Sales on 42% of homes at Barfoot & Thompson's latest auctions

Property

Prices started at $550,000 for a two bedroom house in Papakura at Barfoot & Thompson's latest auctions

16th Oct 17, 3:44pm by Greg Ninness

Barfoot & Thompson had an overall sales rate of 42% at the agency's auctions last week.

Barfoot marketed 95 properties for sale by auction and achieved sales on 40 of them by 5pm the day after their auction, giving an overall clearance rate of 42%.

At the larger auctions sales ranged from 36% on the North Shore to 48% at Manukau.

Exactly half of the properties auctioned on site were sold.

Prices ranged form $550,000 for a two bedroom brick and tile house in Papakura, to $2,200,000 for a four bedroom villa in Mt Eden.

You can see the results from all of the Barfoot & Thompson auctions on our Residential Auctions Results page.

**Barfoot & Thompson Auction Results: 9-15 October 2017**
Date	Location	Sold	Not sold	Total	% Sold
9-15 October	On site	5	5	10	50%
10 October	Manukau	11	12	23	48%
10 October	Shortland St, CBD.	2	0	2	100%
11 October	Shortland St, CBD.	7	12	19	37%
11 October	Pukekohe	1	5	6	17%
12 October	North Shore	9	16	25	36%
12 October	Shortland St, CBD.	1	2	3	33%
13 October	Shortland St, CBD,	4	3	7	57%
Total	All locations	40	55	95	42%
*Sold includes properties sold under the hammer or by 5pm the following day. Not sold includes properties that remained unsold by 5pm the day after the auction or that had their auction postponed or cancelled.

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40 Comments

by RichMuhlach | 16th Oct 17, 4:24pm 1508124243

A sale was achieved at $550k for a 2 bedroom house in Papakura. This is the seller meeting the market. I remember this time last year you wouldn't see a Papakura house even listed at TradeMe for under $750k. Oh times have changed.

by Zachary Smith | 16th Oct 17, 6:43pm 1508132609

This is only a two bedroom house in Papakura. It's kind of hard to be exactly certain of the CV but it appears to have sold for 43% above CV.
I'm analyzing these latest B&T sales to see how the trend is looking and should have results later.
So far, including this sale, it looks pretty healthy for the sellers.

by Zachary Smith | 16th Oct 17, 9:28pm 1508142521

It's intriguing that RichMulach's comment has received so many upvotes considering it is clearly wrong. Papakura has houses for sale under 500K currently and has always had them even at the high point last March.

by NorthernLights | 19th Oct 17, 9:34am 1508358847

Just proves how unpopular you are Zach

by Retired-Poppy | 16th Oct 17, 4:40pm 1508125215

Can't blame Winston. House prices ARE STILL too high! NEGOTIATE NOW, take a smaller loss today and meet the market. Auctions will become exciting again at the bottom of the coming slump. Of course there are still a few naive buyers who think 30% pa gains are possible!

by sammnz | 16th Oct 17, 5:28pm 1508128085

I've seen some listings matching CV or to close to it.

by Double-GZ | 16th Oct 17, 7:23pm 1508135033

Is this near your place Zachary? I can imagine it going for between $8M and $10M!
https://webcache.googleusercontent.com/search?q=cache:SkiotzhtyuAJ:http…

by Narrabeen Boy | 16th Oct 17, 6:19pm 1508131186

clasified has expired

by Double-GZ | 16th Oct 17, 7:23pm 1508135006

Not sure why it is expired, but the address is 71 Onslow Ave in Epsom. It was last sold in 2010 for $3,835,000. It's in Double Grammar Zone, and zoned mixed housing suburban.
House Area: 467sqm (more or less)
Land Area: 2365sqm (more or less)
CT: 553047
Legal Description: Lot 1 DP 442939
2014 CV: $5,300,000
Rates: $14,503.41 (GST inclusive 2017/2018)
https://webcache.googleusercontent.com/search?q=cache:SkiotzhtyuAJ:http…

by NorthernLights | 19th Oct 17, 9:37am 1508359037

Expired like the spruikers rankings
Laughs are cheap here

by tothepoint - d… | 16th Oct 17, 7:11pm 1508134300

Those people who are waiting to buy a house in the "coming slump" best buy themselves a comfy dressing gown and slippers - because they'll be waiting a very long time.

The house market is likely to pick up and become more buoyant in 2018 - no matter if Labour or National govern.

TTP

by Sentinel | 16th Oct 17, 7:14pm 1508134472

Why?

by J.C. | 16th Oct 17, 7:26pm 1508135176

Why?

Because he says so. That's how public opinion works through the internet.

by Retired-Poppy | 16th Oct 17, 7:40pm 1508136050

.......and good times are just around the corner and this time its different. I Suggest those who journey without looking over their shoulder might be in for a nasty trip! Google is rich with history about massive losses forced upon people. Only the naive continue to live in a fantasy that real estate and sharemarket bubbles are sustainable while there exists a yawning gap between rich and poor. The price only gets more hefty with each passing day without a correction.

by NorthernLights | 19th Oct 17, 9:39am 1508359167

Retired Poppy such wisdom is rare
Well said

by Houses Overpriced | 16th Oct 17, 8:23pm 1508138635

You are either a RE agent or a preacher

by CJ099 | 16th Oct 17, 9:35pm 1508142920

TTP is most certainly an RE who is very desperate to get investors to buy in a declining market.

by Houses Overpriced | 16th Oct 17, 9:47pm 1508143653

I don't think he's a RE agent... how can he be selling houses when he's constantly commenting on this site

by Cowpat | 16th Oct 17, 7:17pm 1508134625

Kohi seems to have gone out of favour.

by Ex Expat | 19th Oct 17, 9:40am 1508359248

How so? Trademe listings were at 14 yesterday, of which four were stale.

by PointMade | 16th Oct 17, 9:02pm 1508140934

I would suggest people who are waiting for prices to fall find themselves a nice cosy couch as it won’t happen. I’ve been speaking to RE’s who advise me prices will increase after Xmas and into the Chinese New Year.

by swapacrate | 16th Oct 17, 9:11pm 1508141461

This may be true but who can afford it. If average household income is 80K and Banks lending has dropped. So who will buy it.

by CJ099 | 16th Oct 17, 9:31pm 1508142703

Property prices are already falling have been since early this year, everyone can see that TTP (PointMade).

And as for the Chinese New Year, You've got to kidding! And here's why that won't happen:-

Article: China’s PBoC Announces An Army of Over 400,000 To Prevent Money Laundering
https://betterdwelling.com/chinas-pboc-announces-an-army-of-over-400000…

by Groen_mamba | 17th Oct 17, 7:10am 1508177440

I called it last week!!! CNY will be the excuse of choice be RE's through summer.

by Zachary Smith | 16th Oct 17, 9:47pm 1508143641

As promised here is my analysis of the latest B&T auction results. Quite a variety of sales with entry level houses amongst them. I can't see any properties that are an absolute bargain and the impression I am getting is that prices are firming rather than softening. Large sections are getting premium, even eye watering prices. There is clearly confidence left in the Auckland market.
The average sale price is 45.92% above CV. Another astonishing result quite frankly.
The best buy could be this one in Te Atatu Peninsula:
https://www.barfoot.co.nz/604809
Only 27.64% above CV at 785K and a nice looking place.
I could have made mistakes in my analysis as was a bit of a rush however, again, market looks to have turned in the upward direction and this is quite a large and typical sample of sales.

Street CV Sale
PENNEY 650 916
MULVANEY 505 720
PUPUKE 690 856
WEST COAST 520 745
ORCHARD 580 850
GLORIA 615 785
TRISTRAM 930 1695
HILLCREST 560 760
GLAMORGAN 530 680
BELLE VERDE 890 1035
ROSAMUND 650 1185
ERNIE 830 1180
PUTIKI 620 1046
GARLAND ROAD 1275 1800
MILTON ROAD 1560 2200
ELIZABETH 970 1275
HIHI AVENUE 480 761
HASELER 590 718
REEVES ROAD 700 1526
WAIRERE 760 1156
ENNIS 580 1050
CARBERY 370 620
FLAT BUSH 595 860
TRIPOLI 520 675
CLEVEDON 385 550
PINE HARBOUR 970 1310
LESLIE AVENUE 900 1100

TOTAL 19225 28054

by Risky | 17th Oct 17, 12:37am 1508153835

This isn't really an analysis as much as a listing of numbers. Why is this an astonishing result? Everyone knows prices are well up from when the CV's were last done. You say that you think the market is firming? Where is the evidence of that, in these numbers or elsewhere?

by Zachary Smith | 17th Oct 17, 1:43am 1508157825

Yeah, I usually put "analysis" in scare quotes although it is not just a "listing of numbers" as I had to check each and every sale and find out its CV and then averaged the results. It is astonishing to me as all my previous "exercises" (happy now?) of this nature have shown sale above CV of 30-40% or less and I guess I must have bought into the property price crash hype. This is the second check in a row where we are seeing an average in the mid forties. I have been expecting it to average in the high twenties. I have also been expecting to see the odd really good bargain buy but I am not seeing it. I am confident now in predicting that the figures for October will show an increase in house prices for Auckland.

by J.C. | 17th Oct 17, 4:43am 1508168605

have been expecting it to average in the high twenties. I have also been expecting to see the odd really good bargain buy but I am not seeing it.

Fundamental rule of analysis. Put expectations into a statistical frame. Your expectations are nothing more than your hopes, dreams and feelings. Not a good departure point for analytics.

by Zachary Smith | 17th Oct 17, 6:57am 1508176649

I already explained that I usually put "analysis" in scare quotes. These are just results of comparing CVs with sales prices. No need to get philosophical. Draw your own conclusions.

by NorthernLights | 19th Oct 17, 9:45am 1508359552

It’s not analysis You said “Here is the result of my Analysis” Zach
It’s hilarious
Zach delivers the laughs as usual

by O4 normal | 16th Oct 17, 11:05pm 1508148345

Next year after the new CVs all Auckland houses will be under cv for years . Boring

by Zachary Smith | 17th Oct 17, 1:24am 1508156667

You're only saying it's boring because it goes against your narrative which you have been repeating over and over ad nauseam for quite awhile now.
When the new CV's come out it will simply shift the benchmark and still be useful. It doesn't matter if it is above or below, what matters is the trend away from the benchmark. If I detect that averages are, say, 5% below CV while they were 10% below CV three months ago I will be seeing for myself that prices are firming.

Quite surprised I have to explain this to be honest.
I go to quite a bit of effort with this. So sorry the figures don't support your theories....lol.

by Groen_mamba | 17th Oct 17, 7:07am 1508177229

Hi Zac,
Promise me you will continue comparing CV with sale price after November. I'm really interested to know.

by Zachary Smith | 17th Oct 17, 7:32am 1508178778

I certainly will although it will take a month or two or three to detect a trend.

by NorthernLights | 19th Oct 17, 9:48am 1508359695

Doesnt take 3 months to analyze the market trend is down Zach
Keep kidding yourself though
You provide plenty of laughs

by O4 normal | 17th Oct 17, 7:10pm 1508220638

Yeah keep up the good work I look forward to the monthly reports over the next year. If you forget I’ll remind you

by NorthernLights | 19th Oct 17, 9:49am 1508359754

Yes keep up the fake analysis

by Robt | 18th Oct 17, 12:33pm 1508283193

The market wasn't going to self correct in any meaningful way because the potential buyers included some of the literally millions of millionaires around the world who could see NZ as a safe bolt hole in a scary world. Plenty of cashed up demand vs limited supply equals high prices. The only difference this time around is just what Winston is getting from these talks.

by RickStrauss | 18th Oct 17, 12:58pm 1508284719

Look, National have repeated said that foreign buyers are not an influence in NZ's prices. You're not saying National have been lying to NZers, are you?

by Robt | 18th Oct 17, 1:46pm 1508287611

ha ha. And there hasn't been a housing crisis since they got in. although there was one when prices were about half what they are now :-)