The highest sales rate was for properties where the auction was on site, while less than a quarter were sold at the big North Shore auctions

The highest sales rate was for properties where the auction was on site, while less than a quarter were sold at the big North Shore auctions

Barfoot & Thompson achieved sales on almost a third of the properties the agency scheduled for sale by auction last week, with 167 advertised to go under the hammer and sales achieved on 53 of them.

That gave an overall sales clearance rate of 32%, which probably wasn't bad considering what the weather was like and the disruptions it caused.

The most successful auctions were those held on site where the sales rate was exactly double the average at 64%.

Surprisingly the lowest sales rate was at the big North Shore auctions where the overall sales rate was 22%, while results at the Manukau auction, where most of the properties were from south and east Auckland, weren't much better at 25% and the Pukekohe auction also achieved 25%.

Things were a bit mixed at the Shortland Street auction on 10 April where most of the properties were from west Auckland. A sales rate of 27% was achieved, while at the auction on April 13, where most of the homes were also from west Auckland, the sales rate was 40%.

Results were above 30% at the Shortland St auctions on April 11 and 12 (see table below) where most of the properties offered were from central Auckland suburbs.

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

Barfoot & Thompson Auction Results 9-15 April 2017
Date Venue Sold Not sold Total % Sold
11-15  April On site 9 5 14 64%
10 April Manukau 8 24 32 25%
10 April Shortland St, CBD. 3 8 11 27%
11 April Mortgagee/Court 2 3 5 40%
11 April Shortland St, CBD. 11 24 35 31%
11 April Pukekohe 2 6 8 25%
12 April North Shore 7 25 32 22%
12 April Shortland St, CBD. 7 13 20 35%
13 April Shortland St, CBD. 4 6 10 40%
Total All venues 53 114 167 32%


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The slump continues

Well off the 80% rate in the past.
You can bet your bottom dollar that the agents will be working hard to condition the vendors' reserves down to "meet the market" and yet they can only achieve this.
Don't tell me it is now not a buyers market!

The conundrum is that for that RE agent to get the listing in the first place they have probably set some unrealistic expectations on what they might be able to achieve.

Its more likely they are using the auction to give the customer their reality check and then list for a price or via negotiation,