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.
| 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
'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.
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