Bayleys auction sales top 50% in Auckland and Waikato

Bayleys auction clearance rate 54% in Auckland, 60% in the Waikato

Property

Bayleys auction clearance rate 54% in Auckland, 60% in the Waikato

31st Oct 15, 5:02am by Greg Ninness

Bayleys sold 14 of the 26 Auckland homes it auctioned this week, with 12 properties passed in, giving a clearance rate of 54%.

And Bayleys' Hamilton office sold six of the 10 Waikato properties it auctioned, giving a clearance rate of 60%.

The cheapest Auckland property was a two bedroom home unit in Te Atatu South that sold for $525,000, and the most expensive was a lifestyle property on the waterfront at Mahurangi which went for $2.25 million.

In the Waikato a character bungalow at Leamington near Cambridge sold for $400,000 and a large homestead in need of renovation on a lifestyle block at Matamata was sold at mortgagee sale for $722,000.

See below for the full results of Bayleys' latest weekly auctions in Auckland and the Waikato:

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8 Comments

by BigDaddy | 31st Oct 15, 7:28am 1446229730

The results would be more accurate if sales completed shortly after the auction were included. This would be a much more accurate picture of what's going on in the market

by kiwiguy | 31st Oct 15, 11:49am 1446245375

If you look the unsold ones up on the bayleys website you'll find most if not all are still on the market, so the implication would be they didn't sell shortly after, or did and are included in the stated percentages.

by bigblue | 31st Oct 15, 5:35pm 1446266131

Legally the agents can only call it a "Sold at Auction" if it sold under the hammer or within one working day of the auction taking place provided it was sold to someone who was in attendance at the auction.

by bigblue | 31st Oct 15, 5:23pm 1446265419

Three months ago 80% to 90% of homes sold under the hammer. Now most properties seem to come on with an asking price if they are a failure at the auction. Sydney also now suffering from a very low auction sell rate http://www.domain.com.au/news/clearance-rates-under-pressure-as-spring-…
Also note that the number of homes listed in Auckland on trademe has jumped 35% in a very short timeframe. The bubble could be deflating.

by Greg Ninness | 2nd Nov 15, 9:43am 1446410601

The Auckland results from Bayleys do include sales that were concluded within the next day or so, as well as those were sold under the hammer.

by bigblue | 31st Oct 15, 5:16pm 1446264983

Greg - are you able to obtain the percentage sold by Barfoots. Have heard it is well under 50% of late.

by jnz | 2nd Nov 15, 2:24pm 1446427488

Anecdotal evidence:

I attended the Barfoot auctions on Shortland St in Auckland on Friday morning.

I stayed for 10 auctions, of which only 2 sold, and only 2 others attracted any bids. There weren't many people. This is a stark contrast from when I was last there almost exactly a year ago, the auction room was standing-room only.

by buzby | 31st Oct 15, 6:08pm 1446268109

It's not like we weren't warned. I can't imagine this is a surprise to anyone.