Just over a third sold at Barfoot & Thompson's latest auctions

Property

Sales rates ranged from 11% to 53% at Barfoot & Thompson's latest auctions

27th Jun 17, 10:48am by Greg Ninness

Just over a third of the properties changed hands at Barfoot & Thompson's residential auctions last week, with an overall sales clearance rate of 36%.

The highest sales rate was at the North Shore auctions where 53% were sold, while sales rates at Barfoot's head office rooms in the Auckland CBD ranged from 11% to 45%, and 42% were sold at the Manukau auction.

Prices ranged from $255,000 for an apartment in the Heritage Hotel in the CBD, to just over $2 million for a property in Glendowie.

The full results with the prices achieved on individual properties, are available on the Auction Results page.

**Barfoot & Thompson Auction Results 19-25 June 2017**
Date/Venue	Sold*	Not sold*	Total	% sold
On site, 19-25 June.	4	7	11	36%
Shortland St, CBD, 20 June.	1	8	9	11%
Manukau. 20 June.	8	11	19	42%
Shortland St, CBD, 21 June.	9	11	20	45%
North Shore, 22 June.	8	7	15	53%
Shortland St, CBD, 22 June.	3	9	12	25%
Kerikeri, 22 June.	0	1	1	0
Shortland St, CBD, 23 June.	3	10	13	23%
Total	36	64	100	36%
*Sold includes properties sold under the hammer or by 5pm the following day. Not sold includes properties remaining unsold by 5pm the day after the auction, plus those that were withdrawn from sale or that had their auction date postponed.

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37 Comments

by moneyphobe | 27th Jun 17, 12:05pm 1498521959

What happened here?
7/72 SWANSON ROAD, HENDERSON - sold for $653,000 which is 50k lower than the trademe estimate low of 700k.
https://www.trademe.co.nz/property/insights/address/Auckland/Henderson/…
is the tide turning or was this due to bad weather on auction day?

by Gummy Bear Hero | 27th Jun 17, 12:12pm 1498522341

... not enough folks with Chinese sounding names putting in bids ... reckon Phil Twyford has scared them all off ?

by Zachary Smith | 27th Jun 17, 1:48pm 1498528122

Looks like it needs a new kitchen and bathroom. I noted the other day that there appear to be some good buys in the do up area. CV is 550K so still not too bad a price. Probably needs 50k+ to make it nice.

by Double-GZ | 27th Jun 17, 5:59pm 1498543188

Zachary Smith, you can watch the Omahu Rd auction I attended on Sunday here, but please don't tell the down-talkers coz they will explode after watching this LOL!
https://web.facebook.com/GavlLive/videos/1371881639534417/?hc_ref=SEARCH

by moneyphobe | 27th Jun 17, 12:11pm 1498522309

and this one - 97 VODANOVICH ROAD, TE ATATU SOUTH sold for 808k in April 2016 and 845k in June 2017
After auction fees,Interest etc not much gain in a year.... What happened to the capital gain easy money?

by dictator | 27th Jun 17, 12:24pm 1498523098

The simple fact is that people can only pay up to the amount that their bank has approved. The available credit dictates the market price.

by Houses Overpriced | 27th Jun 17, 12:33pm 1498523580

last year, they AUP wasn't in effect , so now its sold with the premise that its sub devidable..

by skudiv | 28th Jun 17, 7:49pm 1498636192

Wow only 5% gain, the crash is clearly well under way!!¿Á

by Machiavelli | 27th Jun 17, 1:23pm 1498526594

No more finance available. We are sitting on our hands. Not a good thing. Watch residential development stall due to a lack of available funding. Its already starting. The long game still looks good for holding Auckland property. It's probably a good time to buy if you have cash. I don't see how prices can fall much when the supply side is only getting worse.

by Chairman Moa | 27th Jun 17, 1:33pm 1498527222

Yep, it's hard to get finance now for investors. An old work mate emailed his usual contacts at the big banks to check if he can borrow to buy a property in Mt Wellington. He got all the replies back within an hour with a big fat "NO"

by RichMuhlach | 27th Jun 17, 1:48pm 1498528107

Without hot overseas money and easy credit, we've now reached a stalemate as the only available money is local. In a perfect world, prices won't fall much if sellers hold onto their stock. Prices won't rise much either as no one is able to buy. Stalemate.

HOWEVER - it only takes a couple of distressed sales in one street to bring the value of the whole neighbourhood down. One bad apple can ruin the bunch.

by RickStrauss | 27th Jun 17, 3:45pm 1498535128

Good time for the negatively geared to sit and use their salary to top up their mortgages for a year or two.

by BuyLowSellHigh | 27th Jun 17, 2:45pm 1498531547

Yes. See page 13 of latest CoreLogic property report -

http://content.corelogic.co.nz/May2017/index.html?page=12

by Averageman | 27th Jun 17, 1:48pm 1498528083

Could it be Kiwis earning and paying tax in NZ were never really in the "disconnected from reality" market...?

Those with family money or having sold other assets were probably the only domestic group able to compete against the international money and the leveraged specuvestors. Strong negative growth side will hold off remaining overseas money, and limit future ponzi lending from the banks.

Election 2017 is a seminal moment in the future of NZ for 18-35 year olds. Vote for protection against money not earned and taxed in the NZ domestic economy, or, vote for a life relegated to renting with no hope of ever saving enough for home ownership. This age bracket has the worst voter turnout with over 30% being no shows. Running away to Aussie or the UK is a very weak option now. Get off your lattes, Iphones and squashed Avo and actually vote.

by SeriousSaver | 27th Jun 17, 2:20pm 1498530028

Who would you vote for at the moment - labour dont seem to offer an alternative ?

by frazz | 27th Jun 17, 2:43pm 1498531384

TOPS

by RickStrauss | 27th Jun 17, 5:14pm 1498540474

In terms of property, you may have to simply vote for the lesser of evils.

National looks likely - from their refusal to acknowledge any housing crisis exists, and their behaviour over the last nine years - to keep pushing prices up as much as they can. Any young Kiwi Aucklander voting for National is someone voting to #RentTillYouDie.

by SeriousSaver | 27th Jun 17, 1:44pm 1498527893

10 tranquil glade - down 345k according to regression estimate on homes.co.nz

(unless someone typed wrong figures maybe)

Has the tide turned already ?

by CJ099 | 27th Jun 17, 11:51pm 1498564300

Yes 1 Sanctuary Point, Sunnyhills on homes.co.nz has a low value was $1,720,000 and it's high value $2,000,000. But it only sold for $1,641,000 at their recent auction.

Would have assumed that it would have sold for a lot higher than that being a 4bed, 2 bath double garage property in a nice area of Auckland. So yes prices are starting to slip.

by Zachary Smith | 28th Jun 17, 6:11am 1498587110

If you read the sales pitch you get a bit of a clue:

Solid Brick and Tiles structure, and has been tested by time, whether you are a DIY enthusiast or professional builder, take your tools and realise your imagination. You will be surprised.

https://www.barfoot.co.nz/595625

I think that in a bit of a slow down people who are into making money in housing start looking for do ups that they can purchase at a discount. FHB's should look out for these as you may be able to get a bargain right now.

by Double-GZ | 28th Jun 17, 8:25am 1498595137

Double Garage is not Double GZ and that's the double in differences.

by Cowpat | 27th Jun 17, 2:45pm 1498531508

The only numbers released today that matter are due this afternoon. The unwinding of credit that started 10 months ago should continue with gay abandon. Hard numbers not anecdotes or hope or denial are difficult to disguise..

by M.Aurelius | 27th Jun 17, 2:51pm 1498531913

Hi Cowpat, If you don't mind me asking, what numbers are those?

by Cowpat | 27th Jun 17, 2:59pm 1498532358

C30 C31 and C32 RBNZ data due this afternoon 3.00 pm onwards. Credit statistics.

by M.Aurelius | 27th Jun 17, 3:37pm 1498534646

I see! Thanks!

by Queen | 27th Jun 17, 4:07pm 1498536435

http://www.rbnz.govt.nz/statistics/c30
http://www.rbnz.govt.nz/statistics/c31
http://www.rbnz.govt.nz/statistics/c32

My understanding is that Total lending ($m):
may 17(6,036) > last month(4,558)
may 17(6,036) May 2016(7,287)
So thats a $1B drop on last may?

I am just a novice but would be interested to know more on this, even if it's just brief.
Is this a sign that banks are lending out less? And therefore will not inflate house prices as much?

Is that what you are referring to?

by sammnz | 27th Jun 17, 5:44pm 1498542249

there is a 1b gap in investor lending

by ian64 | 27th Jun 17, 4:40pm 1498538416

this sold pretty quick: http://rwremuera.co.nz/auckland/orakei/100a-coates-ave-11180753/ anyone know the price?

by Double-GZ | 27th Jun 17, 7:33pm 1498548839

I do it went for $2.8m. It's a pretty standard price around the area.

by ian64 | 28th Jun 17, 12:34pm 1498610068

Thanks. NIce area but too many oldies

by Double-GZ | 28th Jun 17, 1:01pm 1498611681

Nice blue rinse community.

by dictator | 28th Jun 17, 1:09pm 1498612171

They sound like undesirables.

by Zachary Smith | 28th Jun 17, 1:11pm 1498612284

Yeah, I love my elderly neighbours. No loud parties, no annoying teenage children, tidy and quiet. At home during the day.

by ian64 | 28th Jun 17, 2:57pm 1498618679

I live in the area. I have to say nice tidy people everywhere but no community feeling, most spend their days watching mike hosking on TV

by Double-GZ | 28th Jun 17, 3:02pm 1498618952

Yes and most have big steel gates / fences with monitoring system. They all have"'Don't scratch my back, or I will scratch yours" written all over their foreheads.

by moa man | 28th Jun 17, 3:17pm 1498619840

Which is exactly the way it should be.

by diy-guy | 28th Jun 17, 4:36pm 1498624597

Wow... less than $100k under CV for Mt Roskill (even though it's not the greatest part of Mt Roskill).

63 Albrecht Ave - https://homes.co.nz/app/address/auckland/mount-roskill/63-albrecht-aven…

CV = $785,000
Sold at auction = $883,000