Slow but steady increase in activity at Barfoot & Thompson's auctions

Property / news

The number of properties offered at Barfoot & Thompson's auctions and the number selling under the hammer, are slowly rising

1st Oct 22, 6:33am by Greg Ninness

Activity in Barfoot & Thompson's auction rooms continues to slowly but steadily increase.

The agency, which is the biggest in the Auckland market, auctioned 90 residential properties at its latest auctions (24-30 September). That's up from 86 the previous week and 73 the week before that.

The number of sales is also on the up, with 31 properties selling under the hammer at the latest auctions, up from 27 the previous week. That pushed the overall sales rate to 34%, up from 31%.

So although the number of properties being offered at auction and the number selling at auction both remain low, there appears to be gradual improvement taking place as we continue into spring.

Individual details of all of the properties offered at the auctions monitored by interest.co.nz, including the prices of those that sold, are available on our Residential Auction Results page.

The comment stream on this story is now closed.

Barfoot & Thompson Residential Auction Results
24 - 30 September 2022
District	Sold	Total	% Sold
Northland	0	1	0
Rodney	0	2	0
North Shore	1	11	9%
Waitakere	4	14	29%
Central suburbs	13	30	43%
Manukau	8	21	38%
Papakura	1	2	50%
Franklin	4	9	44%
Total	31	90	34%

You can have articles like this delivered directly to your inbox via our free Property Newsletter. We send it out 3-5 times a week with all of our property-related news, including auction results, interest rate movements and market commentary and analysis. To start receiving them, register here (it's free) and when approved you can select any of our free email newsletters.

We welcome your comments below. If you are not already registered, please register to comment

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.

87 Comments

by Brock Landers | 1st Oct 22, 7:28am 1664562506

Auctions in their current form are truly awful. It's a huge improvement to have price negotiation or heaven forbid a listed asking price.

by HW2 | 1st Oct 22, 7:33am 1664562794

Have you been at the auctions as a bidder Brock. What dont you like about them?

by Brock Landers | 1st Oct 22, 7:43am 1664563415

The games and lies with reserve prices and the very high costs of reports and inspections and bank valuations.

It's a racket.

by HW2 | 1st Oct 22, 7:50am 1664563831

Limit the number of auctions you attend by not being the underbidder / bridesmaid

by Brock Landers | 1st Oct 22, 8:33am 1664566414

Agents deliberately mislead buyers about price expectations and spring a much higher reserve price on auction day after bidders have wasted a huge amount on due diligence and overheads.

Seen it time and time again. It's standard practice for the crooked real estate industry. As a consequence many buyers won't waste their time with any vendor selling by auction.

Somebody ought to tell Jacinda that auctions are free speech. They'll be gone by lunchtime.

by HW2 | 1st Oct 22, 8:21am 1664565683

Maybe you are still thinking lowball. Try that with tenders or properties that have been on the market for ages. And dare I mention the 4 Ds

Btw it is the REAA that you should be complaining to if there is any malpractice

by Brock Landers | 1st Oct 22, 8:24am 1664565849

It's not about me.

by HW2 | 1st Oct 22, 9:16am 1664568984

If you dont like the game, play it your way or don't participate at all. If you are the lucky buyer then pay for a valuation and builders report afterwards. Arrange pre auction that you can have access and also arrange longer settlement. Ask for extra six months and work back. There is a lot of DD you can do yourself or with a mate that won't cost you anything. But just make sure that your arse is covered before each bid so that you have a ten percent deposit handy. Only bid to your bank pre-approval.

by Beanie | 1st Oct 22, 9:24am 1664569476

This is news to me HW2 that you can arrange for your bids to be conditional on satisfactory due diligence reports afterwards. Thanks.

by HW2 | 1st Oct 22, 9:25am 1664569537

Ahem... where did I say that. Get real boyo

by Beanie | 1st Oct 22, 9:44am 1664570660

Wtf did you say then?

by HW2 | 1st Oct 22, 9:52am 1664571151

Lol classic.

by Slapheid | 1st Oct 22, 9:53am 1664571202

Why would you bother getting a valuation and builders report after purchase at auction?

by Beanie | 1st Oct 22, 10:08am 1664572113

He's not making sense. Not sure if he has had another stroke or the antifreeze his kids stir into his soup is taking effect.

by Brock Landers | 1st Oct 22, 10:14am 1664572446

He is suggesting that one takes on the risks of winging it and hoping the valuation and reports and bank come back favourably after you've gone unconditional on the lemon.

Which works... Until it doesn't.

by Brock Landers | 1st Oct 22, 9:32am 1664569922

That's what I said at the outset. Many buyers now won't play at all because auctions are a crooked and rigged game.

It's now showing in the lousy auction figures.

What's the point of paying for a builders report AFTER you go unconditional? Hey surprise it's falling apart and leaking?

Banks want a valuation from one of their valuers, if you overbid you've got problems.

by HW2 | 1st Oct 22, 9:43am 1664570590

It is not a new problem mate... buyers been complaining about it for literally years. You are going to find problems with most or all of the sales methods, have you tried tenders.

I personally like the auction process in a rising market. Its a bit fairer and allows you 4 weeks or so to check out.

by Brock Landers | 1st Oct 22, 9:51am 1664571114

I think it could be easily resolved with the vendors forced to disclose a reserve price a week or two out from the auction.

Then it's transparent and fair.

You'd think we were in mainland China with what passes for business practices in the real estate industry.

by HW2 | 1st Oct 22, 9:50am 1664571018

Suggest that ... to someone else, you are wasting your time telling me.

by Brock Landers | 1st Oct 22, 9:54am 1664571247

That's true.

But it's a public discussion board.

by HW2 | 1st Oct 22, 10:13am 1664572417

Woop de doo. Do you think people with clout from the Reaa or Mbie or Opm (PM office) trawl these pages waiting for anonymous people to reveal their light bulb moment to the hungry millions. Oh wait, there is Phil Twyford I forgot to mention

by Brock Landers | 1st Oct 22, 10:15am 1664572518

Not taken your meds this morning sunshine?

by HW2 | 1st Oct 22, 10:18am 1664572701

Classic

You can always tell when your opponent is out

Like Kelvin Davis whose days are numbered.

by Brock Landers | 1st Oct 22, 10:18am 1664572739

Opponent? Were you arguing a point somewhere?

by rastus1 | 1st Oct 22, 1:06pm 1664582792

People like me trawl through and brock has just giving me a few more reasons not to go near auctions.

by HW2 | 1st Oct 22, 3:40pm 1664592018

You're in the market 🤝

by Juzz | 1st Oct 22, 8:32pm 1664609534

Go to an auction and sit back and watch how the agents interact with each other, its disgusting. Never will I buy at auction

by Pa1nter | 1st Oct 22, 10:03am 1664571801

By this rationale, do you insist any retailer or manufacturer makes their costs transparent?

by Brock Landers | 1st Oct 22, 10:10am 1664572227

Costs. No.

Prices absolutely. In fact, retailers are well regulated with what they can and can't do with pricing.

Even your mum has an advertised price Pa1nter.

by HW2 | 1st Oct 22, 10:15am 1664572539

Brock you are a munter with that foul mouthed comment

by Brock Landers | 1st Oct 22, 10:16am 1664572617

Birds?

by HW2 | 1st Oct 22, 10:19am 1664572797

2 of them

by Brock Landers | 1st Oct 22, 10:21am 1664572866

Fowl play.

by Pa1nter | 1st Oct 22, 11:04am 1664575471

Yeesh, get some self-control there chief.

by Pa1nter | 1st Oct 22, 9:46am 1664570771

If you were going to auctions as a buyer in a depressed market, you'd probably think they were the greatest thing ever.

by NZGecko | 1st Oct 22, 9:44am 1664570677

Yes many agents are crooks......or lets say they create sales stories......who pretend to be helping both parties and telling each side a bunch of lies - they JUST WANT TURNOVER and to GET PAID. Nothing more nothing less.

Agents who I first talk with, to try tell me the pricing drops are "not much" "the negativity is all just media driven" (who think I am the average Kiwi- who knows nothing of the terrible macro economics facing the world) .......... they quickly switch tack and have nothing further to add, after I remind them of the massive monetary/fiscal stimulous, that had to create inflation and this would eventually have to be hit with ever increasing water cannons of QT and massive interest rate rises.

Simple: Expensive money destroys Debts that need refinance and new issuance!

by Nzdan | 1st Oct 22, 8:23am 1664565798

Probably the underbidder to the vendor's bid.

by HW2 | 1st Oct 22, 8:36am 1664566576

Thats the difference between vendors who want to sell and those who have to sell. The second group is more motivated. Death, divorce, drowning in debt

by tothepoint | 1st Oct 22, 8:53am 1664567606

In my opinion, Brock would make a very good bridesmaid or flower girl at auctions - or elsewhere.

TTP

by Brock Landers | 1st Oct 22, 9:15am 1664568941

Tread carefully TTP. Misgendering is a form of HATE SPEECH.

You wouldn't want to find yourself in trouble with the law again.

by Dgm | 1st Oct 22, 10:59am 1664575166

TTP, Does your opinion even count ..it might as well be in the bin

by DTRH | 1st Oct 22, 5:01pm 1664596905

I have come to the conclusion that a number of investors on this page purchased properties over last couple of years and are now over leveraged let’s say they purchased 5 houses still have 3 million on mortgage, when rates hit 7% this will cost them $5000 per week, rent receive $3750 down $1250 per week and still have to pay rate’s,maintenance, and insurance. House price’s are falling so would have to sell at a loss, we’re told by the smart investors to get out end of last year but thought they knew better. Now the crap is hitting the fan, you know who you are see a financial advisor and stop trying to pull others into a debt nightmare.

by HW2 | 1st Oct 22, 8:22pm 1664608952

You make a lottt of assumptions. Whats your background

by Amokk | 1st Oct 22, 9:20pm 1664612420

100% - wonder how many other 'investor's' like this one on FB are out there. They better hope they are making positive returns as that's a shit load of interest right there.

$1.5million borrowing with the blue bank. Do I fix 1 year @ 5.35% or 2 years at 5.7%

by Nzdan | 2nd Oct 22, 4:51pm 1664682697

I saw that post yesterday, made me chuckle.

by Nellbell | 1st Oct 22, 8:37am 1664566624

You forgot to mention vendor bids. I watched an online auction yesterday, only one buyer and a big run of vendor bids. I wished I was in the room with the bidder, I would have told him to just stop. Agents like to say that auctions allow the market to set the price, but they are still continually manipulating things. Property got turned in so still a problem with vendors not “meeting the market”.

by HW2 | 1st Oct 22, 8:50am 1664567430

In the good old days of the 90s and earlier they made up fake bids and you had no idea. At least now they tell you. Just maybe the purchaser knew what he/she was doing and were happy with that. Who are you to tell others.

by bigtam | 1st Oct 22, 9:03am 1664568225

Spot on with your comment. When the property doesn’t sell at auction it’s the vender bid that shows as the last bit and they can shamelessly tell anyone that’s interested. It’s just such a huge crooked group of people working to improve their commission and lifestyle. Makes me so angry that we have people trying to screw unsuspecting buyers.

by Beanie | 1st Oct 22, 9:33am 1664570013

I bought a car at a Turner's auction many years ago. The buyers area was arranged in a horse shoe shape such that you couldn't always see who (if anyone) else was bidding. It didn't meet reserve but they came directly to me to negotiate even tho I was the underbidder. So the highest bidder obviously didn't exist.

by Rob Reid | 1st Oct 22, 7:32pm 1664605938

Yeah, my Dad bought cars at auction for decades as a dealer. He used to get a mate to stand near the auctioneer where he could see all the bidders, and if a bid came in from "nobody" he would do a little hand wave to Dad and he would stop bidding. Then he'd have a go at buying it when passed in, which often got a deal.

by Dgm | 1st Oct 22, 11:00am 1664575249

The concept of vendor bids is just crap.. just a tool to manipulate the market

by Juzz | 1st Oct 22, 8:53pm 1664610838

Also, an important reason to never give any details to agents at open homes, I give them nothing at all. If they know your budget they'll drive the auction to your limit.

by Carlos67 | 1st Oct 22, 9:14am 1664568863

You just don't have the skills Brock. Bought my current house without spending a cent before the auction. I know a good house when I see one and can do my own building inspection. Paid cash and negotiated what I wanted it for in the back room of the auction. The auction actually cuts out all the BS, it was like buying a new car.

by Brock Landers | 1st Oct 22, 9:19am 1664569156

The banks are not so lenient about one making their own reckons.

But sure, could buy a shack in yokel town for cash I suppose.

by HW2 | 1st Oct 22, 9:23am 1664569427

Unfortunately Brock has brainwashed himself and goes around low-balling, thinking all sellers will bite his hand off. There might be a few and that is the challenge to find them

by Brock Landers | 1st Oct 22, 9:37am 1664570279

I decided to buy in a first world country for an advertised price.

Low-balling in the current cratering market would be a viable strategy though.

Even more so as the wave of mortgagees approaches.

by HW2 | 1st Oct 22, 10:03am 1664571794

A brand new home I expect if you bought for the asking price. Anyway that info is so last year, cool timing bro.

by Brock Landers | 1st Oct 22, 10:20am 1664572840

Queensland generally operates with asking prices. Auction culture not so big there.

The estate agents seem shockingly honest in comparison to here.

by HW2 | 1st Oct 22, 10:29am 1664573388

Shockingly honest is a good one. A country where bribery and corruption runs deep since the first white inhabitants arrived. I havent seen much different between Aussie and kiwi rea

by Brock Landers | 1st Oct 22, 10:39am 1664573986

I know right. Even a country of convicts is more honest. Specifically talking about Queensland though. I know Sydney is just as crooked as here.

by SND | 1st Oct 22, 11:32pm 1664620345

I've bought my previous house in auction (2019) but I dislike the situation of 2022. I've been to 8 auctions over 3 months, 6 I bade and made the highest bid. Only to be passed in...

That's just a waste of time, unfortunately the houses I'm targeting have been auctions only so far.

In 2019 agents kept telling me market value was in the auction room. Today it's not anymore?

by Carlos67 | 2nd Oct 22, 12:50pm 1664668237

Despite all the DGM's on here going on about mortgagee sales and distressed sellers, its not happening yet. If you go to an auction thinking everyone is in financial strife and everything will be a bargain you are a dreamer. Yes if you get really lucky you will eventually lowball someone who's back is against the wall but its not common. I saw one place during a whole year I was looking go cheap on my watchlist, but I never actually inspected it or was serious about it so maybe there was even something wrong with it.

by Juzz | 2nd Oct 22, 4:23pm 1664681017

Do you understand what's happening, interest rates go up. This makes mortgage payments go up when you have to refix at a higher rate. I can explain this theory to a 6 year old and they understand it.

by swapacrate | 2nd Oct 22, 7:43pm 1664693007

Anecdote from BBQ today, exactly this, they just re-fixed rate last month at a higher rate. Just apt for this comment.

by SND | 3rd Oct 22, 10:40am 1664746831

It seems you don't understand how auctions work. Once I have the highest bid, why would I go higher? I'm already leading. If my offers were such bargains, then surely someone else in the room would have outbidden me.

by Smudge02 | 1st Oct 22, 7:36am 1664562974

A 'silk purse' comes to mind, those numbers look terrible to me no matter how you look at it! Even if we do see an increase in properties being sold, what would interest me would be how much the sold below original asking price? With rates only going higher and 1-2 year fixed terms coming off there will no doubt be some desperation starting to creep in for some people.

by stefanblaise | 1st Oct 22, 7:37am 1664563075

I think we need more than a week to identify a trend on a weekly chart.

by DTRH | 1st Oct 22, 7:58am 1664564332

31 sold at auction no sure of total amount sold in Auckland, but still over 12000 on trademe over 50 more than last week.

by HW2 | 1st Oct 22, 8:58am 1664567881

There is actually 100 less properties than last month and the numbers have been trending down since April. So that is tightening supply when pre-xmas demand is coming on.

by DTRH | 1st Oct 22, 9:36am 1664570164

I said over 50 more than last week so trend is more on market than we’re sold last week. So more came onto market than sold last week just so HW2 understands. Auckland housing market has falling price’s but still can’t get off the ground with inflation and rates climbing, plus NZD tanking we be looking at house price falls accelerating.

by HW2 | 1st Oct 22, 10:00am 1664571606

Each month thousands of homes are bought/sold. I have mentioned this to you previously. Stop beating yourself up that there is a few extra for sale

by DTRH | 1st Oct 22, 10:52am 1664574748

As you are finding it hard to understand, last week with all that was sold in Auckland housing market this week on trademe more we’re up for sale. The Auckland housing market is crashing I know HW2 and a few others don’t like this word, but it is tumbling down each week the spring bounce is nonexistent.

by Nifty1 | 1st Oct 22, 8:31am 1664566300

Could there be momentum building? Spring campaigns will just start to be going to auction, next couple of weeks will be interesting...

by Amokk | 1st Oct 22, 8:35am 1664566519

Computer says no - https://www.trademe.co.nz/a/property/residential/sale/auckland

by Nifty1 | 1st Oct 22, 8:49am 1664567373

Computer's just showing me trademe listings... not sure where the no is in that?

by Nellbell | 1st Oct 22, 8:41am 1664566904

Haven’t noticed any spring jump in listings here

by Justa comment | 1st Oct 22, 2:37pm 1664588229

maybe we could be heading for a 10% rise in house prices lol.

by Black and White | 1st Oct 22, 8:37am 1664566678

Wow look at the Northshore numbers one of the best markets in Auckland.

That ia a disaster.

by Nifty1 | 1st Oct 22, 8:50am 1664567451

You seem fixated on the North Shore... one slow week out of how many?

by Zen20 | 1st Oct 22, 9:02am 1664568145

Every week on the Shore is a slow one

by Tee | 1st Oct 22, 8:50am 1664567433

A slow start to the spring sales. Less than three months to X'mas.

by taimaiakka0 | 1st Oct 22, 8:50am 1664567430

Many wait for spring to list their houses and with media coverage such as this will also give them some hope to list as soon as.

Also now vendors are aware of market condition with fear that interest rates may go up again and situation may get worse from bad so are more realistic than before ( Not all but serious sellers) and selling in Auction ( Real estate agents are now playing on vendors fear to sell now or.....).

Interesting time ahead. If this positive jump in activity turns out to be dead cat bounce than the next leg of fall will prove to be disaster.

With high interest rate and still rising / world economy facing uncertainty / Inflation /.....chances of recovery is.......more the possibility of getting worse before getting normal ........than in few years getting better.

Wait and Watch.

by Justa comment | 1st Oct 22, 2:38pm 1664588331

exactly, theres a few other things going on in the world right now.........

by Officebound | 1st Oct 22, 8:53am 1664567596

It's a very unusual spring for the property market

- There's been no rush of listings coming to market (that happened in April/May instead if I recall correctly)

- No discernable pickup in turnover

Considering all the inputs are borked, I'm still surprised the amount of listings isn't blowing out, and things spiraling down.

by Carinaz | 1st Oct 22, 9:17am 1664569038

As per latest media report in Australia, house prices could fall as much as 43% In worst case scenario.

What is the base for worst case scenarion as per them, OCR touching 4% and mortage rate going up to 7%. If this is the base for worst case scenario in Australia, we in NZ are not far away from that happening so will like so called experts opinion on what will be the worst case scenario in NZ and also the best, when OCR touches 4% or is it 4.5% in NZ or 5% (are wages not high in Australia, so if base for worst scenario is 4% in Australia should it not be 3.5% or 3.75% in NZ)

https://www.news.com.au/finance/real-estate/buying/worst-case-scenario-…

In gloomy environment, everyone looking for ray of hope and is good as one has to be positive for sanity but for how long.

by DTRH | 1st Oct 22, 1:09pm 1664582969

We are just at the start of downturn 43% drop is the minimum over here, monthly mortgage payments will 6500 per month for million dollar mortgage and all that would buy you in Auckland is a 3 bedroom place in rundown area. How long are people going to keep up payments, just imagine if you borrowed 2 million.

by SND | 3rd Oct 22, 10:39am 1664746742

Misplaced answer