Overall sales rate of 30% at Barfoot & Thompson auctions

Property

Sales rates ranged from 19% to 40% at Barfoot & Thompson's latest auctions

20th Mar 18, 10:48am by Greg Ninness

Barfoot & Thompson had an overall sales rate of just under a third at the agency's auctions last week.

Barfoot marketed 187 residential properties for sale by auction and achieved sales on 56 of them, giving an overall clearance rate of 30%.

Most of the remaining properties were passed in for sale by negotiation but a few had their auctions cancelled or postponed.

The highest sales rate was at the Shortland Street auction rooms at the company's head office on March 13, where properties in a mix of suburbs including Te Atatu South, New Lynn, Mt Albert, Sandringham and Pt Chevalier were offered and the sales rate was 40%.

The lowest sales rate was also at the Shortland St auction rooms, on 15 March where a mix of CBD apartments, plus properties in a wide mix of suburbs including St Johns, Mt Roskill, Mt Eden, Glen Eden, Massey, Onehunga, Glen Eden and Onehunga were offered and the sales rate was 19%.

At the big North Shore auction the sales rate was 30%, and at Manukau it was 31%.

Details of all the properties offered and the individual selling prices for most of those that sold are available on our Residential Auction Results page.

**Barfoot & Thompson Auction Results 12-18 March 2018**
Date	Venue	Sold	Not Sold	Total	% Sold
12-18 March	On site	4	13	17	24%
13 March	Manukau	8	18	26	31%
13 March	Shortland St, CBD	6	9	15	40%
14 March	Shortland St, CBD	13	33	46	28%
14 March	Pukekohe	2	7	9	22%
15 March	North Shore	9	21	30	30%
15 March	Shortland St, CBD	3	13	16	19%
16 March	Shortland St, CBD	11	17	28	39%
Total	All venues	56	131	187	30%

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110 Comments

by Eco Bird | 20th Mar 18, 11:02am 1521496942

Sounds like the New Normal -- all Good

by Bobster | 20th Mar 18, 11:25am 1521498300

Bit puzzled. I can see how a 30% clearance rate is now “normal”, but how can it be said it is “good”? Dismal is the word that pops to mind?

by mfd | 20th Mar 18, 12:06pm 1521500817

Seems good to me. Suggests that prices in Auckland will continue their current small drop in real term prices and gradually return to some kind of sanity.

by Independent_Observer | 20th Mar 18, 12:13pm 1521501229

It's possible that Auckland is the new Perth - stagnant housing markert for the next decade - which in real terms, for those 40% of buyers the last few years who were investors, might be a little disappointed with returns.

by alittle | 20th Mar 18, 10:46pm 1521539192

It has happened in many countries.

Price becomes too high and for lack of affordibality it will be flat for few years and speculators will not enter and the only people who would be interested is foreign buyer to park their unaccounted money will be banned so........

by Eco Bird | 20th Mar 18, 12:17pm 1521501470

Exactly, you've got it

by Retired-Poppy | 20th Mar 18, 11:23am 1521498186

321 St Heliers Bay Rd, CV - 2,775,000, Sold - $2,600,000
30 Towai St, St Heliers, CV - $1,400,000, Sold - $1,300,000
12 Peachgrove Rd, CV - $950,000, sold - $840,000
30 Farquar Rd, CV - $840,000, sold - $842,000
11 Spencer Terrace, Takapuna, CV - $2,200,000, sold $1,528,000

Just some examples of the reductions taking place. The new normal. There was of course a couple slightly above CV. I can only imagine there was unique appeal involved there.

by Cowpat | 20th Mar 18, 11:20am 1521498004

The new Zach.

by Retired-Poppy | 20th Mar 18, 11:36am 1521499008

Hardly. It would be ideal he were to also include some other cities like Manukau - Waitakere. Zac?

by Nzdan | 20th Mar 18, 11:30am 1521498659

He would also not count 11 Spencer Terrace in the results as it would be classed as an "anomaly". Nothing to do with narratives.

by Zachary Smith | 20th Mar 18, 5:45pm 1521521128

Indeed 11 Spencer Terrace is very much an "anomaly" for Retried-Poppy's purposes and should be excluded. It doesn't represent a reduction at all, far from it.

by fat pat | 21st Mar 18, 9:51am 1521579082

That's about right. a 670K price reduction to become even remotely affordable.

by NoFax | 20th Mar 18, 11:18am 1521497882

It seems the usefulness of auctions is coming to an end. Perhaps we will return to the previous approach.

by Averageman | 20th Mar 18, 11:55am 1521500119

Yep. Gravity definitely kicking in with Chinese money and specuvestor debt stacking rocket boosters having both shut down last year. The key question of whether it will be a crash landing, or, a gentle glide path, is how overloaded the debt payload is.

by Ocelot | 20th Mar 18, 3:12pm 1521511932

Of actually putting prices on something they wanted to sell?

by Yvil | 20th Mar 18, 11:27am 1521498467

It seems vendors are slow to adapt to the changing market. Auctions are great when there are several buyers outbidding each other. They are dreadful when there are few buyers.

by printer8 | 20th Mar 18, 12:00pm 1521500433

Agree with you NoFax and Yvil.
Results consistent with Harcourts' clearance rate of 25%.
These results are a clear indication that market has moved from a sellers' to a buyers' market.
For an auction not to reach the reserve is either vendors are unrealistic in their reserve expectations or there are no competing bidders. Either way, it illustrates a downturn/cooling of the market at what should be a good late summer/early autumn selling period.
Look to see at least some falls in prices over the winter.
I hope FHB are noting this.

by Pragmatist | 20th Mar 18, 1:36pm 1521506170

Correction.. its moved from a sellers market to waiters market. The buyers market will come at some point in the future after the price to income/yield ratio has caught up a bit.

by Davo36 | 20th Mar 18, 1:56pm 1521507409

Dreadful for vendors, agents still love them.

They take the house to auction, get the vendor's hopes up, then when they're hopes are dashed, they bring in the lower conditional offers.

The auction system does the vendor conditioning for the agents.

by Davo36 | 20th Mar 18, 11:29am 1521498566

2 properties that went up for auction near me recently and failed to sell:

https://www.trademe.co.nz/property/residential-property-for-sale/auctio…
Asking price is ONLY $300k above CV

https://www.trademe.co.nz/Browse/Listing.aspx?id=1545685631&rsqid=b01e6…
Asking price is ONLY $500k over CV.

by Nzdan | 20th Mar 18, 11:33am 1521498793

I like the second one!

by CN | 20th Mar 18, 4:10pm 1521515402

Davo36,

FYI, the asking prices by vendors would be a premium of 35% and 49% to CV respectively.

by alittle | 20th Mar 18, 11:02pm 1521540158

Property in pakuranga side are going 10 to 15% below CV now and the bottom should be near around 30%.

Another 10% fall should do it.

A property in pakuranga with CV of 980000 went for 820000 and another property in very good street of halfmoon bay with a CV of 950000 went for 845000 in Himalyan drive and is a brick n tile 4 bedroom fully renovated house with internal garage. If was selling in boom, irrespective of the CV would have gone for a milion or atleast high 900s.

So 15% below CV is norm now (Few exceptions) and a buyer can say that he has got a deal if it is atleast 20% below CV now and 30% in near future.

by Zachary Smith | 20th Mar 18, 11:16pm 1521540977

Some links to back these claims up would be good.

by alittle | 21st Mar 18, 7:42am 1521571347

Sure. Link below in halfmoonbay was sold for $845000 and has CV of $950000.

Excellent property in very good street.

https://www.barfoot.co.nz/752320

Like it or not it is comming but again if someone is in for long period (5 to 8 years) property investment is not bad but is it the right time to buy. My view is NO - Not in the falling market for now wether price will go down or not BUT one thing is for sure that is not going up for next few years.

by Retired-Poppy | 21st Mar 18, 8:30am 1521574231

Price reductions like 30 Himalaya Drive, Half Moon Bay, are an encouraging sign that sanity is slowly returning. I think it is just the beginning of what could either be a decade long adjustment to fundamentals or something more abrupt and ugly that shoots south of true fundamentals.

Since 30 Himalaya Drive sold 30% above its 2014 CV, some spruikers would deny its not a price reduction at all ;-) The Auckland Council was applauded by the same Spruikers for getting the 2017 valuations pretty much spot on. The mentality of moving the goalposts now is simply astounding!

by Zachary Smith | 21st Mar 18, 8:54am 1521575659

I don't see how it is a price reduction particularly if the vendor made 120k in three years (bought Jan 2015 for 725k). That's not too bad as it is $770 a week and the property is practically a unit or a duplex.
It's actually a perfect example of an Auckland property paying for itself. For Aucklanders houses have been free, for the past thirty years at least. Not buying a house puts you at a serious disadvantage in Auckland. Why rent when buying a house has no cost?

by Retired-Poppy | 21st Mar 18, 9:02am 1521576126

Zachary, you're spruiking.

by Bobster | 21st Mar 18, 9:30am 1521577839

You are a danger to yourself and others. Please, stop....

“Buy property, you can’t lose”

“Property pays for itself”

by Pragmatist | 21st Mar 18, 9:35am 1521578150

Tell that to your fellow spruikers that were insisting that the 2017 CV would underpin the market and nothing would sell (much) below CV. Obviously not true.

As for the rest of your missive, that was the past, time to get into the now.. prices are not rising, there are no more huge capital gains to be made in Auckland residential property in the next few years, the market has topped, even the REINZ HPI was at +1.1%, which is less than inflation. There is a lot of downside risk in residential property at the moment. (And not just residential property).

by Zachary Smith | 21st Mar 18, 9:49am 1521578975

Fine, don't listen to me, we need rent fodder. By the way I have been hearing this story for the last thirty years.

by Bobster | 21st Mar 18, 9:56am 1521579365

And the last 15 years have been the build up to the biggest credit and real estate bubble in NZs history. And we are now at the absolute apex of that bubble. You extrapolate into the future ad nauseum the narrative of the immediate past, and your statements have lost all context of where we currently are. It’s slightly unhinged...

by Zachary Smith | 21st Mar 18, 10:12am 1521580334

My personal opinion is that houses in Auckland will continue to appreciate at approximately how much they cost to rent.
Accusing me of being unhinged is odd. Property promoters the new climate deniers? A thought crime where telling the truth is no defence? Look at the example above.
You guys don't have crystal balls.

by Bobster | 21st Mar 18, 10:33am 1521581629

Rents have been subject to material but not significant increases over the last 5 years esp in Auckland (say 2.5% real terms pa). What HAS changed is that interest rates have fallen (so the rents can service more debt) and landlords yield expectations have fallen to a miserable less than 3% gross yield in centralish Auckland (as despite all their protests to the contrary, they really just care about capital gain). When either of those things change, prices will fall (whether or not rents change). It’s nearly all about credit growth.

Your comments on “rent fodder” are puzzling. At gross yields of 3% or less investors are (absent capital gains) making a return on equity of zero or near zero. Landlords are giving tenants the benefit of that equity in that rents cover debt service but not equity yield, and in return the landlords keep all capital gains (if any). At those yields I think tenants are getting a good deal, it’s the landlords who are being taken advantage of. A zero equity yield return means that landlords are “bridging the gap” for tenants who thereby enjoy the amenity value of occupying properties they would not otherwise be able to afford. There seem to be plenty of investors dumb enough to invest in residential property on a gross yield of 3% or less, long may that last. All things being equal, and appreciating not all the concerns are monetary, right now it makes far more sense to rent than buy. Right now, it’s the landlords who are the “bubble fodder”, not the tenants

by TainuiBabe | 21st Mar 18, 11:18pm 1521627528

Credit Growth is the missing link between asset prices rising or falling. You are spot on with your comments. What worries me the most is that most people still have not made this connection!

by Retired-Poppy | 21st Mar 18, 10:04am 1521579866

Zachary, I suggest you follow the path of interest rates and credit availability for the last 30 years. The path has now reached a precipice. The ever cheaper credit driven journey is over.

All events are linked. The true price for the QE post GFC will soon make itself known

by Didge | 21st Mar 18, 10:21am 1521580908

@ Zachary. "My personal opinion is that houses in Auckland will continue to appreciate at approximately how much they cost to rent." My personal opinions is that dreams are free.

by Pragmatist | 21st Mar 18, 12:05pm 1521587121

You've been hearing a 8.5-10 times income to price ratio for the last 30 years.. No, no you haven't. Yeilds at 3-4% for the last 30years? No, you haven't. And now with the Chinese money gone, immigration dropping, and healthy homes requirements on the way.. hahaha.

by Tui12 | 20th Mar 18, 11:55am 1521500105

Yes that second one is gorgeous. Always loved Titirangi so much appeal.

by Double-GZ | 20th Mar 18, 12:08pm 1521500902

Tui12 it's not for you. You are no longer part of us, so good bye from Auckland.

by kane02 | 20th Mar 18, 12:02pm 1521500542

why keep publishing auction results? sell rates below 50% are considered an abject failure. I'm far more interested in pricing trends. Auctions appear to now make up a small subset.

by mfd | 20th Mar 18, 12:04pm 1521500687

Some people consider it a useful indicator. You could try not reading these articles if you don't find them useful.

by ex socialist | 20th Mar 18, 12:22pm 1521501741

I would have expected the auctions to be highlighting the decline - the premise for auctions is very much 'let the market speak'. In reality the auction results tend to suggest little decline until the figures cited above.

by CN | 20th Mar 18, 4:14pm 1521515641

the vendor has the right to not accept the bid price made for their property, if it is below the vendor's reserve price. Hence the price is sticky on the way down. As a result, the property gets listed for price by negotiation or fixed asking price by the vendor. Then as a result, you see an increase in property listings. (unless the vendor chooses not to sell their property)

by Eco Bird | 20th Mar 18, 12:36pm 1521502608

..No one likes to see steady market prices .... they want them down asap and clinging to any indicator to realise that hope. there is little price correlation between the lower quartile and the middle and upper ones ..today's, more than ever before, buyers are well segregated by well defined price brackets and each quartile has its own customers. A drop in $1M+ means nothing to the prices of $600k .... Remuera prices are not related to Manukau prices -- cheese and chalk really.

On one hand the DGMs, who missed the boat, are crying foul about affordability and FHBs ... on the other, they quote auction prices for houses well outside their affordable bracket (up to $600K) ...hidden agendas, I suspect !

by Groen_mamba | 20th Mar 18, 12:52pm 1521503521

The current price graph is plateauing with a downward bias. Why on earth would you be buying something now when there is a more than 70% chance it will be cheaper in the near future? I think the market is slowly realizing this trend. A few months ago 40% auction clearance was the "new norm", now its 30%. Let's see what happens when REINZ report a massive median price drop yoy next month, which is totally plausible.

by Eco Bird | 20th Mar 18, 12:56pm 1521503803

Indeed, price is the best indicator .... but what if median prices are over the YoY - Last March ( median and Average) price was the peak everyone referred to.. 10 more sleeps !

by Tui12 | 20th Mar 18, 12:36pm 1521502584

Fantastic contribution to the thread DGZ. but understandable as it seems you cant post your usual list of "XXX DGZ Road sold for $2,750,000 CV 1,400,000! as everything is being marked to market now

by Houses Overpriced | 20th Mar 18, 12:53pm 1521503600

don't rub it in!!!

by Double-GZ | 20th Mar 18, 1:47pm 1521506844

Yes. don't rub it in, and don't come back!!!

by Retired-Poppy | 20th Mar 18, 2:15pm 1521508505

DGZ, just wondering - earlier in the month you and others called out Jacinda and Clarke for becoming investor "Darklords" (as an endorsement for Auckland real estate). Have you found any evidence to support this bold claim?

by Double-GZ | 20th Mar 18, 2:17pm 1521508632

W-T-H her Moa Rd house in Pt Chev is not for sale Tired-Poppy. It will be up for rent soon when JA and CG are ready to move on to their Cambourne Rd house in Sandringham.

by Retired-Poppy | 20th Mar 18, 2:32pm 1521509543

DGZ, what are the 2017 & 2014 CVs for Moa road please? I strongly suspect you have the wrong Point Chevalier street/house.

by Double-GZ | 20th Mar 18, 2:36pm 1521509771

I'm not sure I'm not her PA. I think from memory around $700k (2014) and $1m (2017).

by Retired-Poppy | 20th Mar 18, 2:57pm 1521511029

DGZ, with all due respect it seems obvious you made this stuff up and yes, it appears their house is indeed for sale (by negotiation) Hardly the endorsement you were hoping for.

It's a nice home.

by Double-GZ | 20th Mar 18, 3:16pm 1521512200

You made me laugh Tired-Poppy, I think you're too tired!! I have access to property information that has her name printed on that Moa Rd property who are you trying to fool?

Also, settlement is normally 2-3 months after the date of purchase. Do you really think they are now ready to put their Moa Rd house in the market? Also, even if they did, do you not think NZ Herald will pick this up and make it a headline news?

Houseworks actually hit the nail on the head...you are all talk.

by Retired-Poppy | 20th Mar 18, 3:47pm 1521514038

DGZ, set your childish insults aside, its unnecessarily defensive.

Please by all means produce the evidence in support of your claim and I will be more than happy to stand corrected. It might be a complete coincidence but the property for sale exactly matches the CV 2014/17 as reported in the Herald some time back and its brick & tile in Pt Chev.

I agree, it might seem too soon to to list but not a conclusive reason not to view earlier by vetted invitation.

To be honest, I guess I would be surprised if they were to to invest in multiple houses. This is not exactly helping increase home ownership rates is it?

by Double-GZ | 20th Mar 18, 5:25pm 1521519948

Tired-Poppy check out my post on this article in Sep 2017. Remember to search for the word 'Moa' ;-)
https://www.interest.co.nz/opinion/89856/week-go-alex-tarrant-reckons-i…

by Retired-Poppy | 20th Mar 18, 6:20pm 1521523210

DGZ, I stand corrected, it indeed was a coincidence :) Still, no evidence apart from your assumptions they will actually rent it out. I think you jumped the gun there.

Thanks for the heads up.

by tothepoint - d… | 20th Mar 18, 6:19pm 1521523165

Clearly, many contributors to this blog regard Retired-Poppy as being well past his use-by date.

For that reason, I suggest that all contributors now use the name "Expired Poppy" when referring to him.

TTP

by Bobster | 20th Mar 18, 6:27pm 1521523630

A terrific idea. As always, you are hitting it outta’ the park in your self assumed role as village idiot! More power to you, sir!

by theglc | 20th Mar 18, 7:58pm 1521529117

And maybe I could suggest that everyone refer to TTP now as MTP (missed the point)

by Pragmatist | 21st Mar 18, 9:15am 1521576914

No, TTP is an appropriate name.. Taking The P***.

by fat pat | 21st Mar 18, 10:17am 1521580670

I have access to property information that has her name printed on that Moa Rd Are you finally "coming out" DGZ. Surely that must be an admission that you work for a real estate agency.

by Double-GZ | 21st Mar 18, 10:46am 1521582418

No. As I previously stated I am subscribed to QV and other Property sites such as RPNZ so I have access to information.

by Pragmatist | 21st Mar 18, 9:24am 1521577473

On what to you base the assertion it will be up for rent soon?

It may well be a case of them not putting it on the market till they have vacated for any of several good reasons.
1) Security, I imagine the DPS doesn't want to have to do a full security sweep of the house after every agent visit, and letting the hoi-polloi wander thru while the first family is in residence in an open home scenario.. just not going to happen.
2) Privacy.. How many nosey-parkers would love a look through the PMs house just cos they can? Waste of the agents time. Will be a different story once the PM has moved out and its just another vacant house
(appropriately staged)

by theglc | 20th Mar 18, 12:56pm 1521503774

If these clearance rates get any worse, RE agents are going to have a hard job trying to convince vendors to waste their time at auctions.unless they have a compelling reason like having an iconic or sought after property.

On realestate.co.nz, 6200 of the 13200 Auckland properties for sale have an asking price, I can only see the proportion increasing in the current environemnt

by Davo36 | 20th Mar 18, 1:55pm 1521507327

Yes I agree.

Agents love auctions. So they will push them for as long as they can. Also, plenty of people will be fairly uneducated financially and won't see these figures

by THE MAN 2 | 20th Mar 18, 2:19pm 1521508799

Dave, I love auctions too.
Bargains are to be found if you are cashed up!

by Davo36 | 20th Mar 18, 5:36pm 1521520590

True, but not yet. Things far too heated still.

by BigDaddy | 20th Mar 18, 1:36pm 1521506203

Do we really need another 100,000 houses in a struggling market as we have been promised?
If prices are generally selling below CV's another 100,000 cheap boxes pushed into an unwilling market could result in a serious down turn or even a crash.
Crisis? What crisis? There are plenty of houses to go around.
The only crisis is one of affordability.

by ex socialist | 20th Mar 18, 4:48pm 1521517696

This is the argument that causes the wheels to fall off public sector interventions into affordable housing throughout the world. Yes the 100,000 houses (or whatever number is built) will contribute to a decline in house prices - that is the idea.

When prices fall more people will buy them because the demand will be higher. What has happened with the past few years people will reconfigure their household to reflect the overpriced housing (young adults living with parents, fhb taking in flatmates, students sharing small apartments). When those prices fall then the configuration will change back.

by Brock Landers | 20th Mar 18, 7:38pm 1521527922

There is nothing wrong with prices falling. It should be welcomed with open arms.

by theglc | 20th Mar 18, 8:13pm 1521530009

It probably wont crash the market as such but will definitely peg similar houses in the areas they are built back.

It will come down to a choice of

a brand new Eco built house in high density for $600k

a 50 year old dump on a 400m2 section for $850k

the new house will win everytime, so the prices of the 50yr old dump gets pegged back to the newly built homes.

Nice houses on nice sections wont be effected to the same extent as people will prefer then to high density

by JimmyJames | 20th Mar 18, 10:32pm 1521538327

You're probably correct, the houses probably don't need to be built, but unfortunately the way the central banks responded to the crisis in 2008 enabled investors around the world to expand property portfolios at really low interest rates and bid up the the price between themselves using already existing equity. If a large sector of society has far more houses than they can inhabit then a large sector of society will not have their own homes and high rents will ensure deposits can't be saved for. The only way future generations can combat excessive and unnecessary property investment is to live with their parents to ensure no money is paid to landlords so to discourage property investment or support a they Kiwi build, houses built specifically with first homes buyers in mind. To protect social mobility first home buyers need to the support of central government to counter balance the support central banks have given to investors.

by PocketAces | 13th Apr 18, 6:28pm 1523600894

People living in tents supplied by MSD, yes houses are needed. It maybe crashes the market - too bad.

by Double-GZ | 20th Mar 18, 2:00pm 1521507635

OMG Auckland STILL remains world's third best city for quality of life. No wonder people are flocking to live here in their thousands and house prices are always at premium level - pay up if you wanna live here and send your kids to GRAMMAR!!!
https://www.stuff.co.nz/business/102413848/auckland-remains-third-best-…

by mvgsmf | 20th Mar 18, 2:21pm 1521508881

AKL Grammer...I went to it...actually a pretty average school that spits out dozens and dozens of mindless robotic accountants and lawyers (no doubt why the new arrivals love it - all about rules and zero lateral thinking or creativity)....

And anyone who truly thinks AKL is the 3rd best city on the planet...well they obviously don't have to drive anywhere....or have travelled much.

Born here - choose to live here..but c'mon.....

by Double-GZ | 20th Mar 18, 2:42pm 1521510130

You should have gone to Epsom Girls Grammar (EGGS).

by Didge | 21st Mar 18, 10:18am 1521580712

"You should have gone to Epsom Girls Grammar (EGGS)." Keep up these inane comments DGZ, they surely help to add to the extremely poor opinions that most readers herein have of you property spruikers.

by Chairman Moa | 20th Mar 18, 4:00pm 1521514844

Yep AGS is pretty average, our son went there for two years before we shifted to Aust. He was a B+ to A student there and had to do some catch up when he went to similar level school in Aust..

by gordon | 20th Mar 18, 4:36pm 1521516996

Auckland is a fantastic city and fully deserves it’s no 3 position in the world. Would live there if starting out again. No surprise it’s population is rising year on year.

by theglc | 20th Mar 18, 8:17pm 1521530239

https://www.stuff.co.nz/auckland/102180940/who-says-auckland-is-the-eig…

WHAT THE RANKING CAN'T TELL US

The ranking takes no account of things like the cost of living, incomes, inequality or housing affordability (although it does rate "availability of good quality housing"), all factors that would contribute to a city's liveability for the average resident.

This does not mean the rankings are wrong or invalid because they exclude these things, but it does mean they should only be interpreted in the context of the factors which are included.

As mentioned , even the EIU say that they "do not seek to rank which city is the 'best' to live in but to quantify where there are fewer challenges to day to day life".

Cities are also large and complex and quality of life - and what determines it - will vary dramatically for different people within the same city.

Finally only 140 cities are ranked and only two from New Zealand feature - Wellington is the other.

Even if you were to take Auckland's eighth place at face value, it still might not even be the most liveable city in New Zealand.

* Is there a popular claim or statistic you'd like us to take a closer look at? Leave a suggestion in the comments or email us at newstips@stuff.co.nz

Stuff is producing this series with Figure NZ.

by THE MAN 2 | 20th Mar 18, 3:07pm 1521511676

Totally agree, Christchurch would be in the top 3 liveable cities in the world

by Clementé | 20th Mar 18, 3:20pm 1521512407

Does anyone else follow "Matt and Ryan's property page" on facebook... they started posting pictures of houses that have sold in inner city suburbs with footnotes of *this is just for information, does not mean property has been sold by Matt or Ryan.

Jesus theres some desperation out there at the moment..

https://www.facebook.com/mattandryan/?hc_ref=ARRbHZ2FnEnDYvvPmzCsVeSDat…

by Double-GZ | 20th Mar 18, 3:25pm 1521512715

Are you Matt, Ryan or their PA? Free advertising on interest.co.nz is a symptom of desperation indeed.

by Houses Overpriced | 20th Mar 18, 3:44pm 1521513852

who's talking about desperation??? that is desperation.. hahah

by Bobster | 20th Mar 18, 3:49pm 1521514177

Oh dear, are you not having a good day? One of those young Chinese immigrants after your job again? Poor wee lamb

by Tui12 | 20th Mar 18, 4:25pm 1521516328

I went to Grammar also. Its the best secondary school education in AKL though not sure if it is anymore with its changed demographic. I wouldn't be surprised if your son was behind in Australia as everything is generally a higher standard. But for NZ, Grammar was always the benchmark and its opened doors in my life that money cant buy.

by Zachary Smith | 20th Mar 18, 5:31pm 1521520261

Just some examples of the reductions taking place. Retired-Poppy

Looking a bit more closely at the properties that Retired-Poppy posted above I see that compared to the 2014 RVs they sold on average just shy of 40% above. I wouldn't conclude that they represent "reductions", more like price stability at this stage. Similar results would have been achieved a year ago for these properties. I will see if I can compare a few more properties that sold recently later to get a bigger sample.

Edit: Whoa! new information received. 11 Spencer Terrace is indeed an anomaly and in fact fetched a very good price. If we look at TradeMe Property Insights we can see it sold in May 2017 for 2.220M. Now it sells for 1.528M. A disaster? No, they subdivided. The property that sold was 638m2 but the RV was for a 1348m2 property.
We must remove it from the list. This gives us an average price over 2014 RV for the remaining properties of 43.5%. No decline detected.

by Double-GZ | 20th Mar 18, 5:32pm 1521520349

OMG whoa indeed! Made my day Zachary...so happy #GoodSale ;-)

by Ex Expat | 20th Mar 18, 5:42pm 1521520944

321 St Heliers Bay Road achieved a 10% increase on its April 2017 sale price. The CV was weighted towards land size and is subdividable by right. Not a great location for an expensive home. I reckon it will be subdivided.

by Double-GZ | 20th Mar 18, 5:44pm 1521521077

I will have a close look on the way to pick up my Maskell St Chinese takeaway. Thanks for the details Ex Expat ;-)

by Ex Expat | 20th Mar 18, 5:52pm 1521521523

On your way back to the hood, check out 22 Allum St. New build on a postage stamp section. Just sold for $2,100,000.

by Ex Expat | 20th Mar 18, 5:49pm 1521521386

30 Towai was built in the 1940s, is cross leased. Inside looks nice enough. Maybe a relatively good buy.

by Double-GZ | 20th Mar 18, 5:55pm 1521521717

There is a new housing development on Towai. I went to have a look last year and was impressed by the quality of the terrace houses. They're asking over $2M each though...

by Ex Expat | 20th Mar 18, 6:01pm 1521522101

Yes, there was a sale a couple of years back of significant land. They maximised it. Not sure about the orientation and that street is a parking/driving nightmare. 22 Allum has interior finish issues but is north facing on a good street. Surrounded by big single house sites.

by tothepoint - d… | 20th Mar 18, 6:27pm 1521523630

What everyone here needs to be clear about is that Expired-Poppy (aka "Mr Duplicity") is at his old game of trying to talk Auckland house prices down.

Why? Simply because he wishes to buy a property cheaply.

TTP

by Retired-Poppy | 20th Mar 18, 6:35pm 1521524126

TTP, seriously, you need to grow up. You're making a complete fool of yourself.

by CJ099 | 20th Mar 18, 7:40pm 1521528045

Not surprising that TTP is throwing his toys out of his pram. We're now entering the downward slope where prices slip to more affordable levels. It usually takes a year when property isn't selling as well and the market stagnated. Then reality of the situation kicks in, question is now will prices tumble or continue to slip?

by Houses Overpriced | 20th Mar 18, 9:49pm 1521535773

How can he make a fool of himself when he has proven he is a fool

by Double-GZ | 20th Mar 18, 10:06pm 1521536779

Fool of a took! - Gandalf

by Retired-Poppy | 20th Mar 18, 7:17pm 1521526661

Zachary, fair enough. Instead of using "price reductions" Let's say we use "valuations succumbing to gravitational pull"

by Chairman Moa | 20th Mar 18, 5:50pm 1521521427

There are three kinds of lies: lies, damned lies, and RE sales statistics."

by Nzdan | 20th Mar 18, 8:05pm 1521529515

I just had to share this with you all. This property in Masterton sold end of last month for $255,000 and now it’s advertised for rent at $400 per week LOL. What are they smoking? Hey, The Man 2 is that you?

https://touch.trademe.co.nz/property/listing/view/1575923501

by Pragmatist | 20th Mar 18, 9:09pm 1521533398

Only two houses for rent in Masterton on trademe.. rental shortage?

by Nzdan | 20th Mar 18, 9:34pm 1521534859

Yeah there is a bit, the housing market here seems upside down where houses are still cheap but rents are comparatively high. Access to rail all the way into Wellington certainly helps.

by Conrad | 20th Mar 18, 10:20pm 1521537640

Still only an 8% yield (not counting whatever repairs were needed to make it rentable).

by THE MAN 2 | 20th Mar 18, 10:17pm 1521537478

NzDan, firstly all our properties are in Chch as that is where I am totally comfortable.
Secondly, what is wrong with asking 400 per week?
The net surplus would only be about 6k per year before repairs and maintenance.
Most of our properties we have purchased are giving far better returns than that!

by Independent_Observer | 20th Mar 18, 10:46pm 1521539219

Shares in Summerset SUM.NZX are going mad at the moment with low yields - sounds like a perfect fit for the typical Auckland style investor given that capital gains have dried up in that market....

https://www.google.co.nz/search?source=hp&ei=FtawWvWWCYL_8QXJ_rWwBA&q=s…