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Just a dozen properties a week selling under the hammer at Barfoot & Thompson's latest auctions

Property / news
Just a dozen properties a week selling under the hammer at Barfoot & Thompson's latest auctions

Things were bouncing along the bottom again at Barfoot & Thompson's latest auctions and it doesn't look like they'll get much better next week.

Auckland's biggest real estate agency marketed just 70 properties for sale by auction in the week from 16-22 July, up from 65 the previous week.

But looking ahead to next week's Orders of Sale, the numbers are likely to be down around 60 again, dashing any hopes that things might pick up after the end of the school holidays.

Of the 70 properties put on the block at the latest auctions just 12 sold under the hammer, exactly the same number as the previous week.

That edged the overall sales rate down very slightly to 17% from 18%.

Leaving aside the results of auctions where just a couple or so properties were offered, the sales rates around Auckland ranged from zero in Waitakere to 25% in the leafy central suburbs.

The table below shows the district-by-district results.

For details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the prices of those that sold, go to our Residential Auction Results page.

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61 Comments

Nice little brick & tile units appear to sell fairly easily in Auckland still. If they don't sell at the auction I have noticed they sell soon after. These types of properties are generally not over inflated and could be used as a sort of indicator of the general health of the market. A commodity that is fairly well understood, popular with FHBs, investors and downsizers or retirees.

 

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Not over inflated? 

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So a $1.2 - $1.4 mil 2 bed 1 bath dump of a shoebox is not “not over inflated”? Yeah sure. 

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Inflated but not over inflated. Those 1.2 - 1.4 mil places will be in prime locations, Herne Bay, double grammar zone...places like that. Others are going for 700- 750k, maybe less.

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A very smart way to buy in to the top suburbs

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Maybe a smarter way to get into double grammar zone, if that's what you want, is to rent out a really cheap CBD apartment (or even buy one) then just have your actual house somewhere else. Lol. Central houses overpriced.

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Yeah its a type of 'normalisation'. It's like saying we only had 95 ram raids in Auckland last month compared to 105 the month before so thats really good, problem solved........no its not!

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Not sure where you want to live my brother is in a prime position in Rothesay Bay 2 bed 1 bath probably worth in the $800's nothing wrong with it very sought after because of price and location. Ideal first home. Sure it's not brand new you have to start somewhere.

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’Ideal first home’ if you can put down 20% deposit and pay a weekly mortgage of close to $1000…

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How long does it take the average Kiwi to earn $800k?

After tax and expenses (never mind interest!), $800k represents most of a LIFETIME of earnings.    A whole friggen LIFETIME of getting out of bed every weekday morning  sitting in commuter traffic, going to some boring office somewhere.     Just to pay for a dumpy little 2 bedroom unit.

WHAT A WASTE OF A LIFE!

Crappy little 2 bed units should cost $300k, max.

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Does his unit have sea views Carlos, I hope so

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Get real it's $800k not $1.8mil. It's the North Shore bud.

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Head to Thames 

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He is mortgage   free but for some weird reason he doesn't want to move to Thames I mean who does given a choice.

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Rothesaybay is a stunning location, all the bays are... 

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That is fine, pity about the 2 bedroom unit. Maybe one day he can afford a proper one

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Beats the caravan he used to live in for years so it's all relative isn't it. I'm sure anyone currently living in a car would take it in a heartbeat. His financial position now is well above the average Kiwi.

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It reflects the mindset of many Kiwis for vested biased interest are able to justify :)

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How many have you got to offload?  

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I took an interest recently as a relative was selling one. Studying what was coming up for auction, what sold, what bids they got and what happened to the ones that were passed in was enlightening.

I have often been accused of spruiking but the truth is I generally just write about what I observe with regards to real estate.

 

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They sell because they are comparatively cheap, not because they are well priced.

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Where is TTP to spin these amazing numbers ?

 

 

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Kind of miss him. For the 🤡 comedy value.

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He is shit scared watching the horror unfolding....

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At the flea market,  advertising his properties 

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For mid-winter, the housing market is ticking over okay. Many here had predicted a crash by now - so wrong they were.......

There are signs that the market correction of the last 9 months is running out of steam.

TTP

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Haha what a load of BS. Good to have your comedy back!

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In a way he is correct as market will rise again future......that future can be 5 years or 8 years or......

Just like a property where real agent said will sell below 1.1million after trying hard for months did sold below 1.1million.....for $920K

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The used house market has indeed been very flaccid for the last nine months.  Especially for palmy penthouses.

But there is still plenty of room for downward valuation. ⤵️

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Is there actually room for a Wardrobe in a Palmy Penthouse ?

Or only room enough for a penthouse in Tim's Wardrobe ?

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LOL come on really?!

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What planet are you living on? House prices are dropping like a rock in most of the country.

 

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Incredibly difficult to see anything on the horizon that's going to get this market out of the doldrums, apart from price  reduction and inflation taming.

Inflation won't reduce without both consumer demand decreasing and unemployment increasing.

The construction and real estate economy will be hardest hit, along with anything that's discretionary or can be put off for later - hair cuts, Netflix, a 4th bedroom or a new car. 

Every sale is another person who can still borrow and buy at these interest rates leaving the market. Every non sale is a person who would like to change but can't. The price must reduce to meet the ability of the market to purchase.

The ridiculousness of $2m being an entry point into a suburb will thankfully disappear. Hopefully we can start to grow up and get past an obsession with growth rather than sustainability and some semblance of opportunity and hope for everyone.

 

 

 

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Well hair will always need cutting.  So hair dressers will feel the pinch, but watch as sales on clippers and clipper oil go through the roof.  

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Yep.

I have a beard, I used to get a trim every month but got a beard trimmer a few months back. Saving money was only one reason. The bigger reason was convenience. 

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It's even cheaper just to let it grow out.

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Yeah did that for a while, but then I got sick of my kids saying I looked like a hobo…

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I got sick of my kids saying I looked like a hobo…
 

Yeah I get the same thing from my kids, only difference is I don’t have a beard….

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Haha

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There's a lot of that going around. My wife says she won't be seen in public with me. I'm sure razer sales have crashed. Neighbour dropped in for a yak a couple of days ago and he's sporting new facial insulation too. 

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Get a safety razor. Then the blades cost about $20 every two years.

What ever you do don't hand money over to the woke loonies at Gillette.

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Can someone pay me a dollar every time someone says "woke"  on this site,  wont take long for a deposit on a Rothesay Bay dream bungalow surrounded by non woke hipsters.

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Works the same with food.  I often read "People have to eat", but if you believe the likes of DFA, the substitution to cheaper and less is underway.

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In a falling market Auctions are woftam. Why people continue to talked into them amazes me. Possibly the only value now is it brings a fully cashed and qualified buyer in order to bid.

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Agree. That is the value. Conditional buyers are a pain in the backside. All they bring to the table are their unresolved issues, which may or may not be resolved.

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In the race to the bottom,  Waitakere is bagging it 

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The auctions look rather pathetic, don’t they?

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Avoid takeaways and buy secondhand, says low-income earner who owns two houses | Stuff.co.nz
https://i.stuff.co.nz/life-style/homed/housing-affordability/129353789/…

 

Lowly truck driver on one income

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Now that's a beard.

Dunedin, the Riviera of the Antarctic.

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Gee that is a good response Rob, I know it has a serious message tho

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Except he wasn't on minimum wage - he had flatmates bolstering his income (but probably untaxed, eh?).

And this story isn't unusual for the period, or the time since.

Much easier to save a $10k deposit on a minimum wage of $10.25 (5%, 2006) vs $170k at $21.20 (20%, 2022).

Or 1000 hours of work saved vs 8500 hours.

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......these so called "success" stories are getting rarer these days. 

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Funny ey how Stuff, that woke fake-leftist platform, continues with stories spruiking housing…

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The cost in time! Great way to look at it.

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The figures are somewhat flexible - it's not exactly an apples to apples comparison.

I've conveniently ignore the issue of affordability - no FTB on today's minimum wage could afford the repayments on even an entry-level home, as the mortgage payment (at 1 year fixed, ANZ calculator today) for the example is ~875/week - or more than their gross income. And that's with the 20% deposit.

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Lowly ?? wtf

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While he bought his first home 15 years ago

Not really relevant or timely advice now is it?

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Dude has 50%+ of his mortgage paid off (assuming 25 year term), while house prices also appreciated over 15 years, and he's hailed as some genius for leveraging a deposit into a second property.  

Most people who bought a home in the last 5 - 15 years could have quite easily done the same.  We bought our first home in 2017 and by December 2021 sold it for nearly triple what we paid, we're not geniuses.  Could have instead leveraged into a second property if we really wanted to, but didn't want to.  

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I agree with you Nzdan. So many property investors think they are geniuses. In reality they were just lucky to be born at the right time. Those born in the year 2000 for example are just plain unlucky in comparison. Many of them will go overseas to work in order to get ahead. Their parents will rarely see their grandchildren in person. It’s the price we pay for being besotted with property as an investment platform. It’s a double edged sword for many. They might be very comfortable financially but their children and grandchildren will need their help to get on the ladder. We certainly need a good correction to put things right.

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Another way to flip it:

Tenant of 15 years never misses a rent payment, enables landlord to leverage a deposit into another property.  

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Consenting adults.

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