Overall sales rate of 48% but results varied widely depending on location at Barfoot & Thompson's latest auctions

Auckland's largest real estate agency sold just under half of the properties it marketed for sale by auction last week.

Barfoot & Thompson marketed 85 residential properties for sale by auction and achieved sales on 41 of them, giving an overall sales clearance rate of 48%.

The biggest auction was on the North Shore where 26 properties were scheduled for auction and 14 were sold, giving a clearance rate of 54%.

At Barfoot's head office in Shortland Street in the CBD, 18 properties were offered on February 7, most of them in central Auckland suburbs such as Mt Albert, Mt Eden, Ellerslie and Glendowie, and 10 were sold, giving an overall clearance rate of 56%.

However properties in west Auckland are selling less readily. At Barfoot's auction on 9 February, where most of the homes offered were in suburbs such as Massey, Titirangi and Glen Eden, only three of the 13 properties were sold, giving a clearance rate of just 23%.

Things were also a bit weaker at Barfoot's city auction on 8 February, where most of the properties in suburbs such as Onehunga, Lynfield, and Avondale were passed in.

Details of all the properties offered are available on our Residential Auction Results page.

Barfoot & Thompson Auction Results: 5-11 February 2018
Date Venue Sold Not Sold Total % Sold
5-11 February On site 5 3 8 63%
5 February Mt Albert 1 0 1 100%
7 February Mortgagee/High Court 1 0 1 100%
7 February Shortland St, CBD. 10 8 18 56%
7 February Pukekohe 2 1 3 67%
8 February North Shore 14 12 26 54%
8 February Shortland St, CBD. 5 10 15 33%
9 February Shortland St, CBD. 3 10 13 23%
Total All venues 41 44 85 48%

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13 Comments

Showing true resilience despite such soft market conditions at the moment. Everybody give yourselves a pat on the back for such a great result.

I’m sorry, what was that?

I’m too busy giving myself a pat on the back as instructed – for quite what I’m not sure.

Oops – I’m now finished with that pointless exercise – now if you don't mind I'll get on with reality.

I hope thats sarcastic. 48% and the best time of year to sell? Pat on the back indeed...

I can already hear the excuses. It was the bad weather we've been having recently, auction sales aren't a good indication of market conditions anymore etc.

The prices are showing significant resilience despite the growth in listings. The few sales I looked at where close to the July CV. I am also picking a decline in the Auckland market, but seems to be slow to arrive.

Always sticky on the way down until capitulation, then the floodgates open. Takes a while though.

Interesting, West Auckland not selling. Might be people thinking Ranui palaces as investment properties turned out to have been overrated?

They shouldn't worry.
Didn't you hear?
TTP says that their value will be underpinned by the Wellington market.

Increasing house prices in various other regions (including Wellington) will underpin Auckland values.

The NZ economy is strong (with low interest rates and low unemployment) and that together with demographic pressures (especially in Auckland) means there's little prospect of a significant fall in house prices.

I know there are people here who eagerly anticipate a sizeable "correction" in house prices - and they're entitle to keep hoping. But they could do worse than have a "Plan B" if their hopes aren't realised.

Finally, too much focus on auction clearance rates is a dangerous thing. There are far better indicators for assessing the housing market.

TTP

Such as market fundamentals?

It is a mystery to me why you think Wellington would support Auckland prices. Wellington has shifted, often by Auckland investors paying well over the odds for property. However, lots of signs of it stabilising.

The Auckland market was not supported by demographics (common myth) because if it was rentals would have gone up as much as prices. In fact as prices/rentals went up people reconfigured (stayed at home longer, more flatmates to a unit). An extra one person in every fifth house is accommodation for about 300,000 people.

What has driven up prices is speculation - and that can either slowly deflate or quickly deflate. Looks like it is the former.

An extra one person in every fifth house is accommodation for about 300,000 people.

You may need to check your maths on that one - it implies there are 1.5 million dwellings in Auckland. The 2013 census only counted 473,000....

yes you are right, too fast on the key board, it would be around 100,000 people.