Auction results: Harcourts sold 68% of auction properties in Auckland

Property

Harcourts sold between 60% and 68% of homes at last week's auctions

22nd Mar 16, 12:03pm by Greg Ninness

Harcourts sold 45 of their 68 auction properties in Auckland last week, giving a clearance rate of 68%.

Auckland prices ranged from $495,000 for a three bedroom brick and tile home (pictured) in Pukekohe, to $3.51 million for a house in Browns Bay on the North Shore.

In the Waikato/Bay of Plenty/Taupo 19 of the 31 auction properties were sold, giving a clearance rate of 61%.

In Wellington two thirds of last week's auction properties were sold and in Christchurch 60% of auction properties were sold.

See below for the full results:

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16 Comments

by Triple | 22nd Mar 16, 2:47pm 1458611229

Greg, what were the success rates under the hammer at auction?

by Zachary Smith | 22nd Mar 16, 3:18pm 1458613106

It would be really interesting to see the bid prior to being passed in. I guess that is too much to ask. Too much ammo for a prospective buyer?

by Greg Ninness | 22nd Mar 16, 4:49pm 1458618565

Refer to my reply to the question you asked re the Bayleys results over the weekend.

by Triple | 22nd Mar 16, 6:30pm 1458624640

Thanks for your reply Greg to the Bayleys article.

I believe for these numbers to hold weight they need to be comparative and consistent. Otherwise some agencies would appear more successful than others. This is misleading and confusing to readers.

Theoretically almost all properties (bar those withdrawn) will sell at some point following an auction. Therefore the actual sales under the hammer are what paints a distinct picture of where the market is currently at.

I realise you are very aware of this, and it must be a balancing act between keeping readers and sponsors happy.

by Zachary Smith | 22nd Mar 16, 6:41pm 1458625318

I don't believe that's true. All sales together would paint the best picture of where the market is currently at. Auctions used to be a minor player in the sales figures.

by Triple | 22nd Mar 16, 7:36pm 1458628567

You are incorrect. Under the hammer sales gives an indication of market urgency.

Mid last year B&T under the hammer sales were 75%+ and anyone who knows anything about the Auckland market knows the market was better back then.

by SpaceX | 22nd Mar 16, 6:20pm 1458624021

Chinese are back. Market is going bananas. 67K reasons to keep the party going.

by Triple | 22nd Mar 16, 7:44pm 1458629058

SpaceX, please provide some cogent evidence to support your view the market is going "bananas"?

My understanding is the median price for Auckland peaked September 2015 (REINZ). Therefore it has been 5 months since the peak. Consequently how is the market going bananas if a median set 5 months ago has not been surpassed?

by SpaceX | 22nd Mar 16, 8:38pm 1458632323

Prices in February went up everywhere, incl. Auckland. And that was with clearance rates in the shitter, clearance rates are now rising. Record loans being made. That's enough proof. Nothing has changed since last year, except even more immigrants.

Sydney is once again hitting 80% clearance rates week in week out, even out West.

Vancouver keeps setting records.

by Zachary Smith | 22nd Mar 16, 8:50pm 1458633028

When you compare all the sales against CV it still looks like high prices. Look at that two bedroom brick and tile in Sandringham selling for 750k when CV is 540K - 39% difference.
I think people are comparing a peak with low on a jagged graph that is still trending upwards.

by SpaceX | 22nd Mar 16, 9:35pm 1458635730

People like you are the cancer.

by Zachary Smith | 24th Mar 16, 6:04pm 1458795892

This seems a little harsh. I am a very minor player. I became a landlord somewhat accidentally as a result of buying a new house to live in. I suffered a lot of anxiety when I bought a house under duress from the wife and was in a position where I felt I had to sell my current house on auction day to meet the settlement payments. I was so stressed out I visited a mortgage broker to see if I could finance both properties and found I could just do it. I didn't do it in the end and got through the auction okay. Subsequently when I changed house I used mortgage broker to finance things just to relieve me of stress, thinking that I would rent out and sell a year or two later. I found that the situation with house prices going up and both my wife and I increased our income (wife wasn't working the first time) was quite manageable. Subsequently I used the keep both houses, sell current home to company following professional accountant's recommendations. My thinking is to keep houses for my own children to live in later.
So you see not such a bad person am I?
What people here seem to be asking me to do is voluntarily give up houses I am securing for my children so that other people's children can buy them. As I have stated before I would be open to this if we lived in some sort of Kiwi Socialist/Nationalist utopia but not if foreigners from different cultures are pouring in.
BTW I believe if we didn't let people in we would all be millionaires, with baches, boats and yearly overseas holidays living in a virtually crime free, green and clean country.

by gordon | 24th Mar 16, 6:29pm 1458797367

Why are you doing this for your children. Are they not capable of buying their own homes?

by Zachary Smith | 24th Mar 16, 7:29pm 1458800968

My parents helped me and their parents helped them. I guess it is a family tradition of paying forward. I have noticed that the Chinese and Indians focus on helping their kids too. A colleague of mine is paying 80K a year to put her son through medical school in Oz and is saving property as well. The old Kiwi 'kick them out and let them sink or swim' attitude may be disadvantageous in this new world. I believe the elites have always looked after their own too. I'm pretty sure the pioneers also thought a lot about future generations.

by Triple | 22nd Mar 16, 9:38pm 1458635935

Currently you have provided zero evidence to support your position.

Are you saying that a new median high was set for Auckland in February 2016. Please present REINZ data to support this view?

Or are you trying to be clever and say that the prices went up in February against the January prices. That does not show the market is "bananas" at all, it just means prices were higher than January.

How are the sales volumes looking against last year SpaceX? Tell me, do prices tend to follow the direction of sales volumes?

by Zachary Smith | 22nd Mar 16, 6:40pm 1458625209

Looking again I see the Auckland figures do have values against PI. Was that what bidding got to I wonder?