The sales rate improved at Barfoot & Thompson's auctions last week but the full results of its North Shore auctions have not been released

The sales rate improved at Barfoot & Thompson's auctions last week but the full results of its North Shore auctions have not been released

We are unable to provide a complete set of results for the auctions conducted by Barfoot & Thompson last week because the agency has not released the full results for its North Shore auctions*.

However at its other auctions (excluding the North Shore) Barfoots marketed 156 residential properties and achieved sales on 65 of them, giving an overall sales clearance rate of 42%.

Of the major auctions where at least a dozen properties were offered, sale rates ranged from 31% at the Shortland Street auction on 21 March, where most of the properties offered were from central Auckland suburbs such as Remuera, St Johns, Glendowie, Meadowbank, Epsom and Mt Eden, to 44% at the Manukau auction.

That is a reversal of recent trends, where the Manukau auctions have had some of the lowest sales rates, and the central Auckland auctions have been achieving some of the highest sales.

The table below gives the sales rates for all of Barfoot's auctions last week except for those on the North Shore.*

The details of the individual properties and the prices achieved on those that sold are available on our Residential Auction Results page.

We will update this story if the full results of the North Shore auctions become available.

*Update: After several days delay Barfoot & Thompson did finally publish the full results from their North Shore auctions on  22 March, where 36 properties were offered, 14 were sold and 22 were either passed in, postponed or withdrawn. We have amended the results table below to reflect the North Shore results.

Barfoot & Thompson Residential Auction Results 19-25 March 2018
Date Venue Sold Not sold Total % Sold
19-25 March On site 7 13 20 35%
20 March Manukau 19 24 43 44%
20 March Shortland St, CBD. 5 3 8 63%
21 March Shortland St - Mortgagee/High Court 1 0 1 100%
21 March Whangarei 3 5 8 38%
21 March Shortland St, CBD. 11 25 36 31%
21 March Pukekohe 2 2 4 33%
22 March Shortland St - (excluding commercial) 2 0 2 100%
22 March North Shore  14 22 36 39%
22 March Shortland St, CBD. 8 6 14 57%
23 March Shortland St, CBD. 7 13 20 35%
Total All venues 79 113 192 41%

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

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"In news today, B&T released results for the 21 March Shortland St Mortgagee Auction and 22 March Shortland St excluding commercial Auction. Results for other areas, including the 12,789,625 properties that didn't sell, will be available after those properties have sold".

In fact there is no North Shore, it is a fantasy land created by B&T to push up the Auckland average house prices to keep the Ponzi going. The Harbour bridge is in fact half a bridge with a mirror and a couple of cars and trucks driving around in circles.

#Fakenews#Devonportmyth#Takapunawhere???

Probably cause nothing sells? We are the most indebted area in the country, of course we are going to be more credit sensitive

542 Remuera Road, Remuera – 2017 CV $17,000,000 - SOLD $25,500,000
50 Clonbern Road, Remuera – 2017 CV $2,600,000 - SOLD $3,300,000
8 Peach Parade, Remuera – 2017 CV $2,625,000 - SOLD $2,906,000
11 Martin Avenue, Remuera – 2017 CV 2,300,000 - SOLD $2,740,000
17 Rangitoto Ave, Remuera – 2017 CV $2,320,000 - SOLD $2,600,000
5 Corinth Street, Remuera – 2017 CV $1,925,000 - SOLD $2,600,000
12 Joseph Banks Tce, Remuera – 2017 CV $1,550,000 - SOLD $2,350,000
33B Koraha Street, Remuera – 2017 CV $1,425,000 - SOLD $1,845,000
5C Glenbrook Street, Remuera – 2017 CV $1,550,000 - SOLD $1,580,000
1C Haast Street, Remuera – 2017 CV $1,360,000 - SOLD $1,410,000

DGZ, is your sales data available for all on some click point or are we to take your word for it? Were all these sales completed in 2018? I suspect some if not all are dated from 2017......unless you can verify otherwise?

Nonetheless, impressive margins over CV. Singing, "those were the days my friend many thought they'd never end..........

Feb 2018 and Mar 2018 sales stats for Remuera sent to me by a local agency.

From an agency, enough said.......

I'm just reporting on the sale statistics. They are all recorded local sales and can be made available to public on QV, Property Guru and RPNZ. The entry level for a family home in Remuera DGZ is around $2mil so to be honest, I don't think the prices achieved here are that high apart from the $25.5mil sale which was also reported on NZ Herald.
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=1200...

542 Remuera Road sold in December so he’s pulling data from 3 months ago. I guess it fits his narrative though. Why not go back 6 months?

Do you live in the area Nzdan? The house wasn't listed back then. It was sold on the 28th Feb 2018.

Maybe Q.V. have their figures wrong then? They reckon it sold on 21/12/17.

I feel like there is a need to announce this. 17 Rangitoto Ave sold for $2.6mil earlier this month. It has a 2017 CV of $2.3mil. http://rwepsom.co.nz/properties/sold-residential/auckland-city/remuera-1...

DGZ, since 08 March, it appears that 20x Epsom, Greenlane and St Johns properties were presented for auction, ALL were either postponed or passed in. None have sold since 08 March in Papakura either.

292 Kohimarama Road, 2017 CV-$1,260,000, sold for $$1,180,000
30 Bassett Road, Remuera, 2017 CV-$3,450,000, sold for $3,150,000
1 Douglas Road, Mount Eden, 2017 CV-$1,340,000, sold for $1,240,000
21 Poronui Road, Mount Eden, 2017 CV-$2,525,000, sold for $2,200,000
162 Rathgar Road, Henderson, 2017 CV-$1,020,000, sold for $1,031,000
52 Bodi Place, Te Atatu South, 2017 CV-$660,000, sold for $660,000
75 Seymour Road, Sunnyvale, 2017 CV-$690,00, sold for $680,000
129 Glamorgan Drive, Torbay, 2017 CV-$1,425,000, sold for $1,380,000
12 Peachgrove Road, Te Atatu Peninsula, 2017 CV-$950,000, sold for $830,000
123 Captain Scott Road, Glen Eden, 2017 CV-$770,000, sold for $758,000

No doubt unique properties such as ones that a completely gutted and renovated seem well supported but I personally still think the market is trending down.........

Are you sure 30 Bassett Road only went for $3.15mil?

Yup, just double checked. It's in the link above :)

That's 10% below CV...poor thing.

Yeah guess they couldn't find enough money launders in time for their auction.

Too close to a school and rather 1980's styling. It's difficult to make this place truly grand and stylish like you can with an older building.

https://www.stuff.co.nz/life-style/homed/latest/102625160/buying-worst-h...

Cant believe people pay 3 mill for a golden home.

It's probably worth that much considering where it is at. Lots of rich people would fight for it. Add another $250k if was zoned for double glamour grammar.

Try private then. Don't need to buy golden home, embarrassing 3 mill. Its like emperor with no clothes.

RetiredPoppy you’re wasting your time
DubleD fails to comprehend renovations to houses improves their sale prices
When I lived in Burwood rd there was rarely a year trades people weren’t renovating something and likewise Darwin Lane & Lucerne Rd

I'm not sure about you, but I find it irrelevant that people boast luxury properties as the basis of the house price market. The hell average FHB families are keen to have a swimming pool despite of struggling to buy a small unit.

Pretty sure auctioned houses are way more luxurious or have a location advantage. FHB will skip and proceed to the next page.

I'm scratching my head, please enlighten me.

This is why you’ll never gain a doctorate DubleD
Using Remmers paradigm is not representative of Auckland

NZ will be a country relying on immigrants and foreign money for the next 50 years, regardless of whatever genuine or fake political preference displayed during whatever political campaign by whatever political party.

NZ's land area will always be 270,000 km2.

Just pointing out "legit skilled shortage immigrants" and "not a laundered foreign money".

Undeniably correct.

Aotearoa, land of the wrong white crowd.

@CM there is a restaurant called White and Wong's near my work place ;-)

LOL, I thought you were joking until I google it! Must try them next time I am back in Auckland..

Yummy food there you will enjoy it.

Cute example of Auckland
A Remuera spruiker calling food “Yummy”

The one on the waterfront? I found it overrated tbh, food was ok but not amazing, service was pretty crappy. Paying for the location really.

But there will likely be a land tax applied to that 270,000km2 because, in the words of Milton Friedman, it's the least bad tax. That'll likely change how it's valued and motivate more productive and efficient use of land.

Don’t be fooled the percentage of immigrants entering NZ has been far higher on a population per capita basis than what has happened in Britain & the British got so fed up they voted for Brexit
albeit that was a silly outcome.
NZers merely write on blogs & flip houses
Some even have a weird fascination with Remuera homes go figure

Can go the other way too. Look at the Kaikoura earthquake.

Correct Noncents
No part of New Zealand isn't the result of either tectonic uplift or volcanic activity. Even the highest point on Mt Cook was once under the sea.
Just to add a little further; in geological history there has been considerable rise and fall in sea levels. At times (during the last major ice age) Cook Strait didn't exist and if you were about at the time one could walk from what is now the "North Island" to the "South Island". It is also equally true that at times (during warm periods) large parts of what is our current coasts have been inundated by the sea.
Tectonic activity has been winning, but unless one is Donald Trump, sea level is making a come back.
So I support you noncents; go tectonic activity!!!

@Didge "If the rate of ocean rise continues to change at this pace, sea level will rise 26 inches (65 centimeters) by 2100"

Yes and quite sufficient to put places such as Ngatea and large parts of the Hauraki Plains under water even with substantially increased seawalls. There is also the possibility that the exponent itself will gradually increase as ever more feedbacks come into play. Without a doubt it is something that young persons should be watching with enormous interest over coming decades.

Unlikely. Seal levels have been rising at pretty consistent rate of ~2mm/year (with minor decadal variations) since 1860 (end of little ice age before CO2 started to rise significantly in 1940's.
http://notrickszone.com/wp-content/uploads/2014/04/C7.gif

Antartica is very slowly losing ice ~0.2mm/year sea level rise, Greenland about ~0.7mm/year and biggest causes of rise is ground water abstraction (~0.8mm a year) and thermosteric expansion ~0.6mm/year. There are no other significant sources to take account of, and nothing to indicate that they are accelerating - ground water abstraction can actually be expected to diminish as water is drawn down.

There are real threats to humankind, 2-300mm per century sea level rise isn't one of them.

You will be OK. With the raise of crypto currencies, there will be no real money left and your wealth will be just a digital script stored on some "secured" servers on the moon. The trick is finding somewhere to stay dry.

The North Shore results are available but they appear to have double counted some results.Perhaps one of the many Barfoots agents that post their wisdom and advertise their listings here could inform head office of the error.

CAUTION: Too much gazing at auction results can cause blindness.

TTP

11
up

"The only thing worse than being blind is having sight but no vision"

Helen Keller

Wow how appropriate for ttp

Well said Poppy :)

Burn!

Dp.

Sales examples look like a tale of two cities. Deepest darkest Remuera holding up. Specuvestor leverage land out side of that...not so much. Will be interesting to see if Wemuwera will hold up once the ban is actually active and a few agents/lawyers have been banned for trying to bypass it (cos of course they will).

Don't forget the impact of AML regulations on RE agents. Isn't that supposed to kick in July?

Let’s not pretend we don’t know the pattern. People saying Remuera is holding up so the market is fine are being disingenuous.

Here is how the cycle works - the centre rises (that is Remuera and such), the growth spreads further and further out - first in Auckland, then to the other centres, then to the regions, then snap it starts reversing from the regions on back to the centre.

Now, it may or may not be true that Remuera is not impacted yet. But we wouldn’t expect it to be. We expect the drop to be most severe in Rotorua. Then we expect the south, west and north to be hit. Then it would be completely consistent with our prior for Remuera to drop, but by the least (percentage wise).

This will all hold true unless they change the school zone rules, and the the DGZ is f**ked.

It's like the tide. Regions are always the last to feel the benefit of an upturn but first to feel the effect of a downturn.
I cannot be bothered entering their little echo chamber to be frank.

As it just so happens my Fathers old place thats now been fully renovated by the new owners that was sold almost exactly 3 years ago was up for Auction on the North Shore by Barfoots on the 24th March and from the looks of things it did not sell and its now relisted as "By Negotiation". I think we have to face the fact that the market is no longer in a feeding frenzy and Auctions are no longer the way to sell everything.