Barfoot & Thompson, Bayleys both sell just over a third at latest auctions

Property

Sales clearance rates of just over a third at the latest auctions by Barfoot & Thompson and Bayleys

30th May 17, 2:52pm by Greg Ninness

Bayleys Real Estate and Barfoot & Thompson had almost identical sales rates at their main auctions last week, with Barfoots selling 36% of the homes they marketed for sale, and Bayleys selling 37%.

Barfoots marketed 177 homes throughout the Auckland and Northland regions for sale by auction last week and sold 64, with most of the remaining 113 passed in for sale by negotiation and a handful withdrawn from sale (see table below).

Bayleys marketed 24 Auckland properties for auction and sold nine of them, the remainder passed in for sale by negotiation.

The highlight of the week was a Remuera apartment that Bayleys sold for $8.7 million, believed to be the highest price ever paid for an apartment in this country.

But there was also plenty on offer at the more affordable end of the market, where sales included a three bedroom house at Mangere that Barfoots sold for $615,000 and a one bedroom loft apartment opposite Albert Park in Auckland's CBD that Bayleys sold for $665,000.

Bayleys' Hamilton office also held a successful auction last week, selling five of the six properties on offer.

Most were rural properties and the sales included a three bedroom house at Morrinsville that went for $487,000, and a five bedroom house on a 1.327 hectare section at Meremere that fetched $650,000.

You can see the full results on our Auction Results page.

**Results of Barfoot & Thompson Auctions: 22-28 May 2017**
Venue/Date	Sold	Not sold	Total
On site. 22-28 May.	5	10	15
Shortland St, CBD. 23 May.	5	6	11
Manukau. 23 May.	11	14	25
Pukekohe. 24 May.	0	2	2
Shortland St, CBD. 24 May.	17	24	41
North Shore. 25 May.	14	34	48
Kerikeri. 25 May.	1	2	3
Shortland St, CBD. 25 May.	5	4	9
Shortland St, CBD. 26 May.	6	17	23
Total	64	113	177

We welcome your comments below. If you are not already registered, please register to comment

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.

36 Comments

by tothepoint - d… | 30th May 17, 4:18pm 1496117916

So the market has far from fallen over.

Seriously, over 30 per cent is a reasonable clearance rate given the approach of winter - and less than 4 months out from the General Election.

But let's await the doom merchants' chorus - with its familiar tone of discord.......

by BadRobot | 30th May 17, 3:19pm 1496114395

"It's just a flesh wound"

https://www.youtube.com/watch?v=zKhEw7nD9C4

Excuses , excuses........

by Yvil | 30th May 17, 4:14pm 1496117680

Hahaha, thanks for the link and for lightening the mood, it gave me a good laugh & brought back some fun memories

by tothepoint - d… | 30th May 17, 4:28pm 1496118519

Me too - love the link! Hilarious!

Thanks BadRobot

by Houses Overpriced | 30th May 17, 3:38pm 1496115511

Its always good to be optimistic in life, even when the only option is to roll downhill :)

by moneyphobe | 30th May 17, 3:56pm 1496116612

Winter is coming? http://s2.quickmeme.com/img/ae/aea3b3c95be16b368691732609d4b6cdcc53759d…

by RichMuhlach | 30th May 17, 4:40pm 1496119220

Hi tothepoint,

You write: "But let's await the doom merchants' chorus - with its familiar tone of discord......."

Respectfully, if you think it's everyone else singing the wrong tune, maybe you're the one who's tone deaf

by CJ099 | 30th May 17, 6:51pm 1496127074

@ tothepoint: Honestly do you really think we're going to believe that kind of BS from you! Did you even bother to look at the figures for Barfoot's sales rates for May last year? You really must be a dim witted RE to think Investors are going to think that a 30% clearance rate is a good result.

Interest article June 03, 2016: Barfoot & Thompson's new listings and the number of sales both rose strongly in May but prices flattened
http://www.interest.co.nz/property/81939/barfoot-thompsons-new-listings…

Quote from article: Barfoot & Thompson sold 1306 homes in May, up 38.3% compared to just 944 in sales April and 1225 in May last year.

It was the highest number of homes the agency has sold in the month of May for more than 10 years and Barfoot's busiest month since September last year.

Now compare that to this years figures, which have been the worst sales results for years!

Message to First Time Buyers; Do not buy now, the Auckland property market has a lot further to fall.

by Zachary Smith | 30th May 17, 6:54pm 1496127277

tothepoint is bang on the money. Get into Elysium while you still can. The gates are closing.

by CJ099 | 30th May 17, 7:10pm 1496128220

Zachary seriously put your money where your mouth is and provide some evidence that Auckland's property sales and prices are increasing? If you can't provide any evidence your just talking BS.

by Zachary Smith | 31st May 17, 5:37am 1496165850

CJ099 - just take a look at all these houses that B&T sold in April:

April 2017 full list of residential sales

It's not like things are coming to a grinding halt. The house price graphs are always jagged as they continue their upward trajectory. I honestly think the auction results are very good. We are not even close to the situation where houses are under contract waiting for the sale of a buyers house to go through which was quite a normal state of affairs in the old days.

by CJ099 | 31st May 17, 1:42pm 1496194929

@Zachary: Don't talk rot man, even looking at the figures link that you posted from Barfoots, it clearly shows a huge drop in sales and resulting revenue. They even admitted earlier this year that it has been the worst sales year for them.

by Mooooooobs | 31st May 17, 2:22pm 1496197341

Like i said in a previous amount:

I don't know much about anything, just your average Joe so correct me if i'm wrong:

There seems to be a significant drop in sales and this is just looking at Barfoot & Thompson's stats. They're on average selling 220 less houses a month for the months of January, February, March and April in 2017 compared to 2016.

That's a significant hit and if we take the average house value in Auckland which is roughly $900.000 then they're down $6 million on commissions fees each month compared to 2016. I would say that's not very good. Again, that's just for Barfoot & Thompson.

Did I miss something?

by swapacrate | 31st May 17, 7:31pm 1496215887

$6 mill is chump change for these real estate types, its still a good year, and real investors look at the long term. You are feeling sleepy, nothing to see here.

by Mooooooobs | 1st Jun 17, 9:03am 1496264634

$6 million a month is huge, that means they're already down by $24,000,000 just this year and it's not even over yet. I have heard from a couple of veteran real estate agents that quite a few new real estate agents are quitting because they just can't make the sales.

by CJ099 | 31st May 17, 1:38pm 1496194737

dp.

by Mooooooobs | 31st May 17, 2:21pm 1496197287

I don't know much about anything, just your average Joe so correct me if i'm wrong:

Did I miss something?

by Groen_mamba | 30th May 17, 4:04pm 1496117041

Its funny how the North Shore clearance rates are one of the worst week after week. It just so happens to be one of the largest congregation of immigrants????

by Trying to build | 30th May 17, 4:17pm 1496117874

Eureka - you're on to it

by PocketAces | 30th May 17, 4:23pm 1496118213

Immigrants or people not even living here?

by Trying to build | 30th May 17, 4:47pm 1496119647

Most of the so called immigrants purchase property on behalf of family members offshore purely for financial gain, nothing more nothing less. I can't really say I can blame them, who wouldn't take advantage of our idiotic government which cannot see past trade agreements that certainly no other foreign country intends to honour.

The Chinese are in fact more capitalist than New Zealanders.

by realterms | 31st May 17, 9:03am 1496178229

as someone who commutes from the shore, i can tell you that empty houses with no occupants is not a problem...

by Cowpat | 30th May 17, 4:14pm 1496117668

Barfoots on track for lowest May sales since last century. Lowest sales ever. How will that be spun

by Yvil | 30th May 17, 4:16pm 1496117803

Thanks for the info Cowpat, can you please share your data, ta

by Cowpat | 30th May 17, 4:36pm 1496118997

So far just 172 sold at auction or day after in May month, 172/501 or just 34 percent. 515 sales is baseline for May sales this century , in the depths of 2008 . Using recent monthly auction/ other sales data for Barfoots, alongside recent RBNZ credit data reaching 515 sales may be doubtful .

by gingerninja | 30th May 17, 4:55pm 1496120147

How do you respond to this comment Tothepoint?

You are suggesting above that this result is normal for May, good even and here are some conflicting data points saying lowest May in 17 years?

by Yankiwi | 30th May 17, 6:10pm 1496124642

I'm pretty sure that the present lack of sales is just an indication of increased future demand... [/sarc]

by PocketAces | 30th May 17, 4:22pm 1496118168

Anyone else spot a strange serendipity in these headlines, appearing one after the other,
"Barfoot & Thompson, Bayleys both sell just over a third at latest auctions"
"Capital controls key to China curbing its debt"
"Building consents slump in April, Easter Bunny gets the blame"
but then
'Welfare for the millionaires'
I did

by jcs | 30th May 17, 4:43pm 1496119422

Has anyone thought of moving to Dargaville? Houses are cheap!

by tothepoint - d… | 30th May 17, 4:53pm 1496120017

Yes - and Taihape and W(h)anganui have really cheap houses too.

Plus, they're lovely places to live.

Roll up all you bargain-hunters!

by Chairman Moa | 30th May 17, 6:07pm 1496124432

You forgot to mention Tokoroa.. With the average Ponsonby 3 bedder price, you can buy a dozen of villas in Tokoroa

by Trying to build | 30th May 17, 5:03pm 1496120608

To close to the "murder capital" of New Zealand for my liking.

by Carlos67 | 31st May 17, 4:52am 1496163152

Many small towns in NZ are cheap for a reason, the reason is you need to lock your car doors and drive through them as quickly as possible without stopping.

by Kate | 31st May 17, 2:39pm 1496198385

No idea about the stats on murder as a specific crime, but Auckland tops the list for per capita violent crimes;

http://www.newshub.co.nz/home/new-zealand/2016/05/nzs-most-violent-city…

by Averageman | 31st May 17, 7:27am 1496172467

Yawn. On a different angle, could be some bargins later this year at turners repo auctions.

by Sluggy | 31st May 17, 2:31pm 1496197889

Dead right. Maserativille here we come !!