Auction numbers were low but the sales rate held up at Barfoot & Thompson's latest Auckland auctions

The number of properties offered for sale remained at their winter lows at Barfoot & Thompson's latest auctions, but the overall sales rate held up at almost 40%.

Barfoot marketed 95 residential properties for sale by auction last week and achieved sales on 37 of them, giving an overall sales rate of 39%.

There were three auctions where 10 or more properties were offered - the Manukau auction where the sales rate was 33%, the North Shore auction where it was also 33%, and the Shortland Street auction on August 15 where most of the homes offered were from central Auckland suburbs and the sales rate was 48% (see table below).

Details of most of the properties offered at Barfoot's auctions last week and the prices achieved on those that sold are available on our Residential Auction Results page.

Barfoot & Thompson Auction Results 13-19 August 2018
Date Venue Sold Not Sold Total % Sold
13-19 August On site 3 6 9 33%
14 August Manukau 4 8 12 33%
14 August Shortland St, CBD. 2 5 7 29%
15 August Shortland St. (Mortgagee/High Court) 1 1 2 50%
15 August Shortland St, CBD. 10 11 21 48%
15 August Pukekohe 3 5 8 38%
16 August Shortland St, CBD. 4 5 9 44%
16 August North Shore 6 12 18 33%
17 August Shortland St, CBD. 4 5 9 44%
Total All venues 37 58 95 39%

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14 Comments

Just a quick glance over the actual auctions but it looks as though the 4 bed plus market is really struggling to gain any traction.

Really struggling? Wishful thinking in at least one case: 13b Melanesia Road had 5 bedrooms and sold post auction for close to the CV of $4.1 million.

If it was 18 mths ago, this statement would be something like "sold post auction for 1 mil above the CV of $4.1 million".. No doubt house price is on slippery slope!

That was the July 2017 CV. I don't recall prices exceeding those levels, but I could be wrong given I live in the suburb as opposed to Brisbane.

'One swallow does not a summer make.' (Aristotle (384 BCE – 322 BCE))

Look over the results, we'll still see these outliers before the ban comes into force.. The frequency is diminishing though. Back to good old Kiwi debt to prop up the Ponzi from there on in... Or back to 2012 in the blink of an eye!

That was the latest auction link I could find for my suburb, on the article. Checked with the agent and got the price.

Core Logic updates their expected value of my four bedroom home regularly (comes through the Bank app) and two days ago assessed it as 1.086 x the 2017 CV. Zachary does checks of sales and posts the results. All the same, at or about CV.

You can believe whatever you like, but I deal with facts. Where it goes from here, who knows, but so far the DGM have premature adjudicated on a regular basis.

Nic – I haven’t forgotten you – just focused on other things at the moment.

The “marginal buyer” to me is still paramount – here’s a nice little summation in regards to the Toronto market.

“A term that's circulating more often is the "marginal" buyer. These are the outliers who pay huge premiums over the "consensus price" that experienced agents would come up with based on previous sales and micromarket factors. Even though they make up only a small subset of buyers, they determine market value.”

I see the marginal buyer as something of a false and temporary price setting mechanism which can encourage / enable a fair degree of misplaced optimism – perhaps already witnessed depending on your bias.

Either way, as I have stated before – I believe the impact of removing the “marginal buyer” (if ultimately successful and relatively devoid of ruse and scam) will be far more significant than the 3% foreign buyer chatter currently entertained.

just a continuation of the last 18 months

It's still Struggle Street at Barefoot Thompson's place.

Significant activity in the Mortgagee region... is that somewhere near Whangamomona?

I think you are confusing the "forgotten payments highway" with the "forgotten world highway". Easy mistake to make.

It'll be interesting to see what happens this spring. Business as usual, or will we see an Australian style slow decline?

Either way, there's no chance in hell I'm buying in NZ. Unless we become a tax haven

You make that pretty clear in your name

Fair call