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There was a significant increase in activity at Barfoot & Thompson's latest auctions as the market moved up a gear as it heads towards summer.
Auckland's biggest real estate agency offered 150 residential properties at its latest auctions (12-18 November), up from 105 the previous week, and around double the number it was typically offering at its auctions a few weeks ago.
There was also a corresponding increase in the number of properties that sold, with 40 selling under the hammer at the latest auctions, up from 28 the previous week. However that left the overall sales rate at 27%, unchanged from the previous week.
These latest results confirm previous expectations that there will be the usual seasonal lift in the number of properties offered and the number sold at auction this summer, but it will be at lower levels than usual for the time of year.
And the overall sales rate, which hovers just above a quarter of the properties offered, suggests there has been no improvement in buyer sentiment, with them continuing to have plenty to choose from and remaining cautious in the face of economic uncertainties.
Details of the individual properties offered at all of the auctions around the country monitored by interest.co.nz, including the prices achieved on those that sold, are available on our Residential Auction Results page.
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103 Comments
Its started
What's started - oh you mean no change to the already abysmal barely above 1/4 sales rate when historically (that's what you spruikers like to repeat ad nauseum) we are supposed to be within the prime time spring housing market? Yup, you nailed it HouseWorks - better go buy a few this afternoon before they all disappear.
"There was also a corresponding increase in the number of properties that sold, with 40 selling under the hammer at the latest auctions, up from 28 the previous week. However that left the overall sales rate at 27%, unchanged from the previous week.?"
Headline could also be : Number of properties being unsold in auction is jumping by every auction - increase by 33 from 77 to 110.
Over 32,000 homes on trade me
Does Trade Me still have a Cap of 32,000 ?
Apparently, Amokk is Lord Lucan.
In any case, he's a shyster. Should be banned from handling money.
TTP
I just realised that you remind me of Micheal (sic) Organ. Maybe you're not Tim Mordaunt after all...
Mordaunt is such a DGM name.
Shot Timmy - i reckon you better worry about your own little (ex) money manufacturing factory than mine - appreciate the concern though champ.
Property Brokers Agents leaving in the Droves - Fact.
Property Brokers Offices Closing Down and also Reducing in size. Fact.
HW2 smells blood. You remind me of the crab that owns the crusty crab in SpongeBob.
Only RE Agents left Talking up the market on interest.co now.
Even the Investors have conceded to the Fact it's well and truly Over. Ask Yvil.
The Vested Interest Brigade are out in Full Force more than ever as they Panic to keep their offices Open.
Beware of the likes of TTP Tim Mordaunt hiding behind his Famous Four Fake Accounts. Tothepoint - Nifty1 - Pa1nter - HW2. If it's 4 upticks it's 1 person, Tim.
Upticks above 10 for a Spuiker comment needs to be Divided by 3. At the Least. And we Know what RE Company that comes from. If the Red Flag was not already enough Warning.
Watch how Precious they are getting over the last couple of days, very Entertaining.
This is their Last Chance to Sell the Suckers it's a good time to buy before Interest Rates go Up on the 23rd next week.
After the 23rd of November the new Interest Rates will Seal the Doom of the Crash.
2022 - The Year of the Crash.
You left out iceman and zachary, two worthy contributors
Nice try Tim. But we know who you are.
TTP - Time To Panic.
I kinda feel sorry for the moderation of this site.
Have fun sucking.
You have crabs ... ewww
If the DGM get left behind, yet again, then they only have themselves to blame.
TTP [MNZM]
What kind of a crappy society and economy have we created?
All this bragging and narcissistic posturing about people getting "left behind" because they cannot afford a house. What kind of a f-wit would taunt somebody about something like that?
The whole housing market is crashing in flames and all the narcissistic pricks who thought they were somehow superior for owning a house and/or a rent serf are going to get their egos handed to them on a plate.
Let it burn 🔱🔥.
The whole housing market is crashing in flames.....
As we can plainly see, Fitzgerald is full of emotive bullsh_t.
TTP
Karma is a Bi$@h
Amokk
Higher turnover, higher listings and steady sales percentages. Its all there for a good yarn whichever way you look at it. When Few-Chur aka retread-poppy get started its all crashing and sinking. Dont forget every sale has a buyer, and more buyers makes me stay super positive...
"Dont forget every sale requires a buyer," That does not mean it will get a buyer !
No one must buy - But many will need to sell.
Great time to rent and wait wait wait.
10% Interest Rates Next Year Guaranteed.
Tim is Panicking .
What would be super positive is a slow decline in prices (so as not to startle the sheep) right down to a reasonable level. Maybe even something that's actually tied to fundamentals instead of the shit show we have now which is contributing hugely to the social upheavals we have.
What would be super positive is houses being seen as a home - not a Rich Dad Poor Dad get-rich-quick scheme at the cost of the renting peasants who can't get into their own place......as the greed is real.
Yeah, that would be positive.
The doomers said that the currency would be plummeting .... wrong, it is around 60 usd not 40
They said property prices would drop 30 percent from November 21 high... wrong only down 10 to end of oct so would require something extraordinary to achieve that claim.
The particular scrolls that are quoted from, are those from the false 'prophet'
7% Interest Rates This Year , Guaranteed ! - Prophecy Confirmed.
-30% Crash In Home Prices by December, its a Certainty - Prophecy Confirmed. (And more to come)
Property Brokers Agents leaving in the Droves - Fact.
Property Brokers Offices Closing Down and also Reducing in size. Fact.
Tim Panicking . Fact.
Interest Rates going up again on Wednesday. Fact Big Wednesday.
"-30% Crash In Home Prices by December, its a Certainty - Prophecy Confirmed. (And more to come)"
Very trump like misquoting
"All eight Territorial Authorities (TAs) had negative annual median price movements, with South Wairarapa seeing the greatest decrease, down 33.7%, followed by Carterton, down 26.5%."
Of course the spruikers will try to claim it should be for the whole country, but some areas go down while others go up making the average absolutely meaningless, but a fantastic tool to deceive the gullible. This is how the RE Industry claimed the GFC was just a little blip in the radar, when in fact it was devastating . Property drops or increases need to be insular to know what is really going on.
Lower Hutt -26.5%. I wonder what next month will bring ? Popcorn.
No you copied and pasted that from earlier. Its already debunked
How come you don't mention the North Shore anymore? Could it be because it's now only 18% down, LOL.
Com'on, if you have to look through all territorial authorities in NZ to find a couple that are down 30%, whilst some are actually up, then you know for sure that your prediction was wrong.
Just be a man and admit you were wrong, it's that simple
It was always for the first across the line. I guess your logic would say 7% only applies to a certain bank as well Yvil.
Sore LoserYvil.
10% Interest Rates Next Year, Guaranteed !
I know that 10% upsets you Yvil. But give it time and you will finally come around and thank the Prophet like you did with the 7% Prophecy.
by Yvil | 15th Nov 22, 4:43pm
Well you did very well predicting 7% interest rates by December 2022, when most of us, me included, didn't believe it, so well done on this prediction!
Well it seems I can give credit where credit is due, but you don't seem to be abel to admit when you're wrong. You are just plain and simply wrong about the 30% drop in house values, by any measure, HPI, Median or Average value.
It is not Christmas yet.
We will know the Christmas prices in February or March. And I expect that they will show that Future was pretty close to the mark.
Fair enough, we will see in January if house values have gone down by 30% in December. Until then, nothing is guaranteed!
Hey Future, I'm pretty confident that, if I look hard and long enough, I can find a house that has gone down by 50%, by your logic that means the market has gone down 50%, so that then means that your prediction of 30% down is way off, LOL
😅👍
Yvil - Prophecy is already confirmed .
First area to cross the line was South Wairarapa . If you can't handle the facts then speak to those in charge of the HPI.
10% Coming to a bank near you.
Don't make the same mistake twice Yvil. You Refused to believe The Prophet the first time about 7%. Unfortunately you are also heading in the same direction with 10%. Those that Heed the Warnings will be safe. Only the Fool does not Listen.
The boomers are right.... Just give it 6 months brah!
The NZD is built on false credentials supported by two idiots... grunt RobbingSon and the RB twat " ADrain Oar" aka labour's social / Maori policy slut
The number of houses for sale has increased but the number of houses being auctioned has almost halved since this time last year.
Conclusion: Armageddon is here
OR:
Auctions are not as favourable for marketing a property as they were a year ago. And armageddon is around the corner instead.
Voices in your head? We shall leave you and your other handles (Nifty1 and HW2) to argue it out. That's your weekend gone....
Lol, so your new safety blanket to shelter you from having adult conversations is thinking you can get a rise out of someone in this way.
HW2, you really need to get a life.
If you want to just be a dick to me that's fine but at least put a little bit of original thought into each encounter.
Otherwise you're just a head on a stick enacting pathology.
RP, he is a total bore
I love that video pa1nter. Classic
Sounds like a genuinely nice dude to have a beer with (guy in video).
103,000 subscribers to that stupid guy. Really nice location, wish the stupid guy would just get out of the frame and someone please kill the sub titles.
It's flattering that you're thinking of me on your Saturday morning Future/Retired Poppy. Hope you're enjoying the article this morning... it's very informative.
Only the short sighted still think that buying a house is a good investment in NZ now. We are an inflated market with nothing to back for it.
We are extenally dependent on everything except the milk and kiwi fruit.
We need to keep in mind that making hefty gains off property has been a very very long tradition in NZ, and for many it is simply inconceivable that this could ever change.
Very true. It is like watching fatted and blindfolded lemmings roll off a cliff.
We still have a low unemployment rate and 2 years of flat net immigration.
National are going to need immigrants and there parents to keep production and services ticking upwards,not to mention the 17% Army attrition rate they need to tackle to keep there military academies idea alive.
I assume a recession will kill the residential housing market, immigration will pick up after some completely annihilated European & South Asian economies and the housing cycle boom will begin again.
More properties on offer and more selling under the hammer but buyers remain cautious at Barfoot & Thompson's latest auctions
Greig Ninness your headline though correct that glass is half full is....
More selling under the hammer can be disputed and not fair to say as overall is same as before - 27%.
If 300 properties were for sell under auction and 60 were sold, one can still say that more sold but is that the reality - technically but.........
More properties commung to auction as vendors who were waiting like before for market to change, realise that it could get worse and are jumping to sell and achieving a sell where vendor is ready to meet the market that is one out of four vendor, so far.
I have noticed a few articles this week suggesting a possibility of the market heading the other way.
Truly Amazing considering Interest Rates are going up at record speed, going up again next week, going up again in February. And will continue to go up throughout 2023.
It's like the market is in Free Fall and the Authorities are calling for a Hand Brake to be Applied.
It's hilarious how triggered some get over a headline which suggests the market is picking up... no doubt the author is having a laugh too. Those that are triggered need to take a deep breath and move on, like some sellers and buyers out there....
It isn't...the end.
Tim - No one is triggered. Market is Clearly Crashing. We just don't like your Deception.
Have a good weekend Future, be careful out there and don't get too triggered - it can be dangerous to your health.
Tim - Im Renting, kicking back with huge bags of popcorn. Enjoying the Show.
You are up early Desperately trying to Save the Market. But those Interest Rates keep Skyrocketing Higher and Higher.
Your Ahurir Napier Branch has closed down.
Your Havelock North Branch has moved to a Shoe Box size location, most have thought Property Brokers has closed .
You are Advertising Hard on the Radio for Agents, no one wants to work for you.
Kevin Wagg has been advertising on the radio the market has been going up month on month for a long time. Only a Desperate outfit would go that low.
Even the banks will NOT give Property Brokers the Mortgagee Sales. And that says something when even a Bank does not Trust you.
Im just loving that Popcorn, Extra Butter.
Obsessing
Futures been a member for 1 month and they're completely obsessed with TTP, they seem to think they know alot about other commentors that have been on interest.co.nz for years.
Clearly an existing member with another login/s that's been burnt before or something. So desperate to be heard.
Full on crazy
7% Interest Rates This year , Guaranteed crazy.
The moderation on here needs to step up a gear. Usually its a prerequisite to stay on topic for starters.
They are probably off enjoying their weekends unlike some people commenting on this post.
It does not matter what one think. Reality is that market is tanking.
REA in scare tactics mode
Tim Mordaunt in Scared Mode. Tothepoint - Nifty1 - Pa1nter - HW2. If it's 4 upticks it's 1 person, Tim.
School announces great performance as more students pass exams after roll increases.
The neighbouring school had prophesied that due to the influx, all students would fail and be sent in to cyfs care, the school being closed and boarded up. So yes great performance. Meanwhile the neighbouring school, the one that teaches Doom Goblins, has been told to close down by 31 December
I observed a couple of Auckland auctions this week where a lower quartile house reached the reserve and continued to get bids. One went on to get 100k above the "on the market " price which was around 25% more.
Reports of things being dead are rather exaggerated. It's hard out there but if you are realistic you will get a sale and may even be surprised.
Not a seller, not in the market, just like to watch the auctions online. It's all there online.
100k above on the market just means that this particular vendor has accepted reality. What is more pertinent is what the house sold for. In Auckland it's almost consistently below CV and sometimes considerably so in the lower quartile.
Yes, exactly. This particular one had a CV of 710k, went on the market at 436k and sold for 536k. No sales history so hard to determine how accurate the CV was. The shape of things to come?
How big was the house and the section size? That would give a good view.
2 bed room, 301 sqm, in need of a lot of work, located in Takanini. The CVs improvement value seems rather high.
If it's really cheap and someone is really desperate to buy, then only buy. This is historically the worst time in 100 years to buy a house and it will not get better for 2-3 years.
Have patience and cash handy would be my advice.
Agreed.
Or make a lower offer you are happy with. Spend no more that 5 minutes trying to educate the spluttering agent on approaching global financial reality. The agents are so compromised they are all but deaf and blind.
#nosale=noincome.
With a title like that I was really hoping for a jump in the sale rate. NOT.
That said, I see some properties finally advertised below CV in the Northern Hamilton suburbs, now fitting in my budget. Maybe I'll buy before Xmas after all.
I think the Tron is ripe for a really decent correction. Prices are crazy there relative to incomes.
It seems this low rate of sales and increase in listings is creating quite the stock pile.
It,s The Perfect Storm.
Hi Future,
You'd be more credible if you could spell correctly.
TTP
Tim - Lets just let the reader decide for themselves who is credible shall we ?
https://www.stuff.co.nz/business/91418098/property-brokers-manawatu-and…
There's a face that only a mother could love.
I'm not even sure about that.
It must really suck thinking you are on the 'property ladder' when in fact you are sliding down a very long $1.5M snake
If everything was rosy banks would be funding speculators all over town with 100% auction success. They are not.
Also telling that a bunch or RE people spend so much time here ttying to talk the current crash back to the speculative stupidity of the last ten years. If they were busy, they would be busy doing deals, bragging about the color of their new Audi or similar. They are not.
On the bright side at least Propeller Properties annoying adds have stopped. For someone that said she had the money to pay the IRD to avoid liquidation, it is telling that she did not.
And you don't spend time down-ramping for nefarious reasons 👍😳 only others do. That's comical
It's a curious situation. I have been accused of being an REA for simply observing and commenting on recent sales on an article that is about auction results. It's as if pointing out any sales is wrong or somehow spruiking. Even the administrators have been like this and deleted my comments. I'm seriously considering transferring my monthly contribution to YouTube to get ad free. I don't feel it's good value for money if commenters like Future are allowed to run amok with their constant inanities. I can generally get stupid stuff on the Internet for free.
Yeah, you are an Agent all right.
And I noticed you got censored lately by interest.co for trying to promote your Agent handy work on this site.
7% Interest Rates This year was not inanities. It was True.
-30% Crash In Home Prices have started to cross the line, area by area. Can't wait for next months report. Lower Hutt may also be a winner ! Already down -26.5%.
You also don't have money for monthly contributions for add free, anywhere. Agents are losing their jobs.
You got your 4 likes again.
I am confident HW2, Nifty1 and Pa1nter are all the product of one commenter. I don't think Tim the price fixer is the fourth though. Given the trying times, I guess this sort of behavior is to be expected from the challenged few. I would not like to be stuck with an eye watering debt and paying more and more interest on a declining (illiquid) asset. Its a nasty trap to find oneself in. More and more people are waking up to the grim reality that this once revered form of investment is getting getting harder to bank with each passing day.
More to come I guess.
(edited)
5 now Ave-rage
I upticked myself 🤣
by HW2 | 19th Nov 22, 10:47pm "I upticked myself 🤣"
Does being infatuated with yourself😍 give you the green light to uptick yourself? I will say this though, when I first outed you, you initially toned down the upvoting of yourself to one minimum. Then you got desperate, back to an instant three.
Question: How can you tell if a Spruiker is grieving the loss of those frothy days from 2021?
Answer: They uptick themselves in 2022😂
You're sounding alot like Future Retired Poppy: obsessing about upvotes, TTP, market collapse and accussing others of multiple accounts.
HW2, you've been exposed as a triple fake. Show some spine and admit it. Back to just the one self-uptick again.....yawn.
Man you a fruit cake
Good Englund Cleetus.
🤕🍾....
HW2, oh-okay back to upvoting yourself again. Now I'm getting REALLY envious!
Question: How can you tell when a Spruiker is upset with 2022?
by HW2 | 6th Nov 22, 1:11pm
"Where's the report button"
Anyway, I think I've made my point about your having numerous accounts, making stuff up and small mindedness.
19% in Franklin up from 0%, actually there's been 30% at some point as well extremely bouyant, better be quick it's a dog fight, can see it more competitive when rates go higher and people start to remortgage.
We seem to be at the point in the cycle where transaction rates are low, in some places bugger all is selling (failed deadline treaties etc etc) but sellers need to see the prints of other falls back to pre covid to believe they need to take another 20% off.... Pretty normal behaviour, another 20% is a lot to be forced to accept.
Agreed. No one wants to bake in the loss as paper becomes vapor.
All it will take is a couple of sales to set the real market and the bank computers will start flashing read..."more equity required" for a bunch of clients.
I am not seeing recent stress in listings in regions yet, most purchased ages ago so what they bought at is not important (unless they leveraged and used that equity somewhere else , who would do that ? 8)
I don't think banks will ask for more equity, rather they ignore the payers and sell off the mortgagee ones who not making payments. The big issue are the ones with 5-10 properties who are out of equity and fail to make payments, Dont need many of these investors to fail to start to set reset the bid lower...
Its going to be educational to see where that bid sits, as normal the good family homes sell well and the shite is HEAVILY discounted.
Auckland family spends four years in a tiny house as new home build is plagued by delays | Stuff.co.nz
https://i.stuff.co.nz/business/130466362/auckland-family-spends-four-ye…
4 years and counting, should be nearly insane, they're doing very well
Another bloody spin doctor.
the official number of houses for sale on Trademe jumped by 9000 last month. Sales are down, mortgages up, COL up, and unemployment buffered by no workers coming into NZ.
the market is crashing and will make the last collapse Look meek.
Even Stalinda Bimbo is now saying, since being in Asia and learning from reputable leaders, we are heading for the cliff.
I hope the RB puts the rate up 2% so us cash rich pricks can stick it to the dumb arse " loser living" government!
housing is about to crash.. just like the US!
get out while you can, sit for 3 years, and buy cheap!
It will get a lot worse. First recent house buyers with mega mortgages will be under pressure with some forced sales. Then the investors who bought at the top will be scrambling to exit with many forced sales. Then recession hits with rising joblessness, High inflation + interest rates will continue for 3 to 5 years. The housing market will be decimated.
But wait there's more. Coastal/beach properties will plummet in value as the climate warms faster than current pessimistic expectations. Yes tipping points breached and still no real co2 or methane reduction action.
Kia Kaha
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