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Sales rates at Barfoot & Thompson's auctions range from 14% in Manukau to 60% in Pukekohe

Property
Sales rates at Barfoot & Thompson's auctions range from 14% in Manukau to 60% in Pukekohe
10th Apr 18, 9:48am by Greg Ninness

Things were quieter in Barfoot & Thompson's auction rooms in the week after Easter, with 142 properties marketed for auction and sales achieved on 51 of them, giving an overall clearance rate of 36%.

The biggest auction of the week was on the North Shore, where 35 properties were scheduled for auction and sales were achieved on 12 of them, giving a clearance rate of 34%.

A notable feature of Barfoot's auctions last week was the high clearance rate for the properties auctioned on site, with 55% sold, and at the Shortland Street auction on April 4, where most of the properties offered were in central Auckland suburbs such as Mt Eden, St Heliers, Epsom and Grey Lynn, and the clearance rate was 48%.

However sales remained sluggish at the Manukau auction, where most of the properties offered were from south and east Auckland and the clearance rate was 14%.

The table below gives the overall sales results at Barfoot's various auctions last week, while details of individual properties and the prices achieved for most of those that sold are available on our Residential Auction Results page.  

Barfoot & Thompson Auction Results 3-9 April 2018
Date Venue Sold  Not sold Total % Sold
3-6 April On site 6 5 11 55%
3 April Manukau 2 12 14 14%
3 April Shortland St, CBD. 2 5 7 29%
4 April Shortland St - Mortgagee/Court 0 1 1 -
4 April Whangarei 2 5 7 29%
4 April Shortland St, CBD. 12 13 25 48%
4 April Pukekohe 3 2 5 60%
5 April North Shore 12 23 35 34%
5 April Shortland St, CBD. 3 7 10 30%
6 April Shortland St, CBD. 9 18 27 33%
Total All venues 51 91 142 36%

 

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24 Comments

by  Houses Overpriced  |  10th Apr 18, 9:54am 1523310873

there has to be some level of desperation from vendors to keep choosing Auctions, when they know the success rate is relatively low.

This desperation will start to overflow in their price expectations very soon

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by  paengski  |  10th Apr 18, 10:07am 1523311673

You can really call it a desperation, even the leaky units are still up for auction. They probably have forgotten what property auctions are meant for.

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by  Houses Overpriced  |  10th Apr 18, 10:23am 1523312617

Yes, sadly in the case of leaky units, the word desperation is appropriate, in most cases the hardship is too much and they have to sell..

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by  jcs  |  10th Apr 18, 10:20am 1523312410

Never under estimate the power of optimism bias.

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by  CJ099  |  10th Apr 18, 10:58am 1523314724

Still it's not just us with listing up, sales down and prices gradually sliding as reality of our situation kicks in.

Business Insider Australia: Sydney home prices continue to slide
https://www.businessinsider.com.au/sydney-house-prices-australia-outloo…

Better Dwelling: Toronto Real Estate Prices Get First Annual Broad Market Decline Since 2009
https://betterdwelling.com/city/toronto/toronto-real-estate-prices-get-…

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by  Auckland  |  10th Apr 18, 11:08am 1523315339

Greg, how about showing the addresses of the properties sold, and the price it sold for, and how that compares to the latest CV. This would be very helpful for everyone to see the trend without all the fighting from the left and the right. Unless of course thats exactly what you want !

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by  paengski  |  10th Apr 18, 11:39am 1523317146

Hi Auckland,

Let me help you with that, although not all data you mentioned are available but still it's doable.

Manukau: Sold: 3rd April '18
https://www.interest.co.nz/property/residential-auction-results?region=…

Manukau: Unsold: 3rd April '18
https://www.interest.co.nz/property/residential-auction-results?region=…

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by  theglc  |  10th Apr 18, 11:35am 1523316949

These reports are of the success rates, individual sales results dont tell you much when the 70% that dont sell probably tell a bigger story.

For instance what was the highest bid against the CV for ones that didn't sell and what was the starting bid & the reserve???? Not practical to report though.

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by  Nzdan  |  10th Apr 18, 12:47pm 1523321244

That's the problem aye. Vendors are the ones that ultimately decide whether a sale goes through, and most vendors i'd say are looking for at or above current CV's. So of course when Zachary Smith goes and collates the data house price averages are looking good, regardless of the fact that it's only 30% of properties that are "worth CV".

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by  swapacrate  |  10th Apr 18, 8:27pm 1523348873

Sooner or later some people may see Capital Gains dropping and accept the price that they are offered before it goes down even more. Then others may jump on the band wagon as they see their capital gains erode because of fear.

But no that couldn't happen in NZ because NZers are not human at all they have no fear and they are all astute investors. We are different to all nations in the world. Must repeat 10 times.

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by  Withay  |  10th Apr 18, 11:45am 1523317531

Very interesting video on misrepresentation of auction clearance rates in AU, it would be interesting to see if that happens here to some extent:
https://m.youtube.com/watch?v=JCk0on_RR8M

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by  tothepoint - d…  |  10th Apr 18, 12:16pm 1523319368

Hi CJ099 (and others),

What happens in property markets abroad would be an unreliable indicator of what might happen in New Zealand.

TTP

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by  Nzdan  |  10th Apr 18, 12:50pm 1523321419

Until it pulls down the Australian Banking Sector and they decide to pillage their subsidiary branches in New Zealand with the full backing of the APRA?

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by  Crazy Horse  |  10th Apr 18, 8:29pm 1523348975

Good evening 'tothepoint' .....in reference to your statement above ...."What happens in property markets abroad would be an unreliable indicator of what might happen in New Zealand".

What makes you so sure that this is the case ? ....evidence please ?

It would be fantastic if NZ residential property was "bulletproof" to what is happening in the rest of the world .... I would be buying NZ property like there was no tomorrow !

You obviously have a huge amount of "skin in the game", so best of luck to you...... :)

But frankly, you sound like that "know all uncle" at a summer BBQ

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by  swapacrate  |  10th Apr 18, 9:21pm 1523352084

Easy to know a lot when you don't provide facts.

Just like a person I know. Some person who made a lot of money in business told him it was luck, he was just humouring him. But now the font of all knowledge thinks its luck to start a business, and no matter how many times you tell him about the difficulty of starting a business from scratch, developing a website with the appropriate infrastructure, getting investors, doing sales pitches, understanding and complying with legislation etc he still thinks it comes down to luck.

He reminds me of TTP.

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by  Retired-Poppy  |  11th Apr 18, 8:34am 1523392480

TTP's again missed the point. Todays 90sec @ 9am reports that property markets are now globalized. Everyone here knew it, but you!

https://www.interest.co.nz/news/93125/us-ppi-rises-strongly-canada-buil…

It was Global monetary stimulus that got us here, it's the global debt hangover that will get us somewhere else together, and not necessarily in a good way.

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by  Bret Glazer  |  10th Apr 18, 1:02pm 1523322139

B&T sell rates at Auction have been typically low for some months, it beggars belief as to why so many vendors choose a 'B&T Auction a minute' process, who wants to be one in 30 Auctions with a time limit in shortland st central Auckland!
There are better and more personalised options out there from companies that offer significantly better results.
Auctions are still the way to go, just not with B&T it appears.

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by  vman  |  10th Apr 18, 1:16pm 1523322965

Like with Unlimited Potential ,I would hazard a guess lol....

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by  causecelebre  |  10th Apr 18, 2:49pm 1523328573

LOL. Mind you he does have a point

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by  Rob  |  11th Apr 18, 12:39am 1523363996

Surprised more don’t do tenders, but more work for the agents. Auctions are good for buyers, beucase the winner may not have paid their top bid, tenders are good for sellers, because the buyer will usually have offered their top bid.

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by  rmnz  |  11th Apr 18, 11:12am 1523401973

I wonder if there’s been any research done on the psychology of the different sales methods for each side, eg, do houses listed as tender offers deter buyers? I suppose there’s probably too much subjectivity to determine the “best” way to buy/sell in a market at a given time.

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by  Fred Bloggs  |  13th Apr 18, 12:37pm 1523579839

Jeez Bret your still sore at being sacked by Barfoots, let it go man! Focus on your race relations training and don't sweat the small stuff.

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by  mikekirk29  |  11th Apr 18, 11:48am 1523404127

It would be of greater utility if we were told (if they will?) HOW MANY listed properties for sale go to auction, in absolute numbers, with record on this back 5 years, and % total listings going to auction. At present all we are being given is % sold on day (IF that is what they mean by "clearance" which needs to be defined also. Patently the numbers GOING to auction is falling and has been for a while, as well as % "sold" at auction, as a % of those going to auction. 32% of a lot fewer than last year is OBVIOUSLY a lot fewer.

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