There were fewer properties on offer at Barfoot & Thompson's latest auctions but the sales rate remained unchanged at 23%.
Auckland's biggest real estate agency offered 64 residential properties at its auctions in the week of 10-16 September, down from 73 the previous week.
Of those, 15 properties were sold under the hammer giving a sales rate of 23%, exactly the same as the previous week.
The latest results suggest that winter has not finished with the housing market yet, and anyone hoping for the traditional spring bounce in market activity will likely have to wait a bit longer.
Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the selling prices of those that sold, are available on our Residential Auction Results page.
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39 Comments
There is starting to be a spring slide with even àgents and vendors accepting that there are some tough times ahead..
With the greatest respect to b&t their auction process is the worst out of the big brands and results reflect this. Have a look at Cooper&Co on Auckland’s north shore for an example of a better operator in this space. No doubt the market is falling, and failing(!), but when the process is run properly with trained salespeople, an engaged auctioneer throughout the whole process the results reflect this
Property investor vampires are rattled as interest deductibility is being phased out. There is a lot of fear, doom and gloom coming from that "community"
Have the tables turned? The specuvultures are now the DGM's !!!!
I better change my name, don't want to be clubbed with them
The vulture DGMs have almost disappeared from this forum. Maybe no longer able to afford an internet connection, or maybe too busy rearranging their finances. Or maybe they cashed out at the right time and are now living in a tax haven paradise island somewhere.
Are you at an internet Cafe?
That the normal surge in sales at the arrival of spring is being stunted is quite telling.
With the removal of cheap drug like debt, and the loss of tax rinsing, the engines of speculation have failed. Spec land is to bloated with debt to fly, and let's face it the price drop back to yield making sence is a big one. Auction is a good test to the market price but doomed to fail with sellers still in denial.
Just wait untill DTI is introduced....
Banks attitude have already started to change with ANZ and Westpa CE sounding bearish... it's clear those thoughts are reflective from the top
More burn...
https://www.nzherald.co.nz/business/nz-economy-is-not-rolling-over-anz-…
The prophet had great wisdom.
They hated him because he told the truth.
I used to think that the Prophet was being too extreme, talking about 7% mortgages.
Now it seems that 8%+ mortgages are baked in.
7% mortgages is a certainty.
8% mortgages? I personally still think that it is pretty unlikely. The NZ housing Ponzi would implode too quickly, under such pressure. I think that the RBNZ will try and make sure that the return of NZ housing to sustainable levels will be as managed and as gradual as possible - so I see mortgage rates stabilizing around the 7% mark, and staying there for quite a while.
Given how little control the RBNZ has had over house prices on the way up....I find it very unlikely they will be able to control human irrationality/sentiment on the way down.
If they allow prices to rise by 30% in a year, then equally I can see that prices could fall 30% in a year and the RBNZ would only flinch if this caused the unemployment level to rise to an unsatisfactory level from their perspective. If a few FHB get cleaned up in the process, I don't think they would care one bit.
Watching the US housing market tank during the GFC firsthand, I learned a lesson that once prices start falling, often the Fed/central bank has to wait until the herd collectively regather themselves - regardless of how much mortgage rates drop. Mortgage rates were dropping for quite sometime before house prices turned upwards once more. Its like turning a massive merchant ship around...it doesn't happen on the spot....there's so much momentum of human emotion (fear of future losses) involved.
If they only showed such caution and care while they threw gasoline on the fire and ruined generations to come.
Right time introduce DTI but will never do....wait and see
The parasite eventually kills the host.
This is one of the best comments. Upvoted.
23% is anything but steady sales... especially when you add back the auctions that get pulled prior because there was no one registered to attend. Every agent is saying the same thing "in private", the market is DEAD.
Just 15 sold at auction in Auckland for one week with around 12000 properties for sale in on trademe that’s 0.0012%, if that rate of sale was repeated for the year 780 would be the total, so over 15 years of stock in Auckland if we only sold by auction. Be quick.
🤣🤣🤣🤣
You have to add in all the other real estate agencies. Plus non auction sales.
ACTs promise to restore interest deductibility looking like the only crash helmet available for landlords.
Gotta let them bludge off working Kiwis who'd be left paying the bulk of the taxes again.
Surely there is at least one other "hope": Open floodgates, and packing 2 immigrant families into each rental and another in the garage to put a floor under the markets until the good times return. Welcome to NZ - Aroha.
Haha!
Thinking that a change in season is going to have any effect on the housing market in the current environment is just wishful thinking.
There were many saying that if we were to ever get into our current situation with OCR/interest rates etc the economy would collapse, probably the same ones that had their fingers crossed for a spring revival.
Now what...real estate lobbyist....so called experts and independent economist.
It seems next year's election is going to be closely run. Will national actually go through with rolling back interest deductibility if they win? It feels like we've got a chance to change attitudes towards property - really hope the foot isn't taken off the throat.
Hard to see it as a vote winner isn’t it. Especially if it is bringing in some decent income by then. If labour counter nationals tax cuts for property investors and polluters with tax cuts for everyone, surely the latter would be more popular.
I'm wasting my time going to auctions. Even with the top bid they end up being passed in.
When we bought our previous house in 2019, agents kept telling us auctions were where the market was. Suddenly it's not anymore?
The poor results seen lately are obviously due to sellers not accepting where the market is today (i.e. 5 to 20% below CV depending of the region).
Is it possible that frenetic auction bidding played its part in inflating the marketplace? Ive never been in favor of vendor bidding thats for sure...So hard to figure out what price your looking at when the listing is 'to be auctioned'. Looking forward to seeing 'asking prices' reappear as the dominant in the RE marketplace again...if I had my way Auctioning RE would be banned because I believe its too easy to influence/corrupt the process. The only time I would view an auction as appropriate would be for distressed sales. Id consider Tender selling to be harder to manipulate . Waits for the scorn of the masses...lol Regardless ,I suspect there will be a return to asking prices in the adverts and I rejoice....
Time for the Commerce Commission to scrutinise auction practices . Vendor's Bid? How on earth can vendor buy his own property ??? Why announce price bids at levels at which they will never sell to a bidder??? Phony bids!!! Misrepresentations? Misleading? Perhaps a requirement that auctions should have a declared Reserve Price .This should flush out dodgy practices in current auction process.
I suppose vendor bids are really just a signal that reserve is not yet met.
The auction game does seem to be becoming more of a time waster for vendors and buyers, but nobody is forced to play.
Well to be fair, the Vendor Bids are not allowed once the reserve price is met. Phony bids are also not allowed, but imagine it's impossible to police.
In the pic, I like the look of surprise on the auctioneer's face that he caught a bid. :)
.. that's not a bid ... she's signaling to the auctioneer that she's spotted the repo men in the street hooking up & towing his Lambourghini away ...
I’m surprised he even bothered picking up the gavel.
I wonder if the B&T agents tell their new listings "You've got about a 1 in 4, or 1 in 5 chance of selling on the day. Just sign here to commit yourself to a $5k marketing package and a $40k sales fee"
Are agencies allowed to put sold stickers on their advertisement boards when in fact its the vendor has withdrawn the property? house near me been on the market since May. they were wanting far to much. offers over 1.1 million right below high voltage power lines being overlooked by 5 other houses
https://homes.co.nz/address/auckland/albany/1-11-roanoke-way/vbBN0
Said it had been withdrawn on trademe
I think 'withdrawn' on the TradeMe platform might just be when you remove the listing from TradeMe.
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