Barfoot & Thompson sold 43% at last week's auctions

Property

Barfoot's auction sales rate down to 22% at Manukau auction and 26% on the North Shore

28th Feb 17, 9:40am by Greg Ninness

Barfoot & Thompson sold 41% of their auction properties last week.

Auckland's largest real estate agency marketed 209 properties from throughout the region for sale by auction, and sold 86 of them either under the hammer or by 5pm the following day, leaving 123 unsold.

However that included five properties that were withdrawn from sale and three that had their auctions postponed.

When those are excluded from the auction numbers the sales success rate goes up to 43%.

In general, sales rates were higher at the auctions at the company's head office rooms in the the CBD, where most of the properties offered are located in Auckland's central and western suburbs.

At the Manukau auction only six of the 27 properties were sold giving a sales rate of 22% and at the North Shore auctions 12 of the 47 properties were sold giving a sales rate of 26% (see table below).

The full results from all of the auctions, with the prices archived on individual properties that sold and details of those that didn't sell, are available on our Auctions/Sales Results page.

Barfoot & Thompson Auctions
Week ending 24 February 2017
Venue	Sold*	Not sold*	Total
On site	15	7	22
Manukau. 21 February	6	21	27
Shortland St, CBD. 21 February	5	6	11
Shortland St, CBD. 22 February	22	23	45
Whangarei. 22 February	4	3	7
Pukekohe. 22 February	3	2	5
North Shore. 23 February	12	35	47
Shortland St, CBD. 23 February	12	9	21
Shortland St, CBD. 24 February	7	17	24
Total All Auctions	86	123	209
*Sold includes properties sold under the hammer or by 5pm the following day. Not sold includes properties passed in and remaining unsold by 5pm the following day, plus properties postponed or withdrawn from sale.

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45 Comments

by RickStrauss | 28th Feb 17, 10:00am 1488229226

Well...what Kiwis can afford to buy them? Only specuvestors if they want to keep buying and selling to each other.

by Houses Overpriced | 28th Feb 17, 10:05am 1488229551

Mr. English has a plan... flood the country with people, so they will be forced to pick up crap houses at ridiculous prices... He is not interested in the quality of life for existing kiwi's ... as long as the 40% of his wealthy supporters are profiting from their policies..

by RickStrauss | 28th Feb 17, 11:09am 1488233352

We need a government who is prepared to limit foreign purchases to new builds AND put a stamp duty of 15-20% on purchases not by PRs or Citizens, before the China capital outflow tap gets turned on again. That's still a key risk to the prospects of young Kiwis ever owning their own homes in Auckland.

by PocketAces | 28th Feb 17, 11:17am 1488233845

I'd add to that, they can only build for resale or one house for themselves, no more foreign landlords in the housing market picking up welfare from our public purse.

by Houses Overpriced | 28th Feb 17, 11:57am 1488236224

Are you guys kidding??? Mr. English is smirking at your comments.. they are not practical to his liking

by RickStrauss | 28th Feb 17, 12:56pm 1488239773

Mr English is smirking at anything that would improve the lot of future generations of Kiwis. It's all about his own generation.

That said, he's also smirking at the idea of swimmable rivers, growing GDP per capita, using data rather than anecdotes to drive policy, and the idea that being Catholic demands being honest etc.

by Casual Observer | 28th Feb 17, 2:03pm 1488243825

With six children of his own I would have thought he had reason to consider future generations of kiwis ;-)

by Houses Overpriced | 28th Feb 17, 2:18pm 1488244700

sorry mate, he knows hes being paid more than enough to get them thru...

as the RBA governor said "I know my kids will be alright, but I feel for the majority of the young families "

by sharetrader | 28th Feb 17, 6:45pm 1488260720

yes but what about his childrens children by the time it gets to them it will be too late

by moneyphobe | 28th Feb 17, 10:08am 1488229733

So not only was there a massive drop in new debt issued but the Auction rooms are deathly quite.

The final death throes of the housing bubble for all to see. Where are all the sprukers to polish this turd?

by Wildcard | 28th Feb 17, 10:35am 1488231344

They're probably busy rolling it in glitter. See Double GZ et al.

by Double-GZ | 28th Feb 17, 6:07pm 1488258433

Hey Wildcard, did you call me? Here's a DGZ property just listed today for you ;-)
https://youtu.be/ayGGCoLJLwA

by Brock Landers | 28th Feb 17, 10:43pm 1488274987

I guess money can't buy taste. Why do the salespeople speak so painfully slowly?

by gordon | 28th Feb 17, 10:17am 1488230232

Over 10,400 Auckland houses for sale this morning and already 50 Auckland homes listed today on Trade Me for sale. Is this the beginning of the end?

by dictator | 28th Feb 17, 10:26am 1488230769

Given the sales above the listings are appearing faster than sales are occurring it's the beginning of something.

by Boatman | 28th Feb 17, 11:20am 1488234045

Still , a 43% hit rate at auctions is a lot of sales .

by fat pat | 28th Feb 17, 11:50am 1488235832

seems relevant...

… a key issue in extending the domestic (Minsky) theory is the possibility that
money from one country can be lent or invested in another country. In the prelude to the Asian financial crisis, …. billions of dollars flowed to countries in Asia, to lend to Asian banks and businesses and to invest in Asian financial markets. As profits grew, expectations of further profits expanded, which led to further flows of funds, in a speculative, endogenous development of expectations, confirming Minsky' s perspective. As debt was extended and speculative investment expanded, financial fragility in the Asian countries increased. However, without the ability to cross national borders, it is unlikely that financial fragility would have developed as rapidly as it did….

https://www.ucm.es/data/cont/media/www/pag-41460/Minsky%20theory%20of%2…

by diy-guy | 28th Feb 17, 12:00pm 1488236439

Looks like decent demand still in Auckland City (not so much south / west etc.) I guess that makes sense... desirable properties, close to transport / CBD are still, well, desirable.

by Zombie ponzi | 28th Feb 17, 12:01pm 1488236498

Still early days in this whole saga I think.

Sentiment hasn't broken yet, when it really breaks there will be a ton more listings and less buyers. Bank credit will get even harder to come by. Jobs will be lost.

Interest rates will get higher regardless of US rates when Australia is downgraded from AAA. APRA has plans for the big four to hold yet more capital.

And immigration will, one way or another, reduce at some point - this issue has a lot further to run before the election.

Nothing can save the Auckland bubble.....it's just a matter of time

by Fritz | 28th Feb 17, 12:11pm 1488237094

Agree. Surely OCR rises are not too far away, given recent significant rent increases and wage pressures

by nymad | 28th Feb 17, 12:17pm 1488237433

A good synopsis.
Agree on all points.

Immigration; It'll be the same as with all the policy u-turns that have occurred in the last 6 weeks. I give it 3 more months and then it will be shut off.
Puts us at July/August with a result that an overwhelming amount of the country want just in time for the election - just like police spending, waterways, etc.
I think we can expect to see some more u-turns on other public spending too, coupled with some tax cut cherries.
It's all a crock of proverbial. But, we'll vote them in again.

by Macawsley | 28th Feb 17, 1:25pm 1488241517

"But, we'll vote them in again."

Speak for yourself thankyou - you may intend to keep voting for "them"
Others saw this situation a mile off - and chose not buy into the obvious BS - historically a dishonest government and a compliant media has always had the same result - a broken society.
Well done National and its supporters -

by NorthernLights | 28th Feb 17, 5:54pm 1488257670

If NZers vote National in again for a 4th term then NZers deserve all the arrogance only a 4th term govt can deliver
Extreme foolishness allowing a dead fish void of ideas govt their 4th term
Utter stupidity

by Smalltown | 28th Feb 17, 6:18pm 1488259088

For the Nats to be ejected we will have to get out the vote.
Those in the 18 to 29 year range especially need the facts of life pointed out to them and be told that if they are too lazy to vote then they can STFU for the next 3 years. The Nats have consigned them to be life long renters and if people do not vote then then the crime is perpetuated.

by CJ099 | 28th Feb 17, 12:53pm 1488239612

The only thing that will save the Auckland housing bubble from bursting at this point is if China relaxes it's Capital Flight restrictions and I can't see that happening anytime soon. But lets face it we really need that bubble to burst as a reality check to everyone.

Look at the sales figures there. Look at the areas that were rising the fastest over the last few years North shore and East Auckland. Now look at those sales figures again and guess what it's Northshore and East that aren't so hot now.

If things continue as they are by election time National have some sticky questions to answer about why is Auckland crashing? And 'When' are they going to introduce a Foreign Buyer's Tax as a measure the more sensible cities around the world have taken.

by RickStrauss | 28th Feb 17, 1:02pm 1488240168

And National will continue to exist that the Emperor is in fact wearing clothes, and they are remarkably beautiful clothes.

by CJ099 | 28th Feb 17, 1:09pm 1488240566

Yep it's certainly a crazy situation. Here's an interesting article from Oz on how: Australian Millennials Fear Being Poorer Than Their Parents
https://www.bloomberg.com/news/articles/2017-02-27/miserable-aussie-mil…

Some how I think NZ is at much higher risk.

by NorthernLights | 28th Feb 17, 5:57pm 1488257876

National never wear clothes
Never wash either

by NorthernLights | 28th Feb 17, 5:56pm 1488257802

Let's spare a thought for poor snob Zachary smith
Yes let's just spare the thought

by Double-GZ | 28th Feb 17, 6:10pm 1488258600

Where is Zachary Smith?

by dictator | 28th Feb 17, 6:12pm 1488258736

Banned until sometime in March is my understanding.

by CJ099 | 28th Feb 17, 8:48pm 1488268100

Do you think he'll come back?

by sharetrader | 28th Feb 17, 8:53pm 1488268381

where is TED and his 70000 buyers?

by dictator | 28th Feb 17, 9:03pm 1488269027

Up to ZS if he wants to come back. He seems to enjoy posting comments so maybe he will, I don't know.

Ted was banned around the same time apparently. I hope he took some time to enjoy Chinese New Year. I know I did. I'm not sure where his 70k buyers went but they certainly aren't buying houses in Auckland.

by David Chaston | 3rd Mar 17, 10:30pm 1488533442

Just a reminder, to you and everyone else, personal abuse will be edited out. And repeat offenders will be banned. These discussions must be issues oriented. Criticism is fine, just so long as the debate is about issues. Don't make it personal.

by jerry_NZ | 28th Feb 17, 1:51pm 1488243066

Trade Me listings increasing daily - is the panic mode on ...?

by NorthernLights | 28th Feb 17, 5:47pm 1488257241

Half a billion$ less borrowing & a vastly lower clearance rate on North Shore !
Heck in a year or two Auckland might be worth a buy. If some of the population clear off which I'm sure they will do once Australia comes back full force
Aussie is great when you have a job

by THE MAN 2 | 28th Feb 17, 6:39pm 1488260346

Not too sure why Zachary was banned, as it is always good to have other people's views on here.
It gets extremely tiresome just having the doomsayers on about house prices being too expensive for them, when they are not in other parts of NZ than Auckland.
Voting National out when they have done a pretty good job is ridiculous and seriously is there a better alternative?
No ther isn't, so you better be careful what you wish for!
Do you really beleive that Labour and Greens coalition would make the country better for all?
Wouldn't think so and it would be the blind leading the blind!

by gordon | 28th Feb 17, 8:36pm 1488267360

The Boy, Auckland is where the jobs are. No point in shifting anywhere else unless you have a job that can service house debt.

by tothepoint - d… | 1st Mar 17, 7:40am 1488307223

With high volumes of houses not selling at auction these days, it remains to be seen how much longer "By Auction" will continue as the preferred selling method.

Frankly, if I was selling (and thank heavens I don't have to in the present market) I'd be inclined to sell by "Negotiation", sparing the risk/embarrassment of nobody bidding at an auction (except, of course, the notorious "vendor's bid"). Having one's property "passed in" at auction can create a hurdle for any subsequent marketing campaign.

The negotiation method has the particular advantage of bringing in people who aren't keen on bidding at auctions. And there are plenty of people in this category!

Anyway, buyers can afford to pause in the current market. In fact, pausing could be the best strategy right now. There could be some real bargains a few months down the track......

Sellers need to take on board that the market has retreated over the last few months. A false sense of reality won't help sell your castle - the market is bigger than you are! If you can find a cash buyer, then savour him/her. They're becoming a scarce commodity......

by Wiseguy | 28th Feb 17, 8:20pm 1488266432

I'm currently selling and I would be just as happy to repurchase right away once sold, it would make no difference for a home owner as they will be dealing with the market value at the time, what ever that will be.
It will only be a difference if you wanting to cash up, and that is a risk either way despite what individuals predictions are about the property market.

by sharetrader | 28th Feb 17, 8:57pm 1488268629

depends in you buy in the same city, if so same market so as long and you sell and buy together makes no difference.
if moving around NZ it could make a difference depending where you are leaving from and going too

by Double-GZ | 28th Feb 17, 8:58pm 1488268716

Top 15 suburbs in New Zealand based on QV Median Home Value as at 1st Feb 2017:

1 Herne Bay $2,468,000.00
2 St Marys Bay $2,271,550.00
3 Remuera $2,019,550.00
4 Stanley Point $2,018,950.00
5 Campbells Bay $1,872,900.00
6 Epsom $1,865,300.00
7 Westmere $1,842,100.00
8 Mission Bay $1,763,050.00
9 Orakei $1,761,150.00
10 Ponsonby $1,743,400.00
11 Kohimarama $1,724,700.00
12 St Heliers $1,701,700.00
13 Takapuna $1,700,000.00
14 Devonport $1,676,700.00
15 Glendowie $1,649,900.00

by THE MAN 2 | 28th Feb 17, 11:01pm 1488276072

Gordon, you say Auckland is where the jobs are?
Are you saying that there are no jobs anywhere else?
Reality is that if there are more people then surely there is more competition for those jobs.
Living elsewhere in NZ will,give you more money in your pocket at the end of the day without all the negatives that Auckland has got!
Anyway who wants a job when you can be a successful landlord, Gordon?

by sharetrader | 1st Mar 17, 12:12am 1488280328

a lot of industries have over the years concentrated in Auckland, mine especially they have closed all the local offices up and down the country, left a token in Christchurch.
which is ironic because with the internet , cloud and modern computers and software we can be based anywhere now and you would think as a company with the costs of office space and workers you would move back to the provinces to lower your overheads.
Fonterra is a classic, they lease some of the most expensive office space in Auckland, do they need to be in Auckland when their plants are down country and they move most of their exports through Tauranga.
could they pay less for offices and work force if they moved to Tauranga.
We have a problem in NZ where it is a mindset of CEO's that you need to be in Auckland to have access to the biggest source of skilled labour and business contacts and you are willing to pay extra for it