Auction activity continued to bounce along the bottom at Barfoot & Thompson's latest auctions with fewer properties on offer but a slight improvement in the sales rate.
Auckland's biggest real estate agency offered 67 residential properties at auction in the week from 13-19 August, down from 83 the previous week.
Of those, 18 were sold under the hammer, giving an overall sales rate of 27%, up from 20% the previous week.
The highest sales rate of 47% was for properties on the North Shore while none of the auctioned properties from Rodney, Papakura or Franklin was sold under the hammer.
The table below shows Barfoot's district-by-district results, while details of the individual properties offered at the auctions from throughout the country that were monitored by interest.co.nz, including the selling prices of the properties that sold, are available on our Residential Auction Results page.
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69 Comments
Was at an auction the other day, and the house had stuff inside. What if it had suitcases? "As is where is" has its disadvantages.
You think it is OK to joke about that? You're sick.
Too soon? Tee obviously hasn't experienced any great grief in their life to elicit empathy for the suffering of unknown people. It's not Tee's fault, in fact it is an advantage in many ways. It's what I kind of love about humans. I've noticed the English are quite prone to this.
I didn't even know that you could buy storage unit contents .... like they do on those US reality TV shows ... we live & learn ...
Yeah it's a bit soon to joke about. Not sure I'd travel that far so quickly after the event.
Less sellers, and still less buyers. No surprises.
Housing market tumbling down 18 sold, each week more bad news for market, crash is in full swing rates and inflation climbing NZD sinking.
Indicators (and sentiment) suggest that the housing market correction could bottom out sooner than certain people here have been anticipating.
Note that in the top Auckland inner-city suburbs (including Ponsonby, Freemans Bay, St Marys Bay) good family dwellings are still setting price records - despite all the doom and gloom chat.
Let's wait and see what happens in 2023.......
TTP
Happy to wait. Landlord is losing ten grand a week. Forty grand a month. Rent isn't rising. See you in 2023.
Toodle Toodle Pip.
What indicators?
The ones he made up in his head
Wow. You have learnt to spell "correction". Six months ago you were in denial that it was a word.
Easily confused with erection, in denial hasn't seen either in sex months.
Ahh yes, no doubt a soft landing. Mmm feel it, so soft!
We are landing soon aren't we....???
Can't wait for soft landing good on ya TTP caring about normal people, another 5 to 10 years of dropping, then house prices keeping relative to income, affordable housing for the young and average income earners. What's not to like about that.
DTI of 3 to 1 great 👍.
So we have a RBNZ Governor now publicly saying that "we" had warned people many times about potentially over paying for property, but this same person and his organisation are the ones solely responsible for pushing interest rates to near zero which was always going to encourage exactly that behaviour???
Absolutely insane.
The guy is just so unbelievably bad.
The rates were dropped to emergency levels because of pandemic people thought they would take advantage of cheap money pushing house price’s sky high now the pendulum has turned we will see many of these individuals in huge financial troubles as deposits are lost and negative equity awaits.
I'm not aware of the RBNZ making any strong statements about the risk of over paying for property. They certainly should have. They should have had one of those broadcast messages that pop up on everyone's phones.
Yes they did. At least two that I can remember.
Really we should be thanking those that loaded up. Taking it for the team in order to get us through the pandemic. Thank you for your public service etc..
"plausible outcome" was mentioned at some point.
It was there. Just drowned out by the constant full page spreads in the herald..
I can recall going back to Don Brash's days, the RBNZ consistently warning people about the one way bet mentality of housing investment. That their warnings were made against meteoric price rises meant that they were ignored. But a lack of explicit mechanisms to arrest housing speculation until recently and then the baffling relaxation of them in 2020 is all on them.
You've genuinely got to wonder at this point if he has a full deck.
The same guy that said if savers don’t like crap savings rates go out and invest in riskier assets.
You wait what happens next. Everyone out there hoping that we will get another bull run and back to BAU prices of 2021.
As soon as it bottoms out they will whack in those DTI ratios...
You wait what happens next. Everyone out there hoping that we will get another bull run and back to BAU prices of 2021.
As soon as it bottoms out they will whack in those DTI ratios...
DTI is essential. Save the leveraged speculators from themselves.
Orr’s assertions have no credibility. Insane and at the financial helm of our country.
More shady business dealings in property https://www.nzherald.co.nz/nz/duped-first-home-buyers-awarded-900000-in…
Good to see justice has been done there. I hope that couple get their money. Yet there were so many warning signs there that you or I would never have fallen for. The level of trust in our society is diminishing daily unfortunately. Stay alert and be very suspicious of people who tell you they are your friends in a business transaction.
Yep. Heaps of shady business practices out there, and unfortunately there are so many naive people to be taken advantage of. And will only increase as economic circumstances get more trying.
Another dodgy property deceiver receiving awards from the Governor General - just like TTP with his ONZM…while also being involved in deceptive trade practises…
Are you sure that TTP has an ONZM? Has he actually said it, or more like it you are making it up.
Pretty sure he’s Tim Morduant (who I holds the ONZM) from property brokers…and on a post last week he signed of after gloating with;
TTP (ONZM)
He’s either completely pulling the piss, or is behaving like a law breaker who likes to leave evidence behind so he knows he might get caught. Enjoys the thrill of the chase etc
Oh and he also used to sign off as Tim, not TTP. And be obsessed with Palmerston North property.
So if you know any other Tim’s from Palmerston North who are obsessed with property and have the ONZM, sing out.
Show us exactly where TTP has indicated that he's been honoured with "ONZM".
Put up a link so we know you're telling the truth.
C'mon, let's see your evidence...... or is this more DGM bullshit?
TTP
Hahaha you never disappoint with the comedy you provide us!
Well, is a poster not allowed to defend him/herself and ask for evidence, when claims are made against him/her?
C'mon, Independent_Observer, I'm calling you out.
Show us your evidence, re ONZM.
TTP
well he is "pretty sure" about it... in his mind the mere assertion is enough. maybe IO is pretty sure that he won the lotto draw last week despite not having bought a ticket
Don't feed the trollthepoint......
It appears that Independent_Observer has vaporised.......
His bulls--t combusted and she/he went off with a poof.
Clearly none of her/his DGM mates were able to rescue her/him. ☹️
TTP
Tims PB profile opening quote is "Tim Morduant (ONZM)" . What exactly is the issue here?
Nailed it. Tim is just a troll scared his sacred cow is being sent to the meat works. Any one who thinks the current situation is great and increases are a good thing is at best, a tool, and at worst a sad narcissist who thinks of nothing other than themselves.
https://www.propertybrokers.co.nz/salesperson/tim-mordaunt
'Tim Mordaunt, (ONZM) is founder and principal of Property Brokers. He has seen the company grow from one office in Palmerston North to New Zealand’s number one provincial real estate company. He is a Registered Public Valuer, MREINZ, board member of New Zealand Realtors Network and has held various industry leading roles over the years.'
A busy man but still finds Time To Provoke
QUESTION: Where does TTP say he is "ONZM"?
Still waiting to see your evidence.......
The DGM bandits have dug themselves in Donkey-deep.
TTP
💩4️⃣🧠
What do you think of the raging intellectual ... amokk.
Sorry TTP, I swear I also saw a post from you in the last week or so where you signed off TTP ONZM.
I'll try searching for it again. Is it possible to view edit histories of comments on this forum?
Still waiting, Slapheid.......
TTP
The highest sales rate of 47% was for properties on the North Shore
It's showing as 20% on the graph?
maybe TTP has a side-hustle as a sub-ed?
Perusing Barfoot's auction results this week hasn't revealed anything out of the ordinary or any spectacular bargains. Some people still getting some good prices considering market conditions. Some passed in with bids that I would have sold for. No sign of desperate sales.
This one caught my attention.
https://www.barfoot.co.nz/property/residential/manukau-city/bucklands-b…
Sold in January this year for 1025k. Looks like it has been renovated but only got 1050k at auction this week. The vendors would appear to have taken a haircut with that flip. I guess you can't win them all in this business.
Depending upon what narrative, one wants to highlight, data can be read and put accordingly .
Reality is market is going from bad to worse and now even banks are forecasting a 20% fall (though still not saying crash, which it is, if it is 20% fall).
Agree some, hardly any but few are still selling at decent price but majority are not selling or selling to meet the market - low end.
It sounds like the banks, and guys like Tony Alexander, are doing market commentary and not market forecasting.
The bottom? That's a big call. Lots of businesses right now are experiencing a large contraction in demand and are hoping to God it isn't more permanent.
Yep some professional consultancies I work with are saying the work is starting to dry up.
Hard to believe projections such as those issued by the BNZ the other day that unemployment will peak at 3.9%…
Which sectors are you seeing a large contraction in demand stefanblaise?
Construction and real estate, finance, startups, other free money junkies, and established smbs generally. Long government money, beer, and brothels.
retired poppy is asking Mary Holm for financial advice
Mary Holm: I have $50,000 in cash - should I pay down mortgage or invest?
https://www.nzherald.co.nz/business/mary-holm-i-have-50000-in-cash-shou…
Our grandparents would have absolutely paid down debt.
Their boomer children would however leverage to the max gambling on ever increasing housing debt and inflation. That this is ultimately at the expense of their children's future seems irrelevant
Those grandchildren would need massive deposit support to join the debt/price race, or exit the NZ economy for overseas.
Quite a swing.
If you read the 4th turning, the authors have the theory that each generation is the dark side personality traits of their parents. So the behaviour of boomers perhaps shouldn’t be a surprise. Equally millennials may turn out like their greatest generation parents after witnessing this period of greed and stupidity.
"Fewer properties on offer but sales rate up at Barfoot & Thompson's latest auctions"
Fewer properties as it is mostly those vendors, who are ready to sell at non premium price are opting but sell results are low as are not even able to get decent offer as per them and only those who are ready to sell to what market is offering are selling.
It reflects the condition of the market. Their are heaps of properties in the market that have been listed over months and are not selling even though vendors are dropping the price but problem is that vendors are dropping the price but dropping slowly, not realizing that every month, if not every week, selling price is going down. What was fetching 1.1 million last month (wanted over 1.1 Million) , may be worth 1 million today and now they want 1.1 million or near around.
One property that had eye when came to market in June had expectation between 1.3 Million to 1.4 Million but July Auction had no bidder so agent was inviting offer over million and think they got an offer just over million but vendor did not sell and is now listed for 1.2 million for over a month or two with all offer coming in 900s or near million. Hard for many vendors to accept the reality. Real estate agent also seems to be frustrated with vendors rigidness though the property has to be sold but real estate agent is confused, how, if vendor is not flexible.
Agent fear is that if after a month, even if vendor does say to sell at million, it may be too late as market may have fallen further - Opposite of last year where was rising every month and was easy for real estate agent to sell much above appraisal.
27% clearance rate. Housing market on the up! FOMO is back, don't miss out!
TTP
This is the harm your spruiking does TTP https://www.stuff.co.nz/business/property/129611585/first-home-buyers-i…
We ain't seen nothing yet.
Baby, baby, baby you ain't seen n-n-nothin' yet
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