Barfoot & Thompson had an overall sales clearance rate of 43% at their auctions last week.
The agency marketed 95 properties for sale by auction and sold 41 unconditionally by 5pm the day after their auctions, with a small number withdrawn from sale or postponed and the rest being passed for sale by negotiation.
Of the major auctions, the highest sales rate was 64% on Auckland's North Shore, and the lowest was 21% at Manukau (see table below).
Prices ranged from $186,000 for a leasehold apartment in the CBD, to $3.42 million for a house in Epsom sold at mortgagee auction.
You can see the results with the prices achieved on the individual properties that sold on our Residential Auction Results page.
If you are interested in commercial property, check out our Commercial Property Sales page.
| Date | Venue | Sold* | Not sold* | Total | % Sold |
| 7-13 August | On site | 3 | 1 | 4 | 75% |
| 8 August | Manukau | 3 | 11 | 14 | 21% |
| 8 August | Shortland St, CBD. | 3 | 3 | 6 | 50% |
| 9 August, | Shortland St: Mortgagee/High Court | 1 | 0 | 1 | 100% |
| 9 August | Shortland St, CBD | 7 | 10 | 17 | 41% |
| 9 August | Whangarei | 1 | 5 | 6 | 17% |
| 9 August | Pukekohe | 1 | 0 | 1 | 100% |
| 10 August | North Shore | 14 | 8 | 22 | 64% |
| 10 August | Shortland St, CBD. | 5 | 8 | 13 | 38% |
| 11 August | Shortland St, CBD. | 3 | 8 | 11 | 18% |
| Total | 41 | 54 | 95 | 43% | |
| *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 Not sold includes properties remaining unsold by 5pm the day after the auction, or that were withdrawn from sale or had their auction date postponed. | |||||
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28 Comments
Tiny sale volumes = falling prices.
Roll on Spring we'll probably be seeing the same results as Toronto is now.
Article: Toronto Detached Real Estate Prices Drop Up To $200,000
https://betterdwelling.com/city/toronto/toronto-detached-real-estate-pr…
Funny how people see things differently, I see Pukekohe in the peak of the boom and rolling over as willing to take any reasonable offer, it'll naturally keep going down, these things normally go for 4 years but could be worse being the size of the dept and risk taking
In 2002 house prices went up over the years to 2008 , then over the next 4 years went down, I can't remember that corrections figures I think it was a high drop in 2009 with small drops after that for the next 3 years, 1967 and 1975 were bad drops for longer and more, of course house prices don't normally fall all of the boom before that's why long term housing is a good investment ,
O4... could the drop in 2009 have been anything to do with that little blip called the GFC?
I agree historically the property market has proven to be cyclical. I don't expect that to change suddenly.
I have a vested interest to see prices rise but also children and a social conscience. Its been a fun few years but good to see the prices stop skyrocketing. Most experienced investors will agree.
Yes 2008 GFC and 1967, 1975, 1985, 1998, 2008, and 1975 things stayed down and went down over 7 years, I don't know what ended all these booms but the fact we were in a boom and a boom being house prices going up and people paying more and borrowing more and taking more risk is why it's at risk of busting, for whatever reason, maybe if housing was made to only go up 10% per year we wouldnt do this boom bust , it's the nature of how it works, if we flat line low for years people seem to wait, something kicks it of like overseas investors, people scared of missing out or greed pile in, things go to far normally to much dept which is understandable, affordable housing get harder to get, any little thing kills it, it's easy to see why we keep doing the same thing over and over, I'm sure it could be controlled with LVR and DTI , but at the end of the day even our government want high house prices so booms and busts are with us forever
There's a couple of mortgagee properties that have come up for sale that were last sold for a bit over $1m 7-12 years ago. These large mortgages are a long term risk for the buyers, and the fact that they can't sell fast enough to avoid a mortgagee sale is a concern.
Kate, I'm surprised that house had to be sold like that, why didn't the owner sell it, if you brought it for 3.5 he must have had 500k deposit, why wouldn't you sell it yourself to get the 500k back, he must have multiple problems with his bank, all tho I can't imagine the weekly payments on 3 million, id hate to think how many people are in the same boat, but there's still buyers
How's this for a downward trend;
Individual sections range from $67,000 to $143,000, well down from the $650,000 price tags associated with some of the sections when they first went on sale 12 years ago.
https://www.stuff.co.nz/business/95798083/mahia-peninsulas-stalled-subd…
An absolutely beautiful beach folks - can't believe the council approved a subdivision for rich folk who never came in favour of the influx of 1000's of motor camp visitors each year. The documentary mentioned is a really good one to give you a flavour of that speculative era.
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