story on every auction
I love it how the trend is tacking down for the previous 3 or 4 months, then always shoots back up for the current (incomplete) month... Until the actual data comes in...
Been tracking a few houses in Wellington lately.
https://www.oneroof.co.nz/94-sutherland-road-melrose-wellington-city-we…
OneRoof estimate $1.015-1.37 mil. Didn't sell at tender for BEO $835k. Estimates might need updating...
It'll be interesting to see what it eventually sells for, looks like it was 540k in 09, so it might only make a realistic gain.
so it might only make a realistic gain.
And therein lies the problem, we should be happy with a "realistic gain" but we have come to expect more, much much more.
What's wrong with the property though, suspect there's more to it?
One roof is bang on the money for my place at present based on what is selling around me. Still wouldn't sell for that though if someone knocked on my door tomorrow. Location starts to become hard to replace.
Do you think you will need a fast shutter speed to capture that 'bang on the money for my place at present' moment ... ??
Some useful info on that website based on actual sales. Places here still selling at almost 10% over the RV.
The housing ponzi rocket has no fuel left, so gravity can finally apply. Sellers heads are still in the clouds, and probably wont change until they see the ground rushing up. 30000 agents left the game during the GFC. How many this time....
Looks like there's abit of fuel left on the Northshore...
Clutching at straws is a favourite past time of mine as well.....
At least one of the big agents here on the shore is quietly changing auctions to other methods if there's no interest. So watch the numbers and not the rate.
Makes sense, if auctions aren't working why would you persist with it? The North Shore seems to be outperforming other areas in Auckland, maybe less shootings is attracting people...
And then there was this: Police received reports that a house in Beach Haven had been shot at about 5.30am on Saturday, Waitematā district commander superintendent Naila Hassan said.
https://www.stuff.co.nz/national/crime/300605872/i-was-frozen-in-my-bed…
Well its totally pointless going to auction if you have no registered bidders the day of the auction so you would pull the property anyway.
Sure. Just be aware that you're talking about sales/auctions called, not sales/auctions marketed. The difference would be substantial in a softening market.
Yes until their vendors get real (list at least 10% below nov 2021 highs) then agents will have very little or no income. Auctions are dead, look at those Manukau numbers. 10% drice drop from nov 21 highs is now best case scenario, highly likely the drop will be 10 to 18 %. Oz expecting 10 to 20% drop now. The big correction is finally here, wont be saved by QE this time Im afraid.
Quite a few have left useful professions like teaching or nursing to become REA, a reverse flow would be a good thing for NZ.
Do you want to be nursed or have your kids taught by a real estate agent?
Exactly and the government knows this. I looked up an agent last year and could not believe the number of agents at this suburban branch, must have been about 40 of them. But working by yourself with a cellphone and car is much easier than working in a school or hospital !!
Aucklanders really believe that house prices will bounce from here amidst the lack of building supplies so no new dwellings are being built. I even have a workmate whose prowling through East Tamaki open houses at present and keen to pull the trigger if prices come down just a nudge more. House prices to go lift off.
Someone should sit the poor guy down and explain to him that the OCR just went up 700%, and is expected to double again by mid next year.
I know a couple of RE agents in Auckland. From what both of them have told me, in their experience at least, there is no sugar coating it. Things have changed massively and for them the future is looking quite dire with everything pointing to a continuation of the downhill slide.
I would believe them before I believe any property spruiker thinking only of themselves.
Hopefully they put plenty of money away when the going was good.
A minimum 50% price correction from the all time highs from here. RBNZ will have no choice with the incoming global energy and food crunch, they have to smash demand to contain CPI, rates will keep going up. Good-bye credit cycle, hello economic cycle.
That'll be the Soft Landing that Te Tee Pee is forever repeating
Yes looking at the US employment data today the next 2 US rates rises will both be 50 points guaranteed, they will also be re thinking a 75 point rise after today.
Good. My paper napkin figures estimate 0.5% rise means 10% reduction in borrowing capacity which theoretically should flow through in asset prices.
A friend brought a property one month back above RV, now he is worried and asking, is there a possibility that the price will fall 20 to 30% and answering also that it's never happened in the history of the NZ property market.
Another friend bought his second home to upscale in March and thought the first home will be sold in this hot market and now he is not able to find a buyer at his expected price. Now he is in a kind of a distress
Seems there is a pattern and the property Jenga is very much unsustainable, some of the floors need to demolish.
there is a technical term for being in your friends position........
Missionary?
Friend 1 - yes it could drop in value & it could also increase in value. Ignore the price and concentrate on living in the property & meeting repayments.
Friend 2 - you made the new purchase on the condition of selling your property right? If not, you're an idiot mate...
"and answering also that it's never happened in the history of the NZ property market."
... Someone doesn't know there NZ history, prices most definitely have corrected ~20%+ on more than one occasion. Most notable the 70s when prices ran up for half a decade, only to end the decade basically where they started
Forget these numbers, the market is strong...just watch this video as confirmation https://youtu.be/OvfyAb-4K5o
Embarassing.
I actually think Peter Thompson is the best commentator of the agents. Note he says the vendors need to be realistic about their price. I agree with him that now is a good time to sell, because some buyers are still paying only 5 or 6% below the nov 21 highs. So he is right, in 6 months time when the 1 yr mortgage is 5.5%, you wont get that.
In a falling market the first offer is often the best offer SELL SELL SELL
Kiwis have never really seen a decent fall in prices... I lived in Perth when it reached market peak and mayhem in 2012 then it declined around 5% a year to end about 30% down end of 2019.
Nobody died though and plenty of money still got spent in the economy as there was no need to put it all into housing since there was plenty to go around...
I imagine governments wouldn't want the wild property price swings either, imagine lets say 50% of your workforce being able to retire 20 years early because their house went up a million odd bucks and they cashed out.
That's a good point about governments not wanting wild property swings. I guess things are clearer in retrospect but it should have been communicated more clearly that super low interest rates were an aberration and meant for stimulating the economy rather than for people to load up on debt unnecessarily. It should have been used to assist with paying down debt. If people then ignored the warning then there's nothing to feel guilty about. How hard would it have been for the government to advise that interest rates could well go up in the future and for people to plan accordingly? Or was it assumed that this was just common sense?
Don’t forget the economists and government supporters who wanted the government to load up on debt for infrastructure because borrowing costs were so low. It wasn’t just property buyers.
It seemed super apparent that low interest rates and looser lending in 2020 were temporary and due to the pandemic.
I actually tend to think that along with the cheap money was the psychological relief felt by the populace that covid didn't affect NZ anywhere near as severely as first estimated. An extra dose of optimism.
At the current rate, more than 4,000 people will die with COVID before Christmas. The media is strangely silent. Inconvenient facts.
4k more orin total since star?
Just listening to Ashley Church talking about the housing market and.......wow! I can't believe a guy can basically dish out financial advice along the lines of "Property will double every 10 years", "The property market will not crash", "We have seen this before, the market will turn back very soon" blah blah blah.
I imagine at some point in the near future people like this will disappear from radio, media and go very quiet.
Dangerous words.
You so right. Church is a criminal I reckon
People like Ashley Church, Michael Baker, Mike Hosking etc are only in the positions they have because they're guaranteed to say what the people paying them want to hear.
Not sure if he is right or wrong at this point but wouldn't be slanging him off. If he turns out to be right then perhaps over 50% of the people on here should crawl away and never return.
My point is the bias nature of his commentary. Some very good genuine questions were put to him but his answers were always ambiguous and subjective. I have no problem with that per se other than the fact that he dished it out as financial advice when in fact it is purely his opinion based on his own personal situation and agenda. He should at least have a disclaimer in there somewhere.
Is the single auction in Northland, sold at below RV, representative of 100% sold?
So many stats, REINZ, CoreLogic, One Roof, TradeMe......boggles the mind.
REINZ HPI (not median sales price) is the only one that matters. The rest lag the market by 2-3 months
The best canary in the coalmine is the auctions. You can Livestream them without leaving home. This is by far and away the best indicator for your area and you see the sale price on the spot. It's been very grim watching of late down here in Tauranga.
That's true, and I have also watched auctions, both at the height of the market when I used to work in Auckland and would go and eat lunch at the back of the B&T auctions and recently. And the contract couldn't be starker. From people fighting to be the first bid, to the auctioneer passing in the property almost immediately because he/she knows that no-ones interested. But they'll always say something like
I'll pass that back to Sarah who will have that sold in no time, no doubt." Tui.
Indeed. Same as the GFC. Except this time we are more inflated and there is less room to lower rates in panic. The proverbial rock and a hard place. The vested interest still dont quite get it. No one can qualify for funding, and that gap will only get worse as interest rates increase.
The only way to parachute the ponzi is opening up immigration and foreign ownership speculation and unwinding the anti speculation policies (tax rinsing etc). This would bail out the high risk 8% with most of the debt at the expense of everyone else getting hammered with more inflation.
According the next election is critical to the future of NZ. Vote Nat for more foreign debt enslavement, or vote something else...
Exactly Luxon is already looking like the same old same old post Bolger National of tax cuts fat at the high end, too much immigration, suppressing the minimum wage, removing any form of taxation on housing investment, cutting public spending. Add to that David Seymour. No thanks. Others will say the Rockstar economy is back........
By election in Tauranga and National has like 70% support for a guy nobody's heard of. Better support than Simon ever had. If that's anything to go by the labour party are toast.
If that's anything to go by - we are toast
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