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About one in three properties found new owners at Barfoot & Thompson's latest auctions

Property
About one in three properties found new owners at Barfoot & Thompson's latest auctions

Barfoot & Thompson sold just under a third of the residential properties the agency marketed for auction last week.

Barfoots promoted 119 properties for auction last week and sold 36 of them, giving an overall sales clearance rate of 30%.

At the main auctions the highest sales rate was achieved at the North Shore auctions on 7 June where the overall sales clearance rate was 43%, while the clearance rates at the Manukau and on site auctions were both 31%.

The biggest auction of the week was in the agency's Shortland St rooms where 29 properrties were on the Order of Sale, mainly from central and central fringe suburbs such as St Heliers, Mission Bay, Glen Innes, Remuera, Mt Wellington, Mt Roskill, Mt Albert, Epsom and Mt Eden, but only seven were sold, giving a sales clearance rate of 24%.

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

Barfoot & Thompson Auction Results 4-10 June 2018
Date Venue Sold Not sold Total % Sold
4-10 June On site 4 9 13 31%
5 June Manukau 8 19 27 31%
5 June  Shortland St, CBD. 1 5 6 17%
6 June Shortland St (Mortgagee/Court) 1 0 1 100%
6 June Shortland St, CBD. 7 22 29 24%
6 June Pukekohe 0 3 3 0
7 June North Shore 10 13 23 43%
7 June Shortland St, CBD. 3 4 7 43%
8 June Shortland St, CBD. 2 8 10 20%
Total All venues 36 83 119 30%

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101 Comments

Hardly a "robust" market. Leafy suburbs increasingly harder to shift. Full effects from foreign based buyers ban yet to be felt.

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Over the ditch ANZ chief economist admits they got their predictions wrong.

"Weakness in Australia’s housing market has persisted longer than we expected, and the rate of decline in prices has recently accelerated," the economist wrote.

"This weakness is challenging our previous view that prices would stabilise and then recover somewhat to finish the year in positive territory," he said.

Oopsie.

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I would just assume until proved otherwise that every statement that comes out of a major Aussie bank about market direction is purely self serving. There will be much talk of sound fundamentals and repeated “calling the bottom”

I hope someone is keeping a record and constructing something like the attached, it’s hilarious

http://quotesfromthebubble.blogspot.com/

http://quotesfromthebubble.blogspot.com/search/label/da%20fundamentals%…

The calling the bottom section is particularly chuckle worthy

http://quotesfromthebubble.blogspot.com/search/label/calling%20the%20bo…

And last but not least, that old favourite, the soft landing

http://quotesfromthebubble.blogspot.com/search/label/soft%20landing

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Bobster! Please don't give TTP more material to cut and paste here.

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Sorry, cats out of the bag now

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Some very similar quotes are being made in respect of the Auckland residential property market now.

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Well, that collection of quotes from the Irish property bubble is an absolute humdinger

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Ben Bernanke Oct 31, 2007 - 'It is not the responsibility of the Federal Reserve -- nor would it be appropriate -- to protect lenders and investors from the consequences of their financial decisions.'

Ben Bernanke Dec 5, 2010 - 'I wish I'd been omniscient and seen the crisis coming.' and 'One myth that's out there is that what we're doing is printing money. We're not printing money.'

Back in New Zealand;

RBNZ Dec 3, 2017 - 'It's not our job to protect you from the housing market' https://www.stuff.co.nz/business/99408539/reserve-bank-warns-its-not-ou…

RBNZ 24 May, 2018 - RBNZ says possibility of needing unconventional monetary policy tools 'higher than it ever was in history'

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.

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LOL, When I clicked through to the property bubble page, there are ads with John Key's picture saying "Entrepreneurs create a system helping Kiwis increase household income"

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Was he not one of those that said there was no need for the Reserve Bank to use debt to income ratios as a tool to control excessive mortgage lending?

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Yeah, getting support for macroprudential regulation from him was like getting blood out of a stone.

“Everyone thinks my party is just the best ever, even though some people look like they are about to choke on their own vomit, so can’t we just keep the party going a little bit longer? Besides, I really can’t be bothered dealing with the mess”

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What ANZ economist was really thinking -
'Maybe we made a few mistakes when lending window cleaners $800,000 to become property investors.. It was a bit unfair of us to offer people 8 times their salaries on interest only terms when they had failed maths at school but hey it worked for a while - now where's my coat.'

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Agree agree and agree.

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6 June Shortland St, CBD. 7 22 29 24%

So...that one must've had a really festive atmosphere.

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Apparently it was so quiet that you could hear the 'drip drip' of Vendors' sweat hitting the floor!

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Talking to someone in the weekend trying to sell a DGZ house with pool and all the bits. Open homes over the last three weeks were dead, and not a Chinese person in sight. They are openly discussing less than new Council CV and still no traction.

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^^LOLgz^^ wicked!

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Discussing or have they put a price on it publicly? Usually, in a market where buyers are in short supply (and they know it) they don't bother looking at anything where the owners don't have a serious expectation or have priced it attractively. that is except those propertyporners who will go out every Sunday to ogle what's on offer and check out the sleek lines of the neighbours' wifes' - kitchen. (even though they have no intention to buy).

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These results are terrible. This is an attack on our national identity.

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Shortland St Court bucking the trend once again, 100% auction clearance rates. Just goes to show properties in a good location, the location of the auction room, will sell well!

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Yes, that single house that was put up really bucks the trend! Luckily there was a large amount of houses up there so we can make this statement and back it up with a large pool of evidence instead of just one single property and it happening to sell! Oh wait...

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Indeed. It seems a recurring theme that properties marketed by that agency “mortgagee/court” (whoever they are) nearly always sell, no doubt for good prices too. I will definitely use them for the next sale of an investment property. It’s a no-brainer!

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I'm not so sure Bobster, this may be a one off event as last weeks Mortgagee/Court auction failed to meet its reserve and was passed in......... which I presume means that they couldn't even find a buyer to cover the the outstanding mortgage. - or the mortgage was 'too outstanding!' for anyone else to be stupid enough to take on.

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And yet, people seem to continue to think that auctions are the best way to sell real estate. The clearance rates have been abysmal lately, but the majority of the market still goes for them. I can't wait to see this swing the other way and sellers having to actually put a price on what they are selling.

It must be the easiest way for agents to sell property, because they keep pushing it. Least amount of work for them.

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Probably the easiest way to find a real indication of market value. If a vendor has unreasonably high expectations an auction may bring them back to earth and help convince them their reserve is too high.

The low auction clearance represents vendors not willing to sell at the highest bid price. What they do after that become relevant e.g. withdraw the property from sale or accept lower offers either through another auction, negotiation or by way of an advertised sale.

When selling a house in Auckland the amounts involved probably make an auction a good way to find the market price indicator.

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Be careful what you say as the COL may form another committee to determine if Auctions should be outlawed because surely they are unfair to the buyer not knowing what the price should be.

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Actually if you look at the realestate.co.nz website almost 52% of Auckland properties for sale have a displayed price.

This is a huge shift from a year to 18 months ago when almost everything was going to auction. So a sure sign that the market has changed dramatically.

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Now I'm no fan of Bitcoin but at least people will still buy them! Right then NZ.. The housing market is knackered, Bitcoin is likely to lead to even faster losses... Is it time to revert back to the old kiwi favourite place to lose money a bit more slowly??? Yes, the hour has come and it is time to return to the TAB. Shall we see if ANZ or Westpac will give us some more leverage for the 4.30pm at Levin ....

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It would appear that the Business people Taxinda called the "Elephant in the room" were prescient and it's about to turn ugly with only the CoL in the dock of public opinion. It's going to be a long cold Winter of discontent. Must get more popcorn, unbuttered of course.

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Ex expat.. It's nothing to do with the coalition and those that keep saying it is just end up sounding like Mike Hosking shaking his rattle and spitting the dummy out of his cot.

The whole economy has been pumped up on steroid levels of debt, courtesy o the big four.. With hype from the media, speculators and banks fuelling the bubble. The multiples of income leant, levels of interest only mortgages are akin to RBS and Northern Rock lending and we will now see the unwinding of it all. I see Ireland re-packaged and sold on 20,000 defunct home loans that have been underwater since 2006 last week... It'll take a while for it to unwind here, why no one spotted the dirty foreign laundry earlier is a travesty and the fact that a generation of 30-50 something kiwis have piled themselves with debt to compete with the speculation is a bigger travesty. I don't know if there are charges for treason in New Zealand but there are a number of people and institutions with blood on their hands. Save me some popcorn.

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Ex Expat, after reading your comment I thought of this calming song for you to reminisce; https://www.youtube.com/watch?v=ycbgHM1mI0k

"All your doin is wishin' and hopin' and thinkin' and prayin' and after you do the Coalition will still be here"

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Nothing to do with the coalition! even in Sydney where it's a trend setter for Auckland market is slowing down. the Chinese private debt will play it part shortly

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Calm down people and read what I wrote, not what you thought I wrote. Is there one mention that the CoL is necessarily to blame?

When Carl and Chantelle can't make the rent due to their increased fuel bill to get to work and Carl's overtime is cut, do you think the CoL will be praised or pilloried?

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It's not Carl and Chantelle's responsibility to pay the mortgage... That's the landlords...

And he therefore has a decision... remove Carl and Chantelle (and pray that he can find someone else to fill the void at the previous level, given most others will be facing similar issues), take it on the chin himself and reduce rent / or subsidise the shortfall (which is what happened in large parts of the UK & Ireland). Sell the house into a falling market. maybe Carl and Chantelle will be able to buy it?. Wait and hope it all gets better and that when re-financing time comes along that the banks are as amenable as they used to be and haven't suffered too many loses elsewhere that they have to raise rates further or stick him on the standard variable rate (which will be higher depending on equity levels).. Lots of options but he can only praise or pillory his own judgements about level of gearing on property. he may choose to blame the banks and the NZPIF seminar, but they will both be quick to wash their hands of it all.

I think it was your reference to 'Taxinda' that may have given everyone the impression that it was your politics that influenced your posting, It becomes obvious now that it is your debt levels that are the bigger concern. But you now have a few options above to consider.. This will take a while to unravel.

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Taubin, only a very very small percentage of property goes to auction.
Personally love buying at auction as you can buy at under market value from where I live.
People who have been investing in property over the past 10 years have done exceedingly well.

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TM2, you've just stumbled upon the Worlds best kept secret! Everyone, bid for Auck properties over the phone before they run out - SALE NOW ON!

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RP, you are Gordon or his brother at worst!
Why would you bid for a property,at auction over the phone?
You need to attend an auction so you have some control which you can’t over the,phone.

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TM2, too late, secrets out now. Auckland auctions are now the in vogue "bargain" hunters paradise. All can expect to do "exceedingly well"

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NZ housing market, Auckland especially might have reached the bottom of the pricing cycle. But the question remains, is it a Kim Kardashian's bottom? a big and endless one.

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You hit the nail right on the "butt"

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Has to be a crapy outcome. ..hahaha

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In a subdued housing market, auction clearance rates would be a poor barometer of what is actually going on. Remember we are now in the trough of the cycle and probably near the low point - albeit selling prices remain quite stable.

Much of the action has now swung to "by negotiation" marketing and, increasingly, "tender". "Asking price" also features more often. As always, it's horses for courses.

Nonetheless, auction clearance rates around 30% are nothing to be sneezed at following such a long and potent market upswing.......

I see increasing reference to the next upswing coming in 2021.

TTP

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Your stand-up comedy act is fairly lousy. Don't quit your day job.

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Where are you seeing that increasing reference to the upswing in 2021 TTP?

Is it in the tea leaves? Did a raven tell you? Then his brother the swallow? What does your crystal ball say about how deep the trough is, will it go lower than 50% off the peak? and will the signal for a recovery be when the pigs finally fly out of the trough and into the sky? is this your gut instinct? Or like yesterday is it being effected by too much fizzy drinking of ANz debt and becoming unsettled? Oh TTP, mirror mirror on the wall who's the biggest spruiker of them all?

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TTP, I have zero clue when the next upswing will begin. 2021 would be good though, that would give the market a few more years to bottom out.

There are a few data points to provide some indication of market direction. I would want to see at least 2-3 months of progress in the data points so as not to fall foul of a dead cat bounce or anomaly. And each data point needs to be considered for seasonality.

At the moment, none of the data points are indicating any upswing any time soon.

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Clearance rates do seem to be a decent barometer of whether we are in a subdued housing market though. No sign of an uptick yet.

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Do we know the ratio of Auction sales to total sales in Auckland?
can someone help with that please?

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Eco Bird, try this "From the total that were past in, what % sales were negotiated within one week and at what price?"

Do you still stand firm on your calling July 2017 as being the lowest point? Yes/No The reason I ask is that the Barfoots May price movement released earlier on indicates your prediction is just the first of many bottoms to come.

Average price May 2017, $$942,717, May 2018, $918,465 (-2.4%)
Median price May 2017, $846,000, May 2018, $820,000 (-2.5%)

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July is still the lowest point for Auckland so far... B&T is not the only RE in town.

Big numbers of New Homes built in Riverhead, Millwater, Silverdale Pukekohe, Pokeno ranging from $1M - $2M been selling nicely both off and on plans ... along with sections from 650K onwards to $1M for an 800m2 piece of dirt... Go figure!

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Eco Bird, Uh-hmmm, they are the biggest. If they were reporting ever higher sales volumes and $$ you would hold a banner for them too :-) BTW, throwing expensive homes into the mix is just a losers way of muddying the waters. It doesn't reflect the true spectrum and shaky fundamentals of a market that appears to be sinking.

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Muddying the waters? .. another silly remark RP well done!

FHBs are only 23 % of buyers in the market RP, wake Up !

less than 5% of sales ( not turnover) would probably be over the $2M mark, the rest which are about 70 odd % of sales are anywhere between 900k to 2M in Auckland ....( yes there are FHBs who buy at 800K too.)

The universe is not centered around lower quartile buyers ... :)

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Eco Bird, going by your in depth analysis, you've just implied only Auckland's lower quartile has taken the brunt therefore will have had to drop by double digits to compliment the figures above. Patient FHB's will be pleased with this additional confirmation together with the growing consensus there are more declines coming!

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haha, you know that you have a well deserved reputation for stirring the shite on this forum regardless of what the facts are ... Here is the conclusion from the Horse's Mouth to comfort you old pall:

https://www.barfoot.co.nz/latestmarketinfo

Confidence and life returns to Auckland residential property market
Peter Thompson

The Auckland residential property market leapt into life in May with monthly sales numbers at 1027 lifting by more than 40 percent on those for the previous month and for only the third time in 20 months sales numbers in a month exceeding 1000.

“The hand brake that was holding back buyers eased in May, and it led to high sales volumes across all price bands,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“It is the second consecutive month that sales numbers have exceeded their equivalents in 2017 and a further sign that the market is coming out of its 12-month hibernation.

“The prices paid in May eased, with the average price at $918,465 falling to its lowest level in five months, although this price was less than one percent lower than the average price for the previous three months.

“The median price at $820,000 was at its lowest for three months, and down 2 percent on the average for the previous three months.

“At current levels buyers are demonstrating confidence that prices have likely bottomed and vendors are recognising the market is not going to rebound to levels higher than those of 12 to 18 months ago.

“As we head into the winter months prices are now on a par with what they were this time 12 months ago, and we can expect price stability for the remaining winter months.

“New listings for the month were excellent at 1455 and up by 7.1 percent on those for April.

“The high sales led to a fall in available properties at month end, with the number falling to 4568, down 2.4 percent on those for the month previously but still far ahead of those during the peak price period experienced between 2013 and 2016.

“Sales in the under $500,000 price band were particularly strong in May, with the 157 sales representing 15.5 percent of all May sales and was more than double the number sold in April.

“Sales in the top $2 million plus and $1 million plus price bands were also strong, with the sales for these properties accounting for a third of all sales.

“In the rural and lifestyle category high end properties continued to be in demand to the north and south of Auckland, with sales at auction, or by negotiation shortly after the auction, remaining the most effective sales method.

“Properties close to Albany and Pukekohe attracted strong buyer interest in April and this continued into May.

“Rural sales numbers for May were the second highest for 2018.”

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Oh my goodness, Eco Bird, that is an upbeat report. I'd say people get in quick now before they miss out again, especially with all those under 500k properties being hoovered up.

Retired poppy, you've got some answering to do!

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Is this article a factoid?

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Sheesh eco bird....this is the commentary from the head honcho of B&T....of course it’s positive, how could he be otherwise? This is a selling document, not disinterested advice? I find your naïveté very sweet.....he’s not the horses mouth, he’s the horses.....something else. You need to be a bit more streetwise. I’m not saying he can’t be right, but we shouldn’t accept it as right merely because he says it. He’s hopelessly compromised.....”man who sells property thinks it’s a good time for you to buy it.” Cringe.....

If he thought the market was going to fall further over the next 12 months, would he ever say this? No, cos he wants people to buy now. If he said prices would fall further chances are many people would say “good, I’ll wait”. Same goes for the economists of the major banks, they are all hopelessly compromised in what they can say. Again, we can’t say it’s wrong just cos they said it, but equally we shouldn’t accept it as credible just cos they did.

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But we can say David Seymour is a good dancer just because he can twerk his way out of the bottom two in DWTS ^^LOLgz^^

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Thank you ... I take everything you said above seriously, I am not naive ! .... and please learn not to shoot the messenger ...!

Put aside your conspiracy theory for a moment and ask yourself this :

Did Peter make the numbers up? .... or they are their sales for the month ? ... did he make last numbers up ??

He is merely reporting on what happened and drawing his own conclusion - so he his pushing his barrow in your opinion -- cool, rightfully so if he did.

You too , Streetwise!, you owe it to yourself to check it out if you have a skin in the game and draw your own conclusion...find the correct trend and make your own decisions - or are you too lazy to do even that and just another " Advice Follower Bum " waiting to be spoon fed at the right time of the cycle ?

Now, What if, what he is saying is true and could become reality in few years just like what RBNZ and others are predicting , I have no doubt that Peter is not far away from the mark, just like Tony Alexander and Treasury predictions ... ( Oh, you rubbished these too lately lol)

I still insist that past trends show that prices rise in winter from June to October almost every year !!

I went and saw properties and show homes in Riverhead, Millwater and Silverdale in the weekend .... whole new communities are being built - real houses being sold on and off the plans as if there was no Crises what so ever ....and guess what ? they are not dirt cheap at all ...90% are over $1M -1.3M ... No section under $650K .... they have buyers and contracts galor on them ...

you might like to shop around and see for yourself !! these are the 50% of sales Peter was talking about and as I they are not the only RE selling them let alone the ones sold direct by the developers as house and land packages...

It might pay to be open minded and listen wisely to the otherside of the story instead of rubbishing numbers and facts ... and listening to shit- stirrers like RP for too long ... huh?

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Numbers are fine, he no doubt highlights numbers which help his case, there are no doubt numbers and historic comparisons that he has omitted which don’t . But I think any critical reader would be pretty circumspect about his extrapolation of numbers as to the future and his statements as to the future direction of the market. He might be right, but merely cos he says it is not particularly compelling.

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Eco Bird, you are so gullible. Be careful when buying your next car or you get that phone call from the "Windows Technical Department" Seriously, is this all you could come up with? I challenge you to come up with something that's reflects a view other than that of a salesman.

Even in Sydney, auction sales throughput initially increased. This was because more vendors are now accepting less. Zachary will confirm this because he also got unduly excited. The downward trend is very much intact.

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You can buy in Pokeno for well under 1M, and prices have dropped at least 50K since peak.

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Mmmm, houses in Pokeno for $2m.....sounds a bit “peaky”

DGZ, do you know where Pokeno is?

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you are being silly Bob and you know it ...

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I don’t know, maybe DGZ has a thing for property porn in the countryside?! Maybe it’s a doggy(ing) kind of thing....who am I to judge? Each to their own

#sadpropertypornaddict

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I don't know where Pukeno is, will google it soon. Sounds like a suburb in Hamilton?

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You’re not far from the truth

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Property in Millwater and Silverdale is sitting, very little buyer interest at present.

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^^LOLgz^^ these are Northland suburbs right?

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Oh yes, you narrow minded little Double Guzzle.

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Really ? lol

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Yes, lol

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Auctions were used in 13.2% of all sales across the country in April, with 843 properties selling under the hammer – this is down from April 2017, when 17.3% of properties were sold via auction showing that auctions are becoming a less popular method of sale across the country. For the third month in a row, Gisborne had the highest percentage of auctions across the country with more than half of all properties (57.6%) in the region sold under the hammer, followed by Auckland on 23.5% and the Bay of Plenty on 14.5%. In Auckland, 436 properties were sold by auction in April compared to 559 properties in April 2017.

extract from REINZ report

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thanks

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Pukekohe 10 not sold out of 10 last auction and now 3 not sold out of 3. Franklin is looking good for a drop in price.

Well if you cant get a deal when no one is buying when can you get a deal.

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My goodness – there is a strong generosity of spirit in Auckland at the moment.

A quick look at available rentals suggests an abundance of property owners ready and willing to house those keen to avail themselves of this city and its enviable lifestyle.

It's clearly the thing to do – little wonder so many are desperate to become property investors themselves – and with so many others currently doing it – how could they possibly go wrong?

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It is a good thing because Auckland is right up there with the world's most popular cities like Dubai, San Francisco, New York and London. Do you rather us be like Bangalore and Cairo?? ^^LOLgz^^ I am so proud of you Auckland!!

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^^LOLgz^^

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Well, who knew!

Bangalore is one of India's most progressive and developed cities, blessed with a benevolent climate and a burgeoning drinking, dining and shopping scene. It's a great city for mixing with locals in craft beer joints or quirky independent cafes, in among lovely parks and striking Victorian-era architecture.

There are a huge number of beautifully decorated parks in the city that are ideal for going on a morning stroll or a jog. One walk through the 300-acre Cubbon Park, or the botanical gardens of Lalbagh, and you'll know exactly why Bangalore is so famously called India's 'Garden City'.

Yes indeed – Bangalore has it all.

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Also 862 slums.

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Really – only 862 moldy, damp and unlivable homes - no wonder the city reviews so favourably.

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According to a report, at least 1.4 million people sleep in slums every night in Bangalore.
http://www.dnaindia.com/bangalore/report-nearly-14-million-people-live-…

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Well, that’s certainly disappointing.

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And if your PC is a Windows type, this is where you get all the support - thousands of very competent technicians will offer to fix your windows problem over the phone!

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Auckland would be in the lower half of expensive cities to relocate to if its visa fee wasn't so high.

"The world has never been more accessible than it is right now to those seeking out employment opportunities, cultural exchanges or remote working hubs," Kücükdere said.

This is the way of the future. People will come here. We will go there. For a long time Kiwis seemed to think only they had the right to travel and work around the world. Strange attitude really when you think about it.

"In the last few years especially, we've seen trends that more people than ever are relocating to far-flung destinations which have rapidly digitalised.

I thought our Internet costs weren't too bad. I pay $99 a month and think it is pretty cheap. Mind you I am an Internet addict as is my whole household. I even thought about getting a second connection for redundancy but then realized I do have 4G as well.

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You're getting ripped off Zac, we pay $75 for unlimited fibre. Go haggle!

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Would a VENDOR'S bid also be captured in the sales figures ???

Its time this silly thing of vendor's bid in an auction be stopped altogether.

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Can someone please explain to me why there's such a landslide in the latest Homes.co.nz estimate values?? Almost everything is under the 2017 CV now!?! Grrrr this is getting ridiculous!!

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DGZ Has the corresponding trademe valuation also gone down? (I don't use homes.co.nz website because it's appallingly slow) .

And what is it that's getting ridiculous? I don't quite understand.

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Relax, it’s just an oscillation

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DGZ and his ilk will liken this to an approaching army of White Walkers.

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#tumescenceoscillation?

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OMG, I had a flashback to those pictures.....stop it

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Received my regular homes.co.nz email today. Up $5,000 in the last month. Those foreign buyers at a net 2.2% in Orakei must be buying up large.

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Sorry, what is "up'?

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Estimated value of my home in postcode 1071.

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So you get a monthly email telling you what your house is worth? Weird.....

#sadpropertypornaddict

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Dwelling prices in Sydney have fallen for eight consecutive months, and are down 4.3 per cent from their peak in mid-2017

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OMG the FHBs in Sydney must be jumping for joy with this wonderful news!

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Reminds me of this scene in The Big Short:

https://www.youtube.com/watch?v=PgGLgygsqus

"The markets just in an itsy bitsy gully right now"

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