40% sales rate at Barfoot & Thompson's auctions last week

Property

Auction rooms getting busier as the property market builds up a head of steam for the peak summer selling season

7th Feb 18, 10:12am by Greg Ninness

The action is starting to crank up in Barfoot & Thompson's auction rooms as the early auction campaigns run their course, with the agency auctioning 40 residential properties last week and selling 16 of them, giving an overall sales clearance rate of 40% for the week.

The biggest auction of the week was on the North Shore where 12 properties were offered and five were sold, giving a sales clearance rate of 42 %,

The next biggest auction was at Barfoot's Shortland St rooms in the CBD on February 2 where 10 homes in west Auckland were offered and three were sold, giving an overall clearance rate of 30%.

The results for the individual property auctions with the prices achieved on those that sold are available on our Residential Auction Results page.

The auction rooms are going to be a lot busier this week as the market gets properly back into its stride and the summer selling season kicks off in earnest,

**Barfoot & Thompson Auction Results 29 January - 3 February**
Date	Venue	Sold	Not sold	Total	% Sold
29 January - 3 February	On site	1	2	3	33%
30 January	Manukau	2	4	6	33%
31 January	Shortland St, CBD.	1	1	2	50%
1 February	Shortland St, CBD.	0	2	2	0
1 February	North Shore	5	7	12	42%
1 February	Kerikeri	3	0	3	100%
1 February	Shortland St, CBD.	1	1	2	50%
2 February	Shortland St, CBD.	3	7	10	30%
Total	All venues	16	24	40	40%

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62 Comments

by Eco Bird | 7th Feb 18, 11:40am 1517956818

I checked all the ones sold by B&T on the North Shore in the last month or so and compared sale prices with Today's Max estimated at home.co.nz ... All, but one, were either equal or above the estimated market price few coastals were up to 5% higher ... even some junk are still holding their prices !!....

by CJ099 | 7th Feb 18, 12:10pm 1517958652

Still low sales volume but interesting to see what happens when the foreign buyers ban comes in to effect.

by Retired-Poppy | 7th Feb 18, 12:16pm 1517958969

Eco Bird said "let there be light and bring back the boom times"

Sadly, much time past by and nothing happened.

by NorthernLights | 7th Feb 18, 1:35pm 1517963724

No matter Coastal NShore is up 5% or 50% fact is the demographic has morphed into Asia
complete with Asian markets language & signage
In a really big city this would not have such a significant impact but in a city of only 1.5mill pop it has been transformational in a local demographic sense
It will take decades for total assimilation if it ever happens successfully at all and we can thank 9 long years of ignorant Immigration policy by National

by Brock Landers | 7th Feb 18, 1:38pm 1517963891

Sounds bloody awful

by Ezy | 7th Feb 18, 3:46pm 1517971614

It's a well documented phenomenon https://en.wikipedia.org/wiki/Chinatown. Look back to look forward.

by Badlad | 7th Feb 18, 10:24pm 1517995463

Sounds like something from Dr Who. We must assimilate! We must assimilate! As far as I can tell we havn’t done too well with the locals or their Pacific cousins. I just look forward to the day when we can all stand together, all splendidly uniformly uniformed reciting en masse the latest demagoguery of our esteemed Number One.

by PKchew | 7th Feb 18, 1:05pm 1517961945

R_P Have been reading what you say off and on and cant get over how negative you. I would just retire and leave the interesting world to others mate. Honestly, its best to keep your opinions to your self. Not very uplifting or based on fact.

by Nzdan | 7th Feb 18, 1:09pm 1517962140

"I don't like other people's opinions, I can't deal with it personally so I'll encourage them to go elsewhere".

by Gummy Bear Hero | 7th Feb 18, 1:31pm 1517963498

... PK chew gummed up in his/her thinking ... a better logic is to simply trump other people's opinions by repudiating them as " fake news " ... ( unless they agree with you , of course ) ...

by NorthernLights | 7th Feb 18, 1:26pm 1517963175

PK always tasted bad
Go chew some JuicyFruit

by Chairman Moa | 7th Feb 18, 4:39pm 1517974749

PK is like chewing your very own gum!

by NorthernLights | 7th Feb 18, 1:46pm 1517964366

PK where are your facts ?
RetiredPoppy has contributed much fine analysis

by swapacrate | 7th Feb 18, 8:57pm 1517990243

I hear stamping your feet when you dont get your own way works as well.

by RickStrauss | 7th Feb 18, 2:49pm 1517968165

Auckland TradeMe property listings now back up to 11,307...That's a surprise. I seem to recall it being about 1,000 fewer only a week or so ago.

by Leverageup | 7th Feb 18, 4:37pm 1517974656

Not really Rick. This is following the classic seasonality in the NZ property market. There are more listings in Auckland than there were last year (so higher base.. very well documented), but there is a massive ramp up in listings post the long weekends end of Jan. This continues through March, then slows down.

by RickStrauss | 7th Feb 18, 6:54pm 1517982849

Good info, thanks.

by tothepoint - d… | 7th Feb 18, 4:50pm 1517975429

Auckland housing market will likely be "steady as she goes" through 2018. It will be year of consolidation - rather than a year of excesses. Nobody should fear stability!

Those who yearn for big price hikes are greedy.

Those who yearn for a crash are mischievous/malevolent.

TTP

by swapacrate | 7th Feb 18, 9:02pm 1517990568

Just affordable prices for the average person and being able to purchase a property on a single wage. Whether thats up or down is neither here or there.

by custard | 7th Feb 18, 9:11pm 1517991104

My goodness, whatever next - agree!

by PocketAces | 8th Feb 18, 7:21am 1518027673

But not nearly as malicious as those who would happily see the bulk of people coming through locked out of the market.

by Zachary Smith | 8th Feb 18, 7:53am 1518029601

We really just want to see the people coming through not losing money on their first houses. It's not malicious, just the way the system is designed. We should see stability and reasonable competition settling in which will be good for everyone.

by PocketAces | 8th Feb 18, 8:07am 1518030456

Then lets redesign the system so that it is actually fair then! There is no stability for those at the bottom of the heap which is getting larger and larger because people like you want it kept that way, as those at the bottom of the heap keep you in the manner to which you have become accustomed.

by tothepoint - d… | 8th Feb 18, 8:14am 1518030846

Well spoken, Zachary.

TTP

by Didge | 8th Feb 18, 9:15am 1518034519

Even better spoken property aces.

by Didge | 8th Feb 18, 9:15am 1518034531

Even better spoken property aces.

by RickStrauss | 8th Feb 18, 9:19am 1518034743

Congrats, guys, on successfully making comments.

Just chiming in there in the mutual congratulation party.

by Didge | 8th Feb 18, 9:16am 1518034609

dp.

by Retired-Poppy | 8th Feb 18, 9:04am 1518033864

TTP, nobody here yearns for a damaging crash. What we have all witnessed is the developing of a damaging bubble that many, including you, NEVER complained about.

What's happening now?

If Barfoots latest figures are anything to go by then 60% of vendors had greedy expectations of price hikes and have failed to load off to bigger fools.

This is a market aloft with hope and prayer. This is a market vulnerable to a global economic shock many forecasters say is way overdue. Because there are limited central bank buffers and at the first sign of trouble, the smart money will head straight to cash and the rest is unfortunately a self fulfilling prophecy.

TTP, you and many other property spruikers should have been more vocal about your "steady as she goes" on the way up. It's a bit late in the game to talk that way now! The greed you speak of is the same greed that blinded many to the risks this bubble right now leaves the NZ economy exposed to.

I think when you hear talk like "its too big to fail" then chances are, sooner rather than later, it will.

by tothepoint - d… | 8th Feb 18, 10:05am 1518037559

Hi R-P,

You write, "TTP, nobody here yearns for a damaging crash."

That's rubbish.

There's a whole bunch of people here who have said they'd love to see a crash and the carnage that goes with it.

And others want a crash simply to pick up a property cheap - with no regard to the damage that would be caused to the economy.

R-P, it's time you got real rather than firing blanks all the time.

TTP

by Independent_Observer | 8th Feb 18, 10:17am 1518038272

TTP - just as a counter perspective on things - have you considered the long term damage to the economy caused by inflated house prices?

i.e. long term is it worse to have expenses houses, or to have some form of crash near term that moderates prices and reduces debt of the next generation that as a result might allow them additional spending power in the productive economy? (instead of just paying a lot of mortgage interest to banks)

by Retired-Poppy | 8th Feb 18, 10:57am 1518040654

To yearn for a crash is to yearn for all that will accompany it, complete loss of livelihood, suicides you name it - it happens.

Wake up dude! these loose comments of yours are clearly void of any caring thought. I suggest you shift your focus to the greedy spruikers that got us into this precarious situation. In fact, look at yourself.......

by Andrewj | 8th Feb 18, 10:28am 1518038882

but the crash is the consequence of credit expansion. Once you have the bubble it's very hard to avoid the correction.

by notaneconomist | 8th Feb 18, 1:21pm 1518049261

WOW - RP when one finger points forward their are 3 pointing back.

You are just wanting to lay blame at someone feet if there is a crash. Why point the finger at someone who is going out and giving life a go?
What have you personally done to ensure the house supply was inreased across NZ?
It is easy for everyone to blame a spruiker but a spruiker can only exist if their is a genuine supply shortage.

Everyone of us has a duty of care to ensure the housing supply is always free from supply restraints so as to not cause market crashes! How many people protest on the RMA constraints? Or the Building Code or other heavy handed regulatory BS that is directly impacting on supply?

by Retired-Poppy | 8th Feb 18, 4:03pm 1518059024

notaneconomist, to answer your question, no, I have not contributed to the housing supply but I'm guessing you already knew that. Having lived in and owned one 60 year old house in a well established suburb for 20 years, I have not contributed to the housing shortage either.

Again, anybody who think house prices will drop, dont always yearn to see the economy crash and take jobs with it. TTP, is a few bristles short of a broom in assuming they do.

How on earth did you assume that I dump on people willing to go out and give life a go in a worthwhile way and prospering? Your comments lead one and all to assume that you think New Zealand can prosper forever more by selling expensive houses to each other and spruik others into the same game - really?

by Eco Bird | 8th Feb 18, 1:00pm 1518048047

Hi TTP,

I reminded myself with the Golden Rule as I discovered how true and accurate it was.
I know that we get carried away sometimes ( I am guilty of that too)... but the Rule is sound and I suggest following it with discipline. Some people just want to argue for the sake of argument and do your head in - making sense of what they say is a useless task.

cheers

by kpnuts | 7th Feb 18, 4:48pm 1517975325

It would be really nice and helpful - if every time these results were published - that a comparative set of results from the previous year was also displayed without having to trawl through 100 google searches

40% sales sounds relatively good given recent climate - but its 40% of 40 so only 16 sales at Band T auctions - but sounds better despite my own thoughts taht the market is clinging on to the edge of a 10% correction when i searchd and found last years - similar 41% but only 22 properties auctioned and 9 sold

https://www.interest.co.nz/property/85783/housing-selling-well-auction-…

by Nimbo | 7th Feb 18, 6:07pm 1517980031

Interesting to go back and read the comments.

CJ099
"My advice to FTB's is you need to play the waiting game to get a more affordable and realistic price."

Average prices are down 8K (https://www.interest.co.nz/property/91865/realestateconz-says-housing-m…) and they would have paid 30K+ in rent and have missed the home ownership feeling.

We all need to be careful giving and receiving advice.

by Hardly | 7th Feb 18, 6:58pm 1517983108

30k in rent versus how much in interest?

by CJ099 | 7th Feb 18, 10:39pm 1517996353

I still stand by my advice since we all know that prices are headed south Nimbo. You seem to forget that the Auckland auction sales that you're celebrating are tiny in comparison to what they were only a year ago.

And are destined to drop even further. You know It's hardly worth commenting since we all know that the foreign buyers ban will dry up the auction sales and allow the market to drop to affordable levels.

by tothepoint - d… | 7th Feb 18, 4:53pm 1517975621

Hi kpnuts,

Auckland auction clearance rates are all over the place - and hardly a useful barometer of anything nowadays.......

The market has moved on. Too much focus on auction statistics can mislead and deceive.

TTP

by Eco Bird | 7th Feb 18, 8:35pm 1517988902

Hi TTP,

yes indeed, notice that doomers focus either on historic numbers, auction clearance, or listed inventory and compare month to month whenever suits ... No one puts prices with any of the above in one report ...that wouldn't fit the narrative.

Many seem to think and assume that low sales volumes and increasing inventory will eventually lead to reduction predicting that price has to give way .. in fact that didn't happen in the last 10 months and average prices in Auckland are now better by between 0 and +1% so far over that last 12 months ....

Time will tell in the next two months - I tend to agree with you that she will be steady as she goes ... but I still expect demand to tip the balance over since we won't get anything extra built during 2018 .. so 2-5% increase this year wont surprise me in Auckland.

by tothepoint - d… | 7th Feb 18, 9:07pm 1517990858

Fair comment, Eco Bird.

The gloom and doom merchants that roost here are seriously lacking in ammunition........ They've been firing blanks for many months now. For such a long time, in fact, that it's become embarrassing for themselves - and tiresome for others.

While, personally, I feel very relaxed with a steady market, I do agree with you that there's a reasonable chance that Auckland house prices will edge up a bit over the next 12 months. That's what most of the indicators are pointing to, anyway.

TTP

by Badlad | 7th Feb 18, 11:19pm 1517998790

Or perhaps TTP, tiresome for themselves and embarrassing for others as I do often get a bit of the ole cringeworthy in me bones. But then again I don’t wish to appear even remotely sympathetic to your point of view lest I get tarred with that big old brush that you and Eco Bird have seemingly taken a shine to.

by custard | 7th Feb 18, 9:21pm 1517991660

“Many seem to think and assume that low sales volumes and increasing inventory will eventually lead to reduction predicting that price has to give way”
Economics 101 would normally tend to point that way – however the demand side of the equation can easily swing it – hard to argue against a net 70,000 and its impact.
Until, and if, that is addressed, anything goes.

by kpnuts | 7th Feb 18, 9:34pm 1517992499

i tend to agree - lot more by negotiation and prices etc - i recently bought for work - property in ranui /massey - 35K under cv of 750 and last week 3 bed in taupo for asking price and 45K over cv -

felt i did pretty well on both purchases to be honest - probably better in Taupo!

neither were auctions - although vendors thought about it in taupo - and i would have gone another 30K there - but no more in Ranui -

problem is that the Auction is one of the easiest indicators to get - although i i like the stratified prices better as more of a true comparison -

is there something you feel is better - as i often end up relying on gut feeling - and what i am hearing ( after interpretation / adjustment / filtering of course) from visiting several local RE offices

cheers

by theglc | 7th Feb 18, 5:20pm 1517977210

Just a continuation of the last 6 months with low clearance rates.

Pressure is rising along with inventories while sales numbers continue to drop.

somethings gotta give

by swapacrate | 7th Feb 18, 9:18pm 1517991505

Yep little holes in that dam, no foriegn buyers soon, interest rate increases this year or next, immigration dropping, more houses built, favourable regulatory environment for new houses and a whole raft of changes.

by Badlad | 7th Feb 18, 10:47pm 1517996867

Trouble is this raft of regulatory reform is unlikely to be quite the gamechanger that I suspect many think it will be. Having been privy, through a rather serindipitous turn of events, to a number senior Labour engagements, I was left with the distinct impression that the Let’s Do This mantra does not exactly align with current political will. I won’t say anything more on that matter but believe, amongst the upper ranks there are a number of very astute individuals whose interests, politically and otherwise are not as you might think. Time will tell of course but I won’t be at all surprised to see a certain, more considered approach tempered with a large dose of reality begin to emerge.

by Badlad | 7th Feb 18, 10:47pm 1517996868

by Houseworks | 8th Feb 18, 6:43am 1518025383

Pike river re-entry, let's Not do this

by CJ099 | 8th Feb 18, 12:10pm 1518045042

Look on the bright side Badlad. At lest we have a strong woman at the helm to steer us on a more stable economy rather than a false one. And she's willing to stand against the opposition, a bit like this one.
BBC: Cracking a $30m Case of Wine Fraud
http://www.bbc.co.uk/programmes/w3csvqqj

by swapacrate | 8th Feb 18, 9:58pm 1518080303

I tell my kids that goal setting, hard work and hope goes a long way. Its how kids become All Blacks and Olympic Athletes.

Hope is what Labour provides for me. With National, I gave up hope, and hated the way NZ was going, at least we may get a change, with a change of government.

Who knows National may see the error of there ways in next election or Labour may follow through with promises, but only time will tell.

by Badlad | 7th Feb 18, 10:54pm 1517997242

On an aside I apologise again for double tapping and hence my double posts. Not intentional but I suffer from chronic nerve condition which makes touch typing, especially on small devices and touch screens, frustrating for me as it is for you probably to read.

by custard | 7th Feb 18, 11:28pm 1517999324

Badlad – I sail in the same boat – no need to apologise – take it easy – point well made,

by tothepoint - d… | 7th Feb 18, 11:34pm 1517999658

Hi Badlad,

Your posts are well worth reading twice. Keep them coming.

Sorry to know you have a chronic nerve problem. (Have you tried Pregabalin?)

TTP

by THE MAN 2 | 8th Feb 18, 11:04am 1518041080

Is 450k too expensive to pay for a family home???
You can buy a reasonable 100m2 permanent material home in Chch in an average area for that.
Your interest only payments are less than renting and you have the comfort of owning and being able to improve your home.
There are also far better buys than this but point is that housing in NZ is still very affordable and pointless waffling on continuously about unaffordable,housing, when it isn’t in many parts of NZ.
ChCh also offers a far superior quality of life but you need to want that!

by swapacrate | 8th Feb 18, 9:45pm 1518079540

Your like DGZ, always talking about CHCH. Theres a lot more to NZ then CHCH and DGZ.

Area of CHCH = 1,426 km²

Area of NZ = 268,021 km²

CHCH is not the problem Auckland is.

CHCH has a population of 367,800

Auckland has a poulation 1,534,700

NZ has poulation of 4,749,598

Auckland is 32% of the population nearly 1/3. While its great you love everything about where you live. There are a lot of NZers impacted by high prices that the average person cannot afford. This has knockon effect. Its bordering on ridiculous to think that most people will pick up sticks and move, so therefore we have to deal with the reality of how NZ is distributed. I just hope this governement has the right metal to follow through with its promises.

Far superior quality of life. To where botswana.

by THE MAN 2 | 8th Feb 18, 10:12pm 1518081126

Swapacrate, have you ever lived in Chch.
Opportunities exist in Chch and the lifestyle is far superior to Auckland.
If you want to live Where the population and problems are then that is your perogative.
All I am pointing out is that If you don’t like something then change it!

by swapacrate | 8th Feb 18, 10:26pm 1518081962

Its your perogative to love CHCH.

I would never live in CHCH, I have been to CHCH probably about 14 times, love it down there. I have lived in many places in NZ. Dunedin, Hamilton, Auckland, Waiuku.

I have lived in Perth, Maryborough, Eneabba, Wundowie in Australia.

I have lived in London Hammersmith, Putney, London Bridge, Northampton, Leeds, Swansea, Lapworth and Weybridge in the UK.

Then a little bit in San Pedro Spain.

There is one thing I know now after living in so many places, especially the cold places. I hate the cold. I love the sun and the beach. I just love how it makes you feel like your on holiday. I love windsurfing and kitesurfing and I love taking my kids to the beach. With an average temperature that CHCH gets, I just could never live in CHCH.

http://www.holiday-weather.com/christchurch/averages/

While up North is not like Brisbane and the Gold Coast it still has an average temperature higher the CHCH.

http://www.holiday-weather.com/auckland/averages/

I will not live in Auckland I am moving close to a beach up North for my kitesurfing and the kids.

by Didge | 8th Feb 18, 12:33pm 1518046426

I have family in Christchurch that had earthquake damage to their home. Initial repairs were paid for by eqc etc. They were later found to be inferior but no problem eqc and insurance paid substantial sums to permit total rectification. The payments were substantial enough (and they do not have to use it for repairs) that they are now building a brand new home in a flood safer area. They will sell the older home "as is where is" providing an opportunity for a do it oneself type to get on the property ladder. Food for thought?

by Didge | 8th Feb 18, 4:36pm 1518061007

To sum up. If house prices do continue to increase there MUST eventually be a correction. The longer the ponzi continues, then the more damaging to our entire economy such a correction will be. Our spruikers will then be shown just how detrimental their propaganda has been.