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Clearance rates ranged from 29% to 53% at Barfoot & Thompson's main auctions last week

Clearance rates ranged from 29% to 53% at Barfoot & Thompson's main auctions last week

The clearance rates varied widely at Barfoot & Thompson's main residential property auctions last week, with just over half selling under the hammer at the main North Shore auctions and less than a third at the main Manukau auctions.

There were also big differences in bidding patterns on different properties, with intensely competitive bidding from multiple aspiring buyers on some, while a reasonable number of others were passed in without attracting a single bid.

For example there was a good attendance at Barfoot's regular weekly auction at the Manukau Sports Bowl last week, but bidding was patchy.

The Manukau auctions generally include properties from some of the least expensive areas in Auckland, such as Pukekohe and Franklin, so they usually attract interest from both investors and owner-occupiers.

Of the 21 homes offered, six were sold under the hammer giving a clearance rate of 29%, and of the 15 that were passed in for sale by negotiation, nine didn't attract a single bid.

Over on the North Shore things were a but more buoyant at Thursday's regular auction at the Bruce Mason Centre, where 18 of the 34 homes offered were sold, giving a clearance rate of 53%.

But of the 16 that were passed in for sale by negotiation, seven didn't attract any bids.

The table below gives a summary of Barfoot's main auctions last week (this excludes smaller auctions and properties auctioned on site) and you can the results for individual properties, including the prices achieved for those that sold under the hammer, on our Auctions/Sales Results page.

Results of Barfoot & Thompson's Major Auctions

Week ending 22 October 2016
Auction date & venue Number Auctioned  Sold under the hammer   Passed in   Clearance rate
25 October, Manukau Sports Bowl 21 6 15 29%
26 October, 34 Shortland St 37 14 23 38%
27 October, Bruce Mason Centre 34 18 16 53%
27 October, 34 Shortland St n/a n/a n/a n/a
28 October,34 Shortland St 22 7 15 32%

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40% LVR on investors is having a real effect, that's why lower priced houses are not selling (29% in Manukau). More expensive houses bought by working professionals are still selling well (i.e. North Shore)


53% selling well?? I like your optimism