Selling prices at Barfoot & Thompson's latest auctions ranged from $500,000 to $2.88 million

Zach will be on this morning to crunch the numbers and I’m sure the average sales price will be around 2017 cv. It’s a shame that highest bids on properties that didn’t sell aren’t published, could punch those in too and see how the averages stack up on a much larger portion of the properties.

What ban? Aussie, Singapore excluded. China has the most preferred trading nation status with us so if can't get out of excluding Singapore than we can't exclude China. Just been talking to a lawyer expert on this today. Why do you think this has been delayed so many times. The CoL didn't understand the full legal implications of this and our trade agreements. What's the point in doing this if can't be enforced on China. Even I'm pissed off now as I expected them to at least get this ban in.

We can just add to the broken promises list. The list is getting sooooo long, we might need to form a "working group" to manage it.

Any analysis of the few that did sell is obviously going to be skewed. That sound you hear in your ears is just tinnitus.
https://www.youtube.com/watch?v=Tekhh7Iy-sM

I'm renting at the moment and actually really like my landlord. I actually hope he's made preparations for hard times and isn't leveraged up to his eyeballs.

Even they may not want them, as those countries are building up to the latest standard. .in saying that, the villages in those countries might accept them

'Sorry mate, I don't really know what I'm doing as I only sell two houses a year. Why don't you just stick a price on it and put it on trademe yourself.'

Look, the agents don't mind the house not selling at auction at all.

It is a HUGE message to the vendor i.e. you are asking too much!

The agents have scripted dialogs like "We have brought you the market and the interest is at a lower level than the reserve..."

And so on.

The auction day is in some ways only the beginning of the sales process for the agents.

1071 + 1050 = Kings of Auckland Real Estate

No, 1071 isn't the whole market. It's just the part I take interest in because I live there. I have no immediate intentions of buying or selling. The info came from a monthly RE email. Surely there are others out there for other regions that people can post? It would be more informative than this monthly auction thread as it covers sales by all marketing methods.

I think I know what you are saying, Stuart786786

According Financial Times' Research, 56.8% of Chinese outbound investors plan to invest more abroad in the coming two years.
Read more: https://buff.ly/2rMEALI

Selwyn College is decile 4 what's wrong with it?

I've explained this before. A few years back, we supported the group getting rid of Carol White and her rag tag bunch of lefties on the Selwyn school board. Having done that and seen the results, we gave one child the option of Selwyn or his choice of private schools (day boy not boarding). He chose Selwyn due to the cohort going there from his primary/intermediate school, its proximity and its multicultural aspect. He has Pakeha, Chinese and Indian friends, one of the latter is his girlfriend (must check to make sure she's a Gudjerati!). He also achieves at that school. They must be doing something right as he just got his first after school job based on his presentation. Given we have tested all flavours of education, including one of NZ's top private schools we are well placed to sort fact from fiction. For us it's not the school per se, it's the child and their environment. We're actively encouraging our children to be expats for at least part of their lives. Where they schooled is irrelevant in that case, it's what they have achieved to date and their ability to work in the modern world. If you have a confident handshake, look people in the eye when talking to them and address them by a respectful title you are likely in the top 10% of job hunters. We don't abide swearing in the house either. A positively archaic view but it seems to work in producing kids that the working world wants.

Selwyn College now a sort after education and tightly zoned

Not many houses sell with tenants in them which is interesting when you think about it. You would think that would be a really good incentive. Actually I have noticed that houses that are leased to HNZ sell for lower than they normally would.

I usually wait for a tenant to leave of their own accord before putting a house on the market. There are two reasons for this. The first is I don't want to disrupt a tenants life for my own personal gain, the second is, I want to tidy it up and stage it for maximum sales appeal.

I’ll play your game. What would you consider to be an elite school in Auckland and what is your personal experience with it?

I think that's very sad, putting down someone's school. Its also very class orientated, which I particularly dislike, very English like, not NZ like at all. If an employer looks down their nose at someone that goes to a particular school says more about the employer then the student.

I personally think people should start up their own businesses, my son is six years old and we are looking at starting up something on you tube. Nothing may come of it, but over the weekend, we were looking at putting call to action buttons on the video, how to build a community, and writing blogs and setting up a website. He's so excited by this.

He's only 6 and he narrates as well, plus I point him in the direction on what to look for. Nothing may come of this, but he will learn so many skills. I think schools only teach people how to regurgitate. Something like what we are doing will teach him life long skills. We were also talking about him interviewing people.

I'm hoping my son bypasses people like you Tui12 who make judgements on people and their schools.

Tui12 you are out of your mind by singling out Rex Pat's kid as an under performer at an elite school. This is so wrong and cruel. Where is your humanity?

oh dear. that just sounds desperate... have you overleveraged?

MiniCat, I actually agree with you. I have experienced this myself. It is more hassle to sell by negotiation and there is more risk of a bit of an upset along the way but if you have a good product and you stick to your guns you will invariably make more. A few weeks of hassle and hard negotiating are probably worth 50-100k.

Sticking to your guns is essential. When that low ball offer comes in don't negotiate, suggest they should look for a house in Manurewa or Pokeno, somewhere in their price range. Two can play hardball. They made an offer, if they really want your house they will come to the party.

No better way to start a Wednesday with ZS BS.

It is a well noted phenomenon that house owners are actually very bad at predicting the true market value of their properties.
Generally they always overestimate the value increase in an appreciating market, and underestimate the value loss in a falling market. And not by trivial margins.

Also, it is stupid to assume that all property in Auckland has gone up 94%. Because, it isn't true. It may be a viable concept in the land where you take 30 properties for a SPAR analysis and assume that sample converges to the true Auckland distribution of property. But this is a schoolboy exception.
Mangere property, for instance, has appreciated substantially more in relative terms than the average Auckland property. Titirangi on the other hand has appreciated at a relatively lower rate.

My advice:
Stop trying to sound so smart with your constant follies into mythology and history.
Use google instead to gain some basic mathematic and statistical knowledge.

Was this past week an outlier per chance?

As to holding to a price no matter what, this is in conflict with your expressed idea that buyers have a better knowledge of the current value. If the buyers don't arrive after a period of time on the market, then the "no matter what" results in a house that doesn't sell, for a very long time.

There is one house that was on the market when I first arrived in Hawkes Bay almost a decade ago. It had been continuously on the market ever since. It finally sold last year for 10% above the asking price (and 10% below the RV). That emphasis on "no matter what" cost the vendor a HUGE amount of money. The house would have sold in an instant in the Auckland market but was ostentatiously out of place in this market.

@Zach I paid around $170k for one of my properties in the early 90's. So using your system I should expect it to fetch at least 600% over the purchase price if I put it in the market now. Sounds right?

Yankiwi, I broadly agree. The examples you give are for people not quite doing the calculation properly.

Perhaps I should modify my rule to calculate the figures then knock a further 5% off for a sure sale in a flat or mildly declining market.

My 'hold and make them bleed' advice would be for hot property locations.

Yeah, this is exactly the situation we are in now with a house we are selling in the UK. The market has begun to cool. Agents are valuing the house at the hot market price, but we have put it on at 5% below the valuations. We'd rather lose a small amount now than get less later and having suffered the opportunity cost of doing something else with the money waiting for it to sell.

Well it got a chuckle out of me Zach.

Ka...ching motives indeed. Why you would sell in the extended shadow of the brightline window forcing tax on your gain makes you wonder what the sellers think may happen in the next 1-2 years.

Why do they have the privileged to go to a school that charges a fortune. Not everyone does at places like Selwyn.
This conversation is pointless. I'm just glad I'm me and you are you. Things like this do not even come onto my radar as an issue.

I have been to many loving families in this world, money, privilege and great schools, do not necessarily make a happy person.

As long as my kids try their best, are polite to people, treat everyone with respect then I'm happy, everything else is a bonus.