Barfoot & Thompson sold just under a third of the properties the real estate agency marketed for sale by auction last week.
The agency had 193 properties scheduled for sale by auction last week and achieved sales on 61 of them, giving an overall sales rate of 32%.
The remaining 132 properties were mostly passed in, with a few that were either withdrawn from sale or had their auction dates postponed.
At the major auctions where 20 or more properties were scheduled for sale, the sales rates ranged from 28% at the Manukau auction on 27 March to 34% at the North Shore auctions on March 29 (see the table below for sales rates at all of the auctions).
Details of individual properties auctioned and the selling prices of most of those that sold are available on our Residential Auction Results page.
Date | Venue | Sold | Not sold | Total | % Sold |
26 March - 1 April | On site | 4 | 1 | 5 | 80% |
27 March | Manukau | 7 | 18 | 25 | 28% |
27 March | Shortland St, CBD. | 9 | 18 | 27 | 33% |
28 March | Shortland St: Mortgagee/Court | 2 | 4 | 6 | 33% |
28 March | Shortland St, CBD. | 13 | 35 | 48 | 27% |
28 March | Pukekohe | 6 | 14 | 20 | 30% |
29 March | Shortland St, CBD. | 1 | 1 | 2 | 50% |
29 March | North Shore | 15 | 29 | 44 | 34% |
29 March | Kerikeri | 1 | 0 | 1 | 100% |
29 March | Shortland St, CBD. | 3 | 12 | 15 | 20% |
Total | All venues | 61 | 132 | 193 | 32% |
25 Comments
Thanks for the information Greg. My question is, whether a property that has it's auction date postponed should be recorded as not sold? Does that mean if it sells or doesn't sell at the subsequent sale date it's presence in the auction is ignored, or is it included in the stats again? If this is the case with one property it hardly changes the overall result but what if 20 properties out of 193 were postponed. That could make quite a difference.
It will appear in the auction results reports every time it is prepared for auction. If it comes up for auction in a particular week but is postponed, it will appear in that week's results as "not sold," but will be marked as "postponed" in the individual results on the Residential Auction Results page.
Stock of homes for sale at highest since 2012 in Auckland and its even deeper into buyers market territory. Homes for sale also higher in Waikato and Canterbury; https://www.interest.co.nz/property/93007/auckland-buyers-market-stock-…
Its true! studying these weak auction results will not lead to blindness.
Agree Averageman ....but there are so many on this website that are so naive, they truly think that the NZ residential property market ...esp. Auckland is "robust, foolproof, never decreases, this is just part of the cycle etc etc" .....I have heard the same drivel now for years.
Wonder how many are mortgaged "up to the eyeballs" relying on the crap they heard at the BBQ by their "know all" Uncle that these low interest rates are here to stay.... forever.
These types forget to remember the banks will be just as keen to get their money back, as they were to give it out.
TTP et al should have a look at a few clips on YouTube by Harry Dent and Prof. Steve Keen.....and google "the world debt clock" ...... the current prices being asked for are just not "cutting the mustard" ..just look at the auction results compared with 2 years ago.
Disclaimer: Crazy Horse does own Auckland property, so I'm not one of those the property spruikers proclaim is a "doom & gloom merchant" waiting for a price crash .... I would just like to see all these $$$$$ that are just going to rent and mortgage interest payments, going into R&D, new start ups, innovations etc. Much better for the overall economy, than an economy and tax regime which is slanted towards "residential property investment" as the only game in town.
CVs can easily be found by looking up the addresses here:
https://geomapspublic.aucklandcouncil.govt.nz/viewer/index.html
Or use TradeMe's Property Perspectives.
https://www.trademe.co.nz/property/insights/map
Last week 47 standard sort of houses are listed as sold with 27 selling higher than current CV and 19 selling for under with one the same.
On average the 47 sold for 4.85% above 2017 CV.
(Disclaimer: done in a rush so could have made the odd error)
Hi MisterB,
Auckland sales and stock levels are no different from what they were earlier this decade. So, your sense of history does not extend back too far!
The point is that after the significant market upswing of 2014-16, house prices have held their own. The crash (or major correction) that so many of your mates here have fantasised about has not occurred.
You're not the only person who would like to buy a well-located home in Auckland at a bargain-basement price. So would I. But I'm not kidding myself that it's going to happen. Put simply, It won't!
TTP
Perhaps change your handle to Miss The Point? Frankly most of what you say is disconnected with any understanding of fundamentals of pricing.
Have house prices really held their own or have they become illiquid? Do you think all the stock is "well located" in Auckland. The exuberant sentiment drove outer prices much higher percentage wise and reversed sentiment off the back of stale listings can just as easily bring it down.
Let's do some maths shall we...
2012: in round numbers, let's say it was 10,000 listings at an average price of $500k, then that was about $5.0b worth of stock and lets say about $3.5b in credit needed to fund that
2018: Now, that same 10,000 houses @ $950k = $9.5b in stock value and even if deposits had kept pace as percentage (debatable), $6.7b in credit needed - nearly twice as much.
Now, how much have wages risen? According to stats NZ, average HH income has risen ~20% in the time.
So, on balance of probabilities, what is the most likely outcome --- the same performance as 2012 or worse?
Hi MisterB,
You say "let's do some maths"........
It takes more than crude mechanical arithmetic and your various misconceptions, my friend.
It's skilful application of concepts, clear-thinking and logic that counts!
You (and certain others here) completely miss the essence of property as an investment (or consumption) commodity.
TTP
If you knew anything of logic, you would realize that all the fundamentals effecting the housing market are overwhelmingly pointing to a correction.
If the population cant afford to buy the houses - logic says the market will meet what people are prepared to pay
Taking the foreign buyers (who fueled the crazy prices) out of the market - logic says it will return to mean
Government putting kiwi build houses on the market at affordable prices - logic says this will effect the prices of the houses competing for the same buyers
ring-fencing losses - logic says investors will have to make sustainable decisions and not rely on capital gains
Increase in interest rates (the US increases will trickle down to us) - logic says this will tighten things
extended brightline - logic says this will dampen speculation
increasing inventories & low sales - logic says those who need to sell will have to be flexible to get a sale.
Not much good news for the Bulls at the moment is there?????
A correction is almost inevitable!
Missed the Point you have (master yoda says)
"Auckland sales and stock levels are no different from what they were earlier this decade."
But will the perfect storm happen again, unlimited money coming from overseas and the lowest interest rates we have ever seen because of quantitative easing, and cheap borrowing.
Not to mention lending up to 9 times income. Hey 20 times income all banks will lend at that.
Or maybe you just put a finger in the air and say abracadabra wave my magic wand and everything will repeat.
As for the crash happening, Im not sure I would start bragging yet. Interest rates will eventually rise, borrowing will become harder, sales times may increase, foreigners will be stopped from buying etc etc. That's the thing with peaks and curves there is a top when things plateau. I would suggest we are at the plateau, not at the crash and certainly not on a upward trend.
Interesting times indeed.
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