Just over a third sold at Barfoot auctions in the week before Easter, but only 12% sold at Manukau

Property

Sales rate nudges 50% at some Barfoot & Thompson auctions but only just gets above 10% at the Manukau auction

24th Apr 17, 10:23am by Greg Ninness

Barfoot & Thompson sold 65 of the 181 properties the firm marketed for sale by auction in the week before the Easter break, giving a sales clearance rate of 36%.

The highest clearance rates were at some of the smaller auctions, with four out of seven selling at the auction at Barfoot's head office rooms in Shortland St on 13 April and two out of four selling at the Whangarei auction.

And at the big Shortland St auction on 12 April, where most of the homes offered were in the popular central Auckland suburbs plus some from Waitakere, the sales clearance rate almost reached 50% with 25 or the 52 properties scheduled for auction finding new owners.

But the auctions at Manukau remain slow, with just three of the 25 properties scheduled for the Manukau auction selling.

To see the full results from all of the Barfoot auctions, with details of all properties offered including those that didn't sell, go to our Auction Results page.

**Barfoot & Thompson Auction Results 10-16 April 2017**
Venue	Sold*	Not sold*	Total
On site	2	2	4
Manukau, 11 April	3	22	25
Shortland St, 11 April	8	11	19
Whangarei, 12 April	2	2	4
Shortland St, 12 April	25	27	52
Pukekohe, 12 April	1	1	2
Shortland St, 13 April	4	3	7
North Shore, 13 April	11	21	32
Kerikeri	0	3	3
Shortland St, 13 April	9	23	32
Waiuku	0	1	1
Total	65	116	181
*Sold includes properties sold under the hammer or sold by 5pm the day after the auction. Not sold includes properties passed in or that were withdrawn from sale or had their auction postponed.

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32 Comments

by mrp | 24th Apr 17, 10:29am 1492986567

too hard to get home loan...

by Boatman | 24th Apr 17, 10:40am 1492987216

Only 10% sold in Manukau , so you-know -who is avoiding the South Auckland market .

Mob members make lousy neighbours and are even worse as tenants

by Better things to do | 24th Apr 17, 10:44am 1492987441

Popcorn anyone?

by Houses Overpriced | 24th Apr 17, 10:59am 1492988374

National Paty's bandwagon is running empty.. guess they are busy running for the exit..

by moneyphobe | 24th Apr 17, 11:15am 1492989326

Wow 36% it must have been the rain in April causing the sales to drop.

by dictator | 24th Apr 17, 11:32am 1492990377

Chinese New Year has been often claimed as the reason for such a high clearance rate. LOL

by tothepoint - d… | 24th Apr 17, 12:10pm 1492992621

Auckland housing is a very good long-term bet. In my view, Wellington and Auckland are the best housing markets for investors.

Sure, there will be ups and downs in the market but over time both Wellington and Auckland are likely to be the most reliable (safest) performers.

However, if you want a punt in the provinces, Palmerston North takes a lot of beating right now. University city and solidly supported by agriculture, army, airforce, regional hospital, thriving airport and light industry. Great transport network means it's an ideal conference centre too. Good, sunny 3brm family homes for $300,000 is enticing - plus there's very strong rental demand...

by moneyphobe | 24th Apr 17, 12:15pm 1492992922

RE agent? I guess if you have 10-20 years to wait for the housing market to bounce back after the bubble pops. I'm surprised your not snapping up all the great value in Manukau right now?

by dictator | 24th Apr 17, 12:26pm 1492993602

Hey it worked in the US. Some of the underwater mortgages now have equity in the US after 10 years of mortgage payments.

by RichMuhlach | 24th Apr 17, 12:52pm 1492995134

this is very much true, i have an aunt in Los Angeles whose house value dropped in half 10 years ago, and only just started to regain value... you never really know how REAL things can get unless you have actual examples of it, and it's funny how some NZers think we are immune to a housing market crash just because it's something they can't even imagine happening in real life

by Narrabeen Boy | 24th Apr 17, 1:50pm 1492998653

Good buying for those who wait for the bubble to burst.imagine buying one of those under water morgages sales in the US.you'd be doing well mow

by dictator | 24th Apr 17, 2:11pm 1492999915

Have a look at those that bought commercial property in Wellington after the 1987 crash. Blood in the streets but the time to buy.

by Yvil | 24th Apr 17, 5:34pm 1493012048

I have, 5 years ago outside Vegas for... USD 83'000 only 6 years old (then) 4 bedrooms 1'200m2 land

by Narrabeen Boy | 24th Apr 17, 9:26pm 1493025980

Good for you yvil!!!stoked to see someone having a go!!!and not moanining all the time!!!

by NorthernLights | 25th Apr 17, 3:48am 1493048919

The foreclosures in the US were picked up mostly by giant hedge funds like BlackRock
They sold their portfolio of housing stock a while back and have already taken their profits
A lesson Auckland investors in property should learn
You take your profits !

by NorthernLights | 25th Apr 17, 4:12am 1493050340

The sad story about that was millions lost their homes because they lost their jobs All because wall st stuffed the financial markets gambling on derivatives trades that generate 500% profit but carry enormous risk which wall st did not carry the underlying capital to back when things went terribly wrong.
The result meant everyday businesses could not get loans or even get cash to make payrolls which then eventuates in wall st getting a taxpayer bailout and executive bonuses while mom and pop mortgage holders now unemployed got kicked out of their homes Many of these people had been living in their homes for 10 to 20 years or more
and we're not delinquent or quick buck types. These people were kicked out and the hedge funds like BlackRock bought foreclosed homes in bulk and rented the homes back !
BlackRock sold its foreclosure purchases as soon as the US housing market improved for a massive profit.
That's your American dream capitalism for you and it repeats today with Trump and his wall st billionaires club
That country has a long way to go

by dictator | 25th Apr 17, 7:51am 1493063492

The high rate of mortgage fraud ensured that people who could not service the debt had the debt. The ability for the banks to on sell the risk is a major flaw. Then the banks turned around and gambled on OTC options. The thing that caused the biggest seizure of the financial system is that the banks had no idea which ones would collapse so lending stopped.

The regulations and the ability to transfer risk need to be tightened over there. That won't happen though as there are too many bribes to politicians for there to be the will to change. Wall Street is more fraudulent that what I could have ever imagined.

by Simon | 24th Apr 17, 12:47pm 1492994826

Also schooling is a key reason Palmy is a good bet.

http://www.stuff.co.nz/manawatu-standard/sport/rugby-union/91839491/res…

by the Joneses | 24th Apr 17, 1:46pm 1492998375

What has schooling got to do with Rugby?

I heard Palmy market will crash soon...

At least that is the rumor those like myself who enjoy living there, with all the benefits that affordable housing brings, would like to spread if it keeps the 'investors' out..

by tothepoint - d… | 24th Apr 17, 4:30pm 1493008207

At the level that the Palmy market's at right now, I can't see how it can really go much lower.

Rates of return on Palmy rentals are as good as you'll find anywhere in NZ. (-:

If it's a cash cow you're after, then go have a look at what Palmy's got to offer.

by the Joneses | 24th Apr 17, 5:18pm 1493011124

Yeah, or you could do something constructive instead...

Maybe invest in a productive business, give to charity or build a new house to live in...

by Simo | 24th Apr 17, 11:35pm 1493033756

by TainuiBabe | 24th Apr 17, 9:02pm 1493024550

Palmy will crash once all of the Auckland Housing Refugees realise that Auckland values have hit the skids and then they will all sell up their Palmy properties at once and move back to Auckland. It will be a win/win for both Palmerstonians and Aucklanders. Deflates Palmy prices again and helps Auckland regain Nurses, Teachers, Bus Drivers....

by Double-GZ | 24th Apr 17, 5:41pm 1493012462

It takes one overdue large-scale earthquake to flatten Wellington from top to bottom. I wonder why people are flocking there?

by Independent_Observer | 24th Apr 17, 5:42pm 1493012574

No volcanoes near DGZ aye - so Auckland's sweet.

by Double-GZ | 25th Apr 17, 10:15am 1493072135

The key word is 'overdue' so watch that space.

by NorthernLights | 25th Apr 17, 3:53am 1493049205

DubleD do not be so sure Auckland is immune to catastrophic natural disaster either
Take a look at Rangitoto which will dump ash in a 5 km radius and then of course your own zone is littered with dormant volcanoes !
Also Auckland had 2 sharp jolts since 2000
I was sitting at home with my wife watching tv and wham! There was a loud noise and I thought a truck had hit the garage door. Nope it was a earthquake jolt.

by gingerninja | 25th Apr 17, 3:01pm 1493089265

Double-GZ
Seismologist's announced the discovery of a 500-1000 year occurring Hikurangi subduction zone "megaquake" in 2015. They predicted a big quake was potentially overdue and a worst case scenario of 8.9. The Kaikaora quake was in the Hikurangi subduction zone and 7.8, so actually meet the criteria for that prediction meaning that this particular quake is no longer overdue.
They mention Wellington in particular in reference to the Hikurangi subduction zone because it's in the middle of it, but Kaikaora is no less part of the zone and the 2016 quake meets the prediction
https://www.businessinsider.com.au/study-finds-new-zealand-is-at-risk-o…

There is also an understanding that NZ has experienced several megathrust earthquakes along the east coast (from East Cape all the way down the North Island) in the last 7500 years, with the 1931 Napier quake being effected by this. This is a huge area of risk, so there is really no point picking on Wellington as any more risk than most of the North Island at this point.

http://www.scoop.co.nz/stories/SC1605/S00018/new-zealand-can-expect-a-m…

I'm just wondering if there is another reason you are thinking that Wellington is overdue for a big one? Links welcome.

by NorthernLights | 25th Apr 17, 3:36am 1493048219

To the point ? You're not spruiking Palmy again ?
Palmy is a dead zone compared to Auckland

by IT GUY | 24th Apr 17, 8:19pm 1493021956

Oh dear, how sad, never mind....

by Averageman | 25th Apr 17, 9:08am 1493068138

To quote Tony Alexander, "the regions are not Auckland". He went on to say that investors always overshoot in the regions at the end of each cycle. Unfortunate for the late to the party coolaid drinkers.

by two otherguys | 25th Apr 17, 10:16am 1493072188

Like the Barfoot Thompson photo image at the top of this article

"PARKING"

Park your money here - or - we can park it for you

Just need a "laundrette" sign to go with it