Overall sales rate of 36% at Barfoot & Thompson's latest auctions

Property

Barfoot & Thompson had 106 residential properties for auction last week and sold 38 of them

17th Jul 18, 6:02am by Greg Ninness

Sales were achieved on just over a third of the properties at Barfoot & Thompson's latest residential property auctions.

Barfoot marketed 106 properties for sale by auction last week and achieved sales on 38 of them, giving an overall sales clearance rate of 36%.

At the major auctions where at least 10 properties were offered, the sales rates ranged from 37% at the Manukau auction where most of the properties offered were from south and eastern Auckland, to 44% at the Shortland St auction on 11 July, where most of the properties offered were from central Auckland suburbs such as Epsom, Mt Eden, Grey Lynn, and Mt Roskill.

At the North Shore auction the sales rate was 40% (see chart below).

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

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**Barfoot & Thompson Auction Resulls 9-15 July 2018**
Date	Venue	Sold	Not Sold	Total	% Sold
9-15 July	On site	2	5	7	29%
10 July	Manukau	7	12	19	37%
10 July	Shortland St, CBD.	3	4	7	43%
11 July (High Court/Mortgagee)	Shortland St, CBD	1	1	2	50%
11 July	Whangarei	1	3	4	25%
11 July	Shortland St, CBD.	8	10	18	44%
11 July	Pukekohe	1	5	6	17%
12 July	Kerikeri	0	3	3	0
12 July	North Shore	10	15	25	40%
12 July	Shortland St, CBD.	1	3	4	25%
12 July	Waiuku	1	1	2	50%
12 July	Shortland St, CBD.	3	6	9	33%
Total	All values	38	68	106	36%

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76 Comments

by Double-GZ | 17th Jul 18, 6:17am 1531765044

Beijing cartoonist Tinyeyes illustrated the differences between Chinese and Westerners' minds.
https://buff.ly/2KQTzzu

by Brock Landers | 17th Jul 18, 6:36am 1531766198

This has absolutely NOTHING to do with this article. Why are you spamming with garbage?

by Houses Overpriced | 17th Jul 18, 7:18am 1531768680

That is what people with low iq do, distract from the main topic, when they have nothing better to add

by tothepoint - d… | 17th Jul 18, 7:39am 1531769968

Hi Brook Landers (and Houses Underpriced),

Some people think laterally - outside the square - which is often a sign of a higher iq.

Have to say I found it quite meaningful - and humorous as well.

Thanks DGZ!

TTP

by Brock Landers | 17th Jul 18, 7:59am 1531771164

Here is the relevant section of the comment policy.

"We encourage people to make comments that are on topic, or related to the story they're posted on. Both 90 seconds at 9 am and Top 10 do, however, both offer a more general forum for broader discussion and debate."

It's off-topic nonsense. Nobody cares about what he is signalling and those with a limited IQ will often find reading and writing garbage to be meaningful.

BROCK LANDERS

by Yvil | 17th Jul 18, 10:04pm 1531821874

What about last week's long tread about commenters writing about what they ate that day...

by Nzdan | 18th Jul 18, 6:29am 1531852144

Nothing wrong with that. There’s certain subjects that are always on topic, food being one of them.

by Lapun | 17th Jul 18, 8:22am 1531772571

Anything that helps reduce sterotypical comments about Chinese is to be welcome. Glad it was posted but should have waited 98 minutes to post to a more appropriate article.

by Brock Landers | 17th Jul 18, 8:32am 1531773178

That's an odd thing to say when that nonsense is stuffed to the gills with stereotypes.

by Lapun | 17th Jul 18, 12:35pm 1531787700

If you noticed the sterotypes then her cartoons are working. Too often comments on this site about Chinese buyers while sometimes containing a small grain of truth are a big heap of sterotype cliche.

by saving_for_aus… | 17th Jul 18, 9:18am 1531775933

My stereotypes about chinese is that they're brainwashed communists and hyper nationalist who see nothing wrong about invading tibet, putting ethnic minorities in xinjiang in concentration camps, whittling away democracy in hong kong, and one day (hopefully!) launching missiles at Taiwan and capturing the Senkakus from Japan.

Most of them don't eat dogs or cats - especially not the city slickers that can afford to make it to NZ.

by Lapun | 17th Jul 18, 12:36pm 1531787813

My Chinese acquaintences are diverse; I think you are confusing the Communist Party of China with an entire nation. Maybe Chinese in China think all Kiwis are as per Jacinda (or Winston?).

by PocketAces | 17th Jul 18, 1:32pm 1531791122

What are the names of the other parties that contest elections in China, then?

by saving_for_aus… | 17th Jul 18, 1:49pm 1531792180

If the topic of conversation ever drifts to Tibet, Taiwan or Tiananmen, you might be surprised.

Of course there are genuine freedom-loving Chinese, but it's the exception to the rule.

by Yvil | 17th Jul 18, 10:11pm 1531822263

I suppose your Chinese cousin thinks of New Zealanders as scary savages that run around in grass skirts.

by Double-GZ | 17th Jul 18, 1:32pm 1531791128

Look saving_for_auss, everything about me and my race and my culture is inferior to yours - are you happy now?

by Chairman Moa | 17th Jul 18, 3:54pm 1531799683

well you are living in New Zealand - Aotearoa - The land for the wrong white crowd

by Double-GZ | 18th Jul 18, 8:28am 1531859314

That I am not sure Chairman Moa, but I am certain that saving_for_auss is part of the wrong crowd, whitely or wongly.

by Yvil | 17th Jul 18, 10:08pm 1531822111

That's a dangerous, narrow-minded stereotype sfa, do you also think all germans are Nazis?
Do you actually have any asian acquaintances?
How many times have you been to an asian country?

by saving_for_aus… | 18th Jul 18, 9:29am 1531862991

Do you actually have any asian acquaintances?

A lot. Vietnamese, Korean, Taiwanese, Chinese. All of them very nationalist. Only in the Chinese does it reach the creepy level, IME. Middle Kingdom, descendants of dragons, 5000 years of culture and all that crap.

How many times have you been to an asian country?

Quite a few times. Maybe we can compare visa stamps like little boys in the 1970s with baseball cards. You may win though.

Here's a question for you - can you have a conversation with your wifes parents?

by Bozeman | 18th Jul 18, 7:44am 1531856674

The fact that you have received that many thumbs up is downright disappointing. As noted, I presume you have never actually been to China, much less done business there.

by saving_for_aus… | 18th Jul 18, 9:30am 1531863030

You'd be wrong. Familiarity breeds contempt.

by Double-GZ | 17th Jul 18, 7:46am 1531770418

I think it has EVERYTHING to do with this article BL. Haven't you lot of DGM cry babies been singling out the Chinese foreign buyers for snapping up properties in Auckland in the last 10 years, and this is just to show you how the different thought process between Asians and Westerners can influence the property investment decision making. Use your brain for once ffs when reading posts instead of waiting to be spoon fed...and that, my friend, is another difference in our cultures.

by tothepoint - d… | 17th Jul 18, 8:09am 1531771781

Hi DGZ,

You are absolutely correct. Those were exactly the types of thought I had when I looked at the item.

In fact, I consider it to be one of the more interesting posts that we've had here for a while. A little gem that really got me thinking.

But sure, those who are narrow-minded and inflexible in their cognitive processes won't gain too much from it. Horses for courses........

TTP

by saving_for_aus… | 17th Jul 18, 9:19am 1531775986

I can't tell, are you chinese yourself, or just someone who learned a few words of mandarin and had a nice holiday and has decided to fetishize them?

by Double-GZ | 17th Jul 18, 9:55am 1531778127

Brought up in China and educated in Chinese. What's your problem?? I learn English at a faster rate than you and you get jealous - is that what it is???

by saving_for_aus… | 17th Jul 18, 10:02am 1531778551

No. People in China need English. No one in the English speaking world really needs Chinese. English is the prestige language of the entire globe and I am glad I speak it natively.

by Double-GZ | 17th Jul 18, 10:08am 1531778887

Yes but you may not look native, and that's what people see in the auction rooms when someone like you are bidding for a house. They get jealous and start calling you a foreign buyer, instead of the blonde hair blue eye Aussie standing right next to you.

by saving_for_aus… | 17th Jul 18, 10:50am 1531781417

I'm not going to listen to a lesson on rational discrimination from a chinese person LOL. You're from a country where people literally see people, point and literally yell "WHITE PERSON!!!". And don't give me any nonsense about waiguoren meaning foreigner, that's a literal meaning, we all know what it actually means.

That's not even mentioning the fact you don't naturalise citizens, that you treat SE Asians like slaves, that you kidnap brides from neighbouring countries, or that you riot when black people get too comfortable in your universities.

by Yvil | 17th Jul 18, 11:27pm 1531826858

English is definitely NOT the prestige language of the world, it's the common language yes but French for example would be considered more "prestigious" (your word)

by tothepoint - d… | 18th Jul 18, 7:58am 1531857526

Hi Yvil,

As far as France goes, I hope their language is better than their cars.

TTP

by Yvil | 18th Jul 18, 8:43am 1531860233

I wasn't talking about France, I was talking about the french language which is officially spoken in 33 countries around the world

by saving_for_aus… | 18th Jul 18, 9:32am 1531863174

1918 called, they want their worldy facts back.

by HeavyG | 17th Jul 18, 10:12am 1531779146

"Saving for aus" is a racist dirtbag. Hence the sooner he sails for Oz the better, he'll fit right in over their. NZ is racist "as f***" but we don't hold a candle to the Aussies.

by Yvil | 17th Jul 18, 10:02pm 1531821720

Relax BL, last week there was a lengthy tread about commenters writing about what they ate that day...

by Yvil | 17th Jul 18, 10:00pm 1531821637

Haha, thanks DGZ. Being in a mixed marriage (my wife is South Korean and came to NZ when she was 9), I very much agree with the cartoons

by Double-GZ | 18th Jul 18, 8:26am 1531859217

You are very welcome Yvil ^^

by saving_for_aus… | 18th Jul 18, 9:34am 1531863286

Being in a mixed marriage (my wife is South Korean and came to NZ when she was 9)*

That's illegal you know

by PatrickW | 17th Jul 18, 7:15am 1531768531

North Shore % does not seem correct. Should it not be 40% sold?

by tothepoint - d… | 17th Jul 18, 7:28am 1531769306

Agree - North Shore should be 40% (not 22%).

TTP

by Double-GZ | 17th Jul 18, 7:49am 1531770563

Anything to drag down the % I'd say, including misrepresentation.

by BadRobot | 17th Jul 18, 8:12am 1531771972

That sounds just a tad paranoid.

by nymad | 17th Jul 18, 8:47am 1531774067

Some basic counting skills would show that can't be the case.
I suppose your skills are limited by fact of only having 10 fingers and 10 toes.

I do hear you can grow more if you live in Palmerston North, though...

by Houses Overpriced | 17th Jul 18, 7:28am 1531769286

Mysteriously TM2 will state that the trend has an upward trajectory

by sharetrader | 17th Jul 18, 7:53am 1531770837

Century 21 New Zealand has experienced a 64% increase in the number of new residential property listings compared to mid-July last year. And compared to mid-June, listings are up a staggering 109% in just one month.

Mr Barnett says new listings in Auckland remain strong despite things levelling out after several years of unsustainable price rises

http://www.scoop.co.nz/stories/BU1807/S00365/big-jump-in-new-listings-f…

by Houses Overpriced | 17th Jul 18, 8:13am 1531772001

Some are going to call him crazy for making that realistic statement

by Double-GZ | 17th Jul 18, 8:11am 1531771900

Another piece of positive good news for property investors: Queenstown cottage sold for $3m
https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12…

by sharetrader | 17th Jul 18, 8:19am 1531772378

that town is an interesting study, locals have been forced away , a large percentage of sales are to overseas owners, local companies are now struggling to find housing for their workers needed to service the industry and some of the big ones are looking at building there own apartment blocks.
its a bit like watching a slow train wreck as the balance is out of wack.
yes they need foreign investors for the hotel apartments but do they need them to scoop up all the rest of the housing?

by Double-GZ | 17th Jul 18, 8:31am 1531773107

From what I have observed, the Aussies are the main contributors in driving out the locals in Queenstown. However, Lake Hayes Estate still provides more affordable housing stock, and it's only 20 mins drive from Queenstown.

by saving_for_aus… | 17th Jul 18, 9:08am 1531775327

Why do you bring up these outlier sales every time someone posts stuff that suggests the real estate market is stagnant?

What's your message? What's your aim?

by Double-GZ | 17th Jul 18, 9:48am 1531777717

I am just throwing the cat among the pigeons. Have you got a problem with that??

by Nic Johnson | 17th Jul 18, 12:51pm 1531788683

Do you plan on eating the pigeons as well as the cat?

by RickStrauss | 17th Jul 18, 1:26pm 1531790791

I have eaten roast pigeon while working in China. Don't knock it, it's really tasty.

by PocketAces | 17th Jul 18, 1:30pm 1531791013

Pigeon pie or if you indulge in a certain species of pigeon, Illegal Tegal.

by Nic Johnson | 17th Jul 18, 3:43pm 1531798981

Mmm Pigeon Pie. In the UK we've had a bit of an issue with some our recent arrivals having a penchant for swans..I kid you not, they have been disappearing from parks and lakes all over the country, which is not good really because all swans in the UK actually belong to the Queen and it's making here terribly upset.

Some say it's all a consequence of high immigration levels and high house prices forcing the overleveraged and poorer arrivals to eat whatever they can get their hands on. London is the worst apparently, like Auckland there there has been a lot of speculative purchasing of apartments from overseas and it's been terrible for the native Swan population.

I do feel for NZ's native birds, they were recovering so well..

by Nic Johnson | 17th Jul 18, 3:47pm 1531799264

(duplicate)

by Foyle | 17th Jul 18, 9:09am 1531775352

More importantly REINZ regional data for July: https://www.reinz.co.nz/Media/Default/Statistic%20Documents/2018/Reside…

by Retired-Poppy | 17th Jul 18, 9:48am 1531777711

Auckland’s median price decreased by 0.7% year-on-year to $850,000 down from $856,000 last year. Eco Bird might need a new bottom...

Saving FHB's note, compare this with "measly" term deposit rates of up to 3.5% over the same period, I know which I'd rather have.

by tothepoint - d… | 17th Jul 18, 2:46pm 1531795567

Hi R-P,

Give me a house any day. A house would save me $25,000-$30,000 per annum in rent alone!

It would take an awfully large term deposit to yield that much interest (after tax).

Over time, money in term deposits loses its value with inflation. That brings no joy to most people.

A modest term deposit that will cover living expenses for, say, six months (e.g. in the event of job redundancy) is sensible........ But as a long term investment vehicle, term deposits will only get you poorer sooner. (But pretty well everyone knows that.)

TTP

by nymad | 17th Jul 18, 3:11pm 1531797089

Over time, money in term deposits loses its value with inflation. That brings no joy to most people.

...Exactly how do term deposits lose their value to inflation?
Given that the rate is pretty much calculated as neutral of expected inflation above the risk free rate and liquidity premium.
Also, tell us exactly how it is that houses aren't subject to the same burden of inflation?

Or is this another comment you didn't really think through before posting?

by tothepoint - d… | 17th Jul 18, 8:59pm 1531817996

Hi nymad,

Because through much of NZ's modern history, inflation (whether measured by the CPI, or a producer price index, or a remuneration index) has exceeded bank term deposit interest rates. Further, tax needs to be deducted from the TD interest - often (but not always) at the marginal tax rate....... So the real return worsens for depositors.

I read a comparative analysis some time ago, written by an academic in one of the universities. It gives a good clue as to why people don't become too rich "investing" in bank term deposits.

What people like Retired-Poppy need to know is that it's the banks that do well from term deposits - not the depositors. So why be a slave to the trading banks?

By the way, nymad, have you yet discovered the difference between structural and cyclical phenomena? Or do you just toss jargon around - clueless about what it actually means?

Your ego-tripping won't fool everyone.

TTP

by nymad | 17th Jul 18, 10:29pm 1531823369

Because through much of NZ's modern history, inflation (whether measured by the CPI, or a producer price index, or a remuneration index) has exceeded bank term deposit interest rates.

Really.
You honestly think that?
You do know how to difference two numbers, right? And what the (implied) positive and negative signs are interpreted as, right?

By the way, nymad, have you yet discovered the difference between structural and cyclical phenomena?
Discovered that a long time ago, TTP. Perhaps one day you will too. I don't hold high hopes, though.
It's weird how you keep bringing this up - It stinks of the mother of all inferiority complexes, on your part.
Ironic seeing as it was your understanding that was (is) wrong.

by tothepoint - d… | 17th Jul 18, 11:24pm 1531826695

Hi nymad,

On economic matters, I read what those in academia (and the banking sector) have to say - experts who have done the research and had it reviewed by their peers.

Have to say I have more regard for them than I do for the likes of you.

By the way, you're the one that confessed (here) that you didn't understand the difference re structural/cyclical phenomena - as you well know. Your ignorance astounded me.

I remind you of that from time to time - because I reckon it might help ground you (i.e. stop you flapping your ego in the breeze).

By the way, I'd put your contributions here on a par with Retired-Poppy's - as far as quality is concerned.

TTP

by nymad | 18th Jul 18, 8:35am 1531859704

Oh. Please do send us your academic references for the claim "through much of NZ's modern history, inflation (whether measured by the CPI, or a producer price index, or a remuneration index) has exceeded bank term deposit interest rates."

I would love to read them.
Or, perhaps, we should once again chalk this up as being another prime example of your gross misunderstandings.

by Averageman | 17th Jul 18, 6:33pm 1531809233

Isnt interest only on the average price of 850k or so more than the rent you mention....?

by Jock Silver | 17th Jul 18, 3:49pm 1531799345

I don't know man, I don't think FHBs want to live in a term deposit, and they're probably not in the life stage that they need to own a fixed income asset like that. Plus how long does it take before the median price dips to an affordable level? 7 years? 10 years? Most FHBs I know are not planning on waiting that long.

My advice to FHBs is to look out for retirees like Reginald Perrin here, who are downsizing to a rest home, and make them a reasonable offer.

by custard | 17th Jul 18, 8:20pm 1531815646

Reginald Perrin – excellent, bloody funny - “great/super” CJ and a "bit of a cock-up on the catering front"- not forgetting the hippopotamus of course.

by Yvil | 17th Jul 18, 11:22pm 1531826551

RP, if you bothered reading the link you're commenting on, you would have seen that the median price, the seasonally adjusted median price and the HPI are all up for the year. These are irrefutable facts. What may happen in the future is made of opinions

by Retired-Poppy | 18th Jul 18, 9:04am 1531861455

Yvil, you're excused. At 2330 hours, it's easy more most to miss the mark. If you read my post more carefully, I was referring to Auckland's YOY declines. Prices up YOY Nationwide yes, not so month on month. These are the irrefutable facts as taken from the REINZ July 2018 report.

by Rex Pat | 25th Jul 18, 6:57am 1532458655

For me TDs are a resting spot for my cash. I don’t expect them to be long term holds. If you compare the wealth increase I’ve experienced just holding a house compared to say how screwed Houses Overpriced must be over the last seven years holding other assets then you see the long term folly of holding cash.

by Foyle | 17th Jul 18, 9:21am 1531776112

Auckland prices and volumes pretty static over last 12 months, if anything falling slightly in most areas, only Rodney showing a slight upward trend.

by Yvil | 18th Jul 18, 8:45am 1531860340

Thanks for the full report Foyle, clearly the most important post, again demonstrated by the total lack of thumbs up

by Double-GZ | 17th Jul 18, 9:46am 1531777564

Auckland Council and QV in stoush, thousands of property rates valuations affected.
These valuations are incredibly important for ratepayers as they obviously impact the size of our rates bill!
Glad Auckland Council is withholding payment until it’s sorted out...
https://www.stuff.co.nz/business/105527774/Auckland-Council-and-QV-in-s…

by tothepoint - d… | 17th Jul 18, 9:00pm 1531818049

Thanks DGZ,

That's good to know.

TTP

by Tui12 | 18th Jul 18, 10:54am 1531868042

It always annoys me greatly when we get these sanctimonious types labeling NZ and Aussie as racist.

Who isn't racist at the end of the day? the only difference is the levels of it. Its got very little to do with appearance. Its about culture, language, values and actions. Its human nature and to think otherwise is just fanciful.

If you think we are racist I encourage you to spend an extended time or to even live and work in China. NZ rolls out the red carpet in comparison and yet its all one way immigration!

They are without a shadow of doubt the most racist people I have ever seen, and I've been everywhere literally.

by Chairman Moa | 18th Jul 18, 1:59pm 1531879168

Possibly prejudice rather than racist. We hosted a number of student from the mainland, their view is they are superior and richer!