Overall sales rate heads towards 50% at Barfoot & Thompson's final winter auctions

Property

Prices at Barfoot & Thompson's latest auctions ranged from $557,000 for a home unit in Greenlane to $2.36 million for a renovated Grey Lynn villa

4th Sep 18, 11:01am by Greg Ninness

Overall auction activity and the auction sales rates picked up at Barfoot & Thompson's last auctions of the winter season.

Barfoots, which is Auckland's largest real estate agency, marketed 103 residential properties for sale by auction last week and achieved sales on 47 of them, giving an overall sales clearance rate of 46%.

The highest sales rate was at the Shortland St auction on 30 August where 11 properties from a mix of suburbs including Mt Albert, Glen Eden, Royal Oak, Mt Roskill, St Heliers and Mt Wellington were offered and eight were sold under the hammer, giving a 73% clearance rate.

At the Manukau auction on August 28, where 22 properties from suburbs including Howick, Pakuranga, Beachlands, Drury, Papatoetoe and Manurewa were offered, sales were achieved on exactly 50%.

At the big North shore auction the sales rate was 42%.

Prices achieved on the properties that sold ranged from $557,000 for a two bedroom home unit with a car port in Greenlane, to $2.36 million for a recently renovated three bedroom villa in Grey Lynn.

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

**Barfoot & Thompson Auction Results 27 August - 2 September 2018**
Date	Venue	Sold	Not Sold	Total	% Sold
27 August - 2 September	On site	2	4	6	33%
28 August	Manukau	11	11	22	50%
28 August	Shortland St, CBD.	2	2	4	50%
29 August	Shortland St, CBD.	7	14	21	33%
29 August	Pukekohe	2	5	7	29%
30 August	North Shore	8	11	19	42%
30 August	Shortland St, CBD	8	3	11	73%
31 August	Shortland St, CBD,	7	6	13	54%
Total	All venues	47	56	103	46%

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24 Comments

by Chairman Moa | 4th Sep 18, 11:11am 1536016296

Finally, light at the end of the tunnel. Won't be an oncoming train though, Auckland trains aren't that reliable!

by tothepoint - d… | 4th Sep 18, 11:14am 1536016495

This outcome is in-keeping with the general trend in Auckland over the past three months or so.

Listings are down and sales rates are up.

Notably, the inner-city suburbs are producing the highest clearance rates - as demand remains solid.

TTP

by Mrs The Point | 4th Sep 18, 11:30am 1536017440

Hi tothepoint,

Seems you are mistaken again. The Shortland St auctions do not sell the inner city suburbs only. They sell properties throughout Auckland. Maybe it's best to keep your comments to an area you are familiar with.

MTP

by tothepoint - d… | 4th Sep 18, 1:44pm 1536025492

Hi Mrs The Point,

It appears that you've missed the point...... again.

In fact, the Shortland Street auctions give a pretty good approximation/indication for the inner city areas.

If you had a property in Parnell or Ponsonby, then why would you auction it in Pukekohe?? That would be rather unusual.

TTP

by Yvil | 4th Sep 18, 2:49pm 1536029390

hahaha, I don't think MTP needs to ever worry about selling a house in Ponsonby or Parnell but if she did, she may just put it up for auction in Pukekohe… or Invercargill

by Mrs The Point | 4th Sep 18, 4:02pm 1536033769

Hi tothepoint,

Good to see you agreeing with my point, without even realising it. Thank you for the continued s*#^% and giggles. You are absolutely correct that inner city suburbs don't sell at Pukekohe auction. Neither do Highland Park, Botany Downs, Melons Bay, Halfmoon Bay, Farm Cove, Karaka (esp premium property), Papatoe, Otahuhu, Glen Eden, Onehunga, Henderson, Te Atatu, Massey etc, etc, they mostly sell at Shortland Street and FYI none of them are inner city suburbs. Have you ever even been to Auckland?

https://www.youtube.com/watch?v=8cMeXc4McnU

by Nic Johnson | 4th Sep 18, 11:42am 1536018171

TTP

Did you not actually read the other article that you commented on this morning, which contradicts your above statement.

Auckland Listings are up 22% between July and August and Wellington 26%. So no listings are up and only the very motivated seller would use an Auction now and even that motivation is only yielding a 46% clearance.

by tothepoint - d… | 4th Sep 18, 2:50pm 1536029404

Hi Nic,

Sorry, but your commentary above is misleading and deceptive. The NEW LISTINGS figures that you quote above represent the NORMAL SEASONAL trend. As Greg's article clearly spells out:

"August's new listing figures were almost unchanged from August last year when the website attracted 8729 new listings, suggesting the market could be holding a steady course and following normal seasonal trends."

Kindly note that TOTAL Auckland listings are up by a mere 1.1% compared with a year ago - and TOTAL Wellington listings are TRAILING what they were a year ago (down by 7.9%)...... That, of course, is a key reason why prices have largely held firm. [N.B. Other figures I've seen show that total Auckland listings fell by 0.5% compared with a year ago.]

And auction clearance rates have been higher over the last 2-3 months than they've been for a very long time.

It all points to the Auckland/Wellington property markets being more robust than some people here (no names mentioned!) would dare acknowledge.

TTP

by RickStrauss | 4th Sep 18, 11:15am 1536016538

Interesting. Looking at the results page, it gives the impression the ones that sold were primarily in 'nicer' areas, with many more results in the less desirable suburbs being passed in or not selling.

by Ex Expat | 4th Sep 18, 11:36am 1536017804

14a Godfrey Place in Kohimarama was one of the auctioned properties. It sold for 110% of its 2017 CV. Average location with a shared driveway. Last sold in 11/09 for $720,000. I'm sure it's had some work done in the nine years since then. Basic premise is that the city will intensify so these places won't be created in the future at this price level. This is the bottom of the market for single dwellings in Kohimarama. The sweet spot is closer to $2.3 million. DGMs need not apply.

by Nic Johnson | 4th Sep 18, 11:45am 1536018355

Ah the small world of Kohimarama is back in focus again.

by Ex Expat | 4th Sep 18, 11:51am 1536018702

The DGMs constantly point out that the market is going to hit upper end properties severely and everything is interconnected. It just happens I have a fresh sale example to use to show that for that property, at least, it's a load of codswallop. Sorry if it doesn't fit your World view.

by Nic Johnson | 4th Sep 18, 12:15pm 1536020128

Were they 'Worldly' buyers that bought it?

by Ex Expat | 4th Sep 18, 12:28pm 1536020923

Locals, apparently with a growing family upgrading from a smaller property. Absolutely normal property transaction. Not everyone wants to take the long term view of some posters here who have been DGM for the last 8 years. Satisfaction requires action.

by Mrs The Point | 4th Sep 18, 1:36pm 1536025015

Ex Expat, you are sounding more like tothepoint and the Ex DGZ (before he was reborn a DGM) everyday.

by Ex Expat | 4th Sep 18, 4:08pm 1536034137

Just holding DGZ's place until he takes his meds.

by J.C. | 4th Sep 18, 1:05pm 1536023136

Monty Pythonesque. The sale of a single house doesn't fit a "worldly view." However, I think you're deadly serious.

by PitU | 4th Sep 18, 12:22pm 1536020562

Brave, guessing the bottom of the market, without letting the market making higher highs and higher lows...

by tothepoint - d… | 4th Sep 18, 11:21am 1536016899

Hi RickStrauss,

That's pretty well what you'd expect in a flat market.

Better locations tend to have an advantage when the market slows down.

TTP

by Double-GZ | 4th Sep 18, 12:44pm 1536021883

When you think you'll get $2.5M, NO! Aim a lot lower...$750k will be what you deserve.

by Nzdan | 4th Sep 18, 1:14pm 1536023659

$2.5 Million Botswana Pula? How about $2.5 Million ZWD?

by saving_for_aus… | 4th Sep 18, 1:37pm 1536025078

Botswanas currency is stable, it's nothing like Zimbabwe.

by HouseHunter | 4th Sep 18, 1:52pm 1536025949

Monopoly money

by stuart786786 | 4th Sep 18, 7:15pm 1536045346

This month should be the busiest as all non residents who want to buy a house in NZ, will have to do it fast before the law is in place.

Specially in area where foreign buyers are and were active like Shortland street auction and Manukau.