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Overall sales clearance rate of 29% of Barfoot & Thompson's auctions last week on 180 residential properties marketed for sale

Property
Overall sales clearance rate of 29% of Barfoot & Thompson's auctions last week on 180 residential properties marketed for sale
4th Dec 18, 4:15pm by Greg Ninness

Activity remained remarkably steady in Barfoot & Thompson's auction rooms last week, with the real estate agency marketing 180 residential properties for sale by auction and achieving sales on 29% of them.

That compares with 194 properties marketed for sale by auction the previous week (19-25 November). The sales rate was exactly the same in both weeks.

The big auction held at Manukau, where most of the properties offered were from south and east Auckland, was once again the star performer with an overall sales rate of 37%, while sales were surprisingly light at the on-site auctions with a sales rate of just 18%.

The North Shore had the biggest auction with 44 properties but the sales rate was just 27%.

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

Barfoot & Thompson Auction Results 26 November - 2 December 2018
Date Venue Sold Not sold Total % Sold
19-25 November On-site 2 9 11 18%
27 November Manukau 15 26 41 37%
27 November B&T, Shortland St, CBD. 2 5 7 29%
28 November B&T, Shortland St, CBD. 10 27 37 27%
28 November Whangarei 2 6 8 25%
28 November Pukekohe 2 4 6 33%
29 November North Shore 12 32 44 27%
29 November B&T, Shortland St, CBD. 4 11 15 27%
30 November B&T, Shortland St, CBD. 3 8 11 27%
Total All venues 52 128 180 29%

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35 Comments

by  richard1965  |  4th Dec 18, 4:31pm 1543894265

Manukau has the highest clearance rate as have been observing that asking rate has fallen by 10% (Appox 10% to 15% below RV) and may sell below the asking. Have not monitored other area so cannot comment on them but definitely in area between Pakuranga to Howick and near around houses that were earlier selling for 900s are going for 800s and best deal is in for people with budget of 900s as properties earlier being sold for a million or 1.1 Million Plus are now in 900s.

Early next year will be very interesting for housing market.

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by  bw  |  4th Dec 18, 4:38pm 1543894727

And how does the median wage compare with the median home in Manukau?
When those two create affordable homes for the locals ( and I'd guess it's not $900k or $800k?) THEN we are getting somewhere. Until then, as you say, next year will be very interesting....and the non-local landlords might find things interesting as well!

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by  BuyLowSellHigh  |  4th Dec 18, 5:02pm 1543896130

Landlords.co.nz has good breakdown of median sales price in the areas that made up most of old Manukau City

https://www.landlords.co.nz/housing-statistics/?graphsubmitted=true&fro…

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by  Retired-Poppy  |  4th Dec 18, 5:24pm 1543897461

If Sydney reported clearance rates in the 20s, their agents would dig bunkers. NZ could report 5% clearance rates and still have steady (median) prices ;-)

We're the lucky country now..........

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by  Yvil  |  4th Dec 18, 5:57pm 1543899424

We are indeed

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by  tothepoint - d…  |  4th Dec 18, 5:59pm 1543899565

The Auckland housing market remains steady.

That’s an ok outcome.

TTP

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by  Retired-Poppy  |  4th Dec 18, 7:01pm 1543903288

Agent TTP, clinging to the (median) dataset does you no favours. It's a bit like rat dissection. The more you cut into it, the more it smells. Feeling queasy?, leave the room or alternately ask the right questions and learn something.

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by  tothepoint - d…  |  5th Dec 18, 12:06am 1543921580

Hi Crash-Crusader,

You have emphatically pronounced here that Auckland's MEDIAN house price will fall by at least 5% (year-on-year) by the end of 2018.

As 2018 draws to a close and your prediction appears shaky, we note that you are looking for excuses.

Your attempts to wriggle out are a bit rich - to say the least.......

TTP

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by  theglc  |  5th Dec 18, 3:14pm 1543976081

Looks like Akld "houses" are down 2.79% over the last year, only 2.21% to drop in December

It could be a close call!

https://www.oneroof.co.nz/news/35689/?ref=nzhhome

For each property type - apartments, houses and lifestyle property - values have either stalled or slipped in value. The median sales price for Auckland apartments has stalled in the last 12 months and now sits at $631,500 (up slightly from $630,000 last year) while houses dropped 2.79 percent to $890,000 and lifestyle properties 2.33 percent to $1,318,000

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by  BacktoPerth  |  4th Dec 18, 10:36pm 1543916198

Its a turd of an outcome...

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by  HouseHunter  |  5th Dec 18, 9:39am 1543955950

I'm still waiting for examples...

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by  JohnSilver  |  4th Dec 18, 4:38pm 1543894685

yawning, 30% selling rate cannot make a headline any longer

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by  house hunter  |  4th Dec 18, 5:00pm 1543896001

It does feel like we may be on the verge of a correction, although who knows by how much. Should have a clearer picture by April/May.

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by  Nzdan  |  4th Dec 18, 5:03pm 1543896186

2021?

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by  Retired-Poppy  |  4th Dec 18, 5:23pm 1543897423

Amid signs the US yield is starting to invert, this 2021 dream is looking more like the beginnings of everything other than a recovery....

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by  PropertyPrices2Fall  |  4th Dec 18, 5:03pm 1543896205

Isn't it weird that 37% becomes a star performer!!!

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by  andreas_od  |  4th Dec 18, 5:28pm 1543897705

i did not follow those numbers before . What was the average clearance rate say in October/November 2016/2017 ?

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by  Nzdan  |  4th Dec 18, 5:33pm 1543898029
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by  Nzdan  |  4th Dec 18, 5:37pm 1543898241
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by  Pragmatist  |  4th Dec 18, 10:53pm 1543917238

Tried to find a similar page for 2016. couldn't find one with auckland wide auctions, only apartment auctions.

https://www.interest.co.nz/property/84651/liveliest-bidding-was-leaseho…

contrast that with :
https://www.interest.co.nz/property/97132/investors-and-owner-occupiers…

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by  andreas_od  |  4th Dec 18, 5:37pm 1543898263

Ok, 2017 probably not a good example as it says 28% , 2016 would be more interesting

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by  Yvil  |  4th Dec 18, 6:08pm 1543900131

Hah it's a perfectly good example and it's the one YOU asked for, but the result (28%) doesn't fit what you wanted it to be, so you're looking for another one

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by  andreas_od  |  5th Dec 18, 9:17am 1543954624

it is not that I wanted it to be , I originally asked guys to give 2016- 2017 numbers. and 28% in 2017 with 57% in Nov 2016 perfectly reflects my expectations. Another thing - why the article(and everyone reading it) says those 28% are ridiculously low clearance rate if it 's already 1 year since we started to contemplate those numbers. This is just new normal. and vendors will have to be more realistic to put this number back to 50s mark unless you want (with the the help of LVR and other instruments) this country gets into neo-feudalism age in 10-20 years time

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by  Pragmatist  |  4th Dec 18, 11:00pm 1543917626

for others that can't be bothered counting..
35%
and
38% (excluding the auction without results avail)

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by  Fritz  |  4th Dec 18, 6:00pm 1543899645

So similar late last year. And prices didn't collapse.
But don't take that as me saying that there won't be a significant drop in '19

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by  Chairman Moa  |  4th Dec 18, 6:25pm 1543901131

That's what my trusty RE agent told me also.. "there won't be a big drop in 2019, the time to buy is NOW"

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by  Fritz  |  4th Dec 18, 6:55pm 1543902902

Well, even bears need to concede that clearance rates were similarly low this time last year, and prices didn't collapse in 2018. I still think there will be falls in '19, though

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by  Better things to do  |  4th Dec 18, 7:34pm 1543905247

Well North Shore more than doubled last weeks results.. not reading to much into it. Would be interesting to know just what area's / price ranges of those sales.

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by  Interested_Reader  |  4th Dec 18, 10:05pm 1543914309

Answered my own question

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by  Zachary Smith  |  5th Dec 18, 8:34am 1543952042

A lot of houses getting some very good prices. The do-ups are still getting a hammering. This five bedroom property in Avondale on a 615 m² section went for only 726k. Only requires a bit of paint and elbow grease!

https://www.barfoot.co.nz/766803

I thought I spotted a dead canary with this one in Manurewa selling for only 480k. Freehold, three bedroom, own driveway:

https://www.barfoot.co.nz/766582

However it is a recent subdivision. Currently rented for $495 so giving an immediate return of almost 5.4%. That's not bad for Auckland. Hopefully a FHB bought it. With 20% deposit the interest is less than $300 a week which is cheaper than renting. A couple on reasonable incomes could have this paid off in six or seven years if they put down a 20% deposit.

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by  Pragmatist  |  5th Dec 18, 9:03am 1543953806

Only requires a bit of paint and elbow grease?
Until i saw a building inspection confirming that I'd be very sceptical, that close to the water you might find plenty of rotting framing that needs replacing, just look at the water stains on the wall beside the chimney

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by  Zachary Smith  |  5th Dec 18, 9:25am 1543955103

It still looks like a great project for a competent handyman although I'd say it was bought just for the land. The sale price was almost exactly the land value of the RV. Avondale is almost Central Auckland.

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by  nymad  |  5th Dec 18, 9:28am 1543955321

"The sale price was almost exactly the land value of the RV"

So. A bit more than just some "elbow grease", then...

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