Barfoot & Thompson's sales bounced back in January but selling prices have eased back as vendors set realistic asking prices

Barfoot & Thompson's sales bounced back in January but selling prices have eased back as vendors set realistic asking prices

Auckland's housing market appears to have started 2019 on a solid footing, with the region's largest real estate agency having its best January since 2016.

Barfoot & Thompson sold 653 residential properties in January, compared to 593 in January last year and 629 in January 2017.

However, numbers remain down on where they were during the 2013-2016 boom when January sales were consistently above 800.

Prices were slightly softer for the start of the year's trading, with Barfoots recording a median sale price of $827,500 in January, down from $875,000 in December but almost unchanged from the January 2018 median of $830,000.

Barfoot's average selling price in January was $927,181 compared to $950,312 in December and $934,753 in January last year.

The agency received 981 new listings in January, well down from the 1200 it received in January last year and the 1142 it received in January 2017.

However, the total number of homes it had available for sale at the end of January was 4334, almost unchanged from the 4320 homes it had on its books at the end of January last year.

Barfoot & Thompson Managing Director Peter Thompson said the easing in prices suggested vendors were tending to be more realistic in their price expectations.

"It points to vendors accepting the market has moved in favour of buyers, and they are adjusting their expectations as to the price they will accept," he said.

"However there is certainly no indication of a major decline in prices.

"Market indications are that a significant number of new listings will hit the market in February, further increasing the already strong level of buyer choice.

"There is no lack of buyer interest for well-priced property in all price categories and attendance at open homes since Christmas has been surprisingly strong," he said.

Barfoot Auckland

Select chart tabs »

The 'average price growth % year on year' chart will be drawn here.
Loading...
The ' average price' chart will be drawn here.
Loading...
Average 
Median
The ' number sold' chart will be drawn here.
Loading...
The ' new listings' chart will be drawn here.
Loading...
The 'Auckland market share' chart will be drawn here.
Loading...

You can receive all of our property articles automatically by subscribing to our free email Property Newsletter. This will deliver all of our property-related articles, including auction results and interest rate updates, directly to your in-box 3-5 times a week. We don't share your details with third parties and you can unsubscribe at any time. To subscribe just click on this link, scroll down to "Property email newsletter" and enter your email address.

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

We welcome your comments below. If you are not already registered, please register to comment.

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.

79 Comments

Best B&T January since 2016, despite the foreign buyer ban. It’s almost like foreign buyers accounted for only 3% of demand so their absence is having very little impact.

15
up

Lol BHSL.. selling prices eased. . In other words PRICES FALLING

Oh, I see. By what % did B&T’s selling price fall from this time last year?

12
up

Maybe you need to look at a dictionary to understand the meaning of falling. .

From the days of prices never falling, that is now proving you wrong. .

Please direct me to where I, or anyone else on this forum, has ever said that property prices never fall. If you’d like I can direct you to multiple examples of me saying that prices go both up and down.

nice to know, and yes, im with you that prices are now falling!!!

*Flat as a wonky pancake

hahaha, you're such a snake

Prices in Auckland are down by 0.3%

PANIC STATIONS!!!

You said it...

Prices in Auckland are in fact up by 0.18% (see https://www.barfoot.co.nz/market-reports/2019/january/residential-sales-...). NZ prices are down 0.3%.

Akld HPI down 1.7% yoy as of Dec

https://www.cbc.ca/news/canada/british-columbia/vancouver-housing-prices...

Of course Vancouver next door to the US is hardly Auckland an island paradise downunder
Prices could never fall in Auckland

Keep telling yourself that. If you say it enough you will believe your own "illusion of truth".

Or Barfoots just increased their market share yoy.

Looking at the residential sale by area, BLSH is actually right in what he's been saying previously. Both the central and Eastern suburbs are holding up or gaining on last year. However West Auckland, Pakuranga/Howick as well as North shore are taking a bit of a hit. Especially with West Aucklands numbers up significantly.

I'm not sure what this will mean in the long term though.

Are you talking volume, or price?

Prices up in Central/Eastern Suburbs, Down in West Auckland and Pakuranga/Howick.

While sales numbers for those were all either steady or up YoY.

https://www.barfoot.co.nz/market-reports/2019/january/residential-sales-...

Interesting on the Eastern Bays sale prices. Aren't they supposed to be collapsing due to the foreign buyer ban? Also interesting on the 5 bedroom price for Eastern Bays. We received a letter asking if we would sell as they couldn't find a five bedroom property on the market. Tempted to tell them to come back in 25 years, when we are likely to cark it but that would be unhelpful. If CGT comes in it should favour big family homes, so no point downsizing. We will have 'boarders' if necessary to stay in the area.

This is the truth peaking through Peter Thompson's words: "Market indications are that a significant number of new listings will hit the market in February, further increasing the already strong level of buyer choice."

Have a look at the "numbers sold" in the drop down menu of the graph. Trend is falling.

Also “However there is certainly no indication of a major decline in prices.”

He said them in opposite order because that statement doesn't make sense following the one I've quoted. There's no internal consistency in his comments. Hence why I said the truth was peaking through.

Yes, the statements that suit your narrative are true and the ones that don’t are nonsense. Funny that.

Ahmm..

by BuyLowSellHigh | Tue, 05/02/2019 - 11:04

Best B&T January since 2016, despite the foreign buyer ban. It’s almost like foreign buyers accounted for only 3% of demand so their absence is having very little impact.

oh no, your mates are turning against you'll, sue them .. sue them..

https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=122...

RE friend of mine has 8 listings, all late jan kick offs. big crowds through open homes (50 plus groups in one property), lack of Asian faces, lots of FHB, make of it what you will.

High number of sales but lower median price achieved. One of the explanations could be homeowners/investors are panicking and off loading their assets??

I wouldn't call a drop of 0.3% in median value: "homeowners/investors are panicking and off loading their assets"

I guess it depends on what position you are at.

There's no position that justifies a drop of 0.3% in median value being called "homeowners/investors are panicking and off loading their assets"

Could be a lack of sales at the high end while the bottom end is still ticking over.

Sorta matches what i'm seeing in the listings i've been tracking. Properties coming up in the <$800k bracket, 20 of the 52 (38%) that have come up in searches are showing as sold. In the $1m to $2m bracket, 12 sales from 67 properties (18%) over a slightly shorter period I've been tracking them)

Wait two weeks for the REINZ numbers.

House will sell as long as the vendor is ready to meet the market (Down side).

Data will be presented to give confidence to the falling market but...…………..

Not too long to wait - By March / April result will be out.

Corelogjc Value as at 28/1/19 was 94.78% of 2017 CV. Update on 3/2/19 was an increase to 96.52%. Property close by sold for 113% of CV at end of Jan and that likely impacted on that. It sold after 3 months on the market, to Pakeha NZ citizens for $2.25 million and achieved a 6% increase over its 2016 sale price. Agent sold three houses on Friday. The market is not as dead as the DGM are hoping for but I have no idea where it will go from here.

Rotate the sale chart by 180 degree and it will be all rosy upward trend!

Who said it was going up? Just reporting a comparable data point, when both up and down. Not that its relevant to someone looking to settle in Dunedin.....

If you rotate a downward slope 180 degrees it will still slope downwards...

I appreciate that we should place everything into groups, but seriously Pakeha NZ citizens buying in Kohi..

Kohi is overrated, I used to live near St Thomas school for about 18 months.. too many ponces in their used import BMWs and Merc.

It's important to live in an area you feel comfortable in. I hope Dunedin is a better fit.

You are damn right.. The young son is prospecting at going to Otago Uni for Medical school next year (courtesy of the COAL free uni fee). So Dunedin is looking more likely to be home!

No med school places available in the Lucky Country? Or is the thought of having to pay more for his education putting him/you off doing that in Australia?

Kohi is a beautiful, family friendly suburb. It's even better now you're moving to Dunedin.

Only mentioned because some people seem obsessed by the heritage of buyers and assumed that prices were high because of Asian buyers.

Just FYI..

Since 16th Jan Listings on Realestate.co.nz for Auckland are up 7.75% to 13143 (was 12198)
Houses +10.53% to 6519 (was 5898)
Apartments +4.37% to 1745 (was1672)
Townhouses +14.06% to 584 (was 512)
Units +11.25% to 356 (was 320)

BHSL may want to have a coffee chat with you.. you seem to be posting stuff that impacts his reputation...

I'd rather have a root canal...

I’ve previously offered to help this joker get his life back on track, but he did not seize the opportunity. Offer still stands over a coffee. As an aside, Pragmatist strikes me as the kinda guy that’ll invite a colleague for a coffee and then expect them to pay every time.

Keep going, you're painting a really good picture of yourself here, and you other posts in this thread are adding colour too.

Glad you enjoy my colourful posts - I wish you’d follow suit - your posts are bland at best.

10
up

This makes me laugh

headline = "Barfoot & Thompson's January sales the highest since 2016"

reality is its the 3rd lowest volume sold since Jan 2011!!!!! sorry but these volumes are still in the doldrums!!!

But you acknowledge that the headline is correct?

What if the reality were that it is also the 17th lowest since 1982? Who cares?

[ No ! this part of the thread is just not needed here, even if it is lighthearted. This facility is to debate the issues, not for use as a bar fight. Ed ]

Thank you Ed, I couldn't have said it better myself.

You guys have to much free time on your hands.

true sue true..

lol, and you had the time to notice and post!!!!

Stuart get back to work!!

Interesting how global markets continue to fall, but we continue to have the perception that NZ is so different...or perhaps, its just merely a lag...

https://www.bnnbloomberg.ca/vancouver-home-sales-fall-nearly-40-in-janua...

Sorry I haven't read all the previous comments (no time) so this might have been posted already, but it looks like some areas of Auckland have dropped in price up to -7.4% and others have gained in the past year.
https://www.stuff.co.nz/business/110355393/auckland-house-prices-fall-up...

It'll be interesting to see what happens from here, if prices keep dropping. In Sydney prices vary across suburbs, after over a year of decline. Some are down over 20%, some half that. Some new apartments developments are being heavily discounted, with a lot more in the pipeline. I hope this doesn't happen in Auckland but I'm not optimistic about that, as people here will know if they're regulars.

Hi, Had posted Raywhite Auction details in other article will copy and paste it again on this as below :

Went to Raywhite Auction at Half moon Bay yesterday to see the auction and was surprised to see that the auction room was full (very Full) as use to be during boom time. Only difference was that Asian attendee will be 15% to 20%.

Seeing the full Auction room – result should have been fabulous and first property put up for Auction was proving that but….

Out of 10 Properties on Auction only One property attracted interest and that too very good interest as it went much above CV and had multiple buyers (High End Property went for 2.8 Million Plus) while the rest of the properties failed to sell under the hammer (Did not wait for last 2 but assuming did not went as still listed) few had no interest or few were passed as reserved not met - much below expectation of the vendor (May be would have sold afterwards by negotiation). One property in Sunnyhills (Free hold standing property with 645 sq/mt section and swimming pool) with CV of 1,150,000 where bid started from 850000 and went uptill 905000, was passed for negotiation (My guess is will go for very early 900s) so is 20% Fall from CV and that too in high demand location and brick and tile house with swimming pool.

Wonder how people will sell other properties in that area where are asking more than a million or near around, when excellent property in excellent area go for near around 920000 (It is a do up property)but still many do up property in that area are asking near around million or high 900s (If interested can check on trademe) and those property and area is not as good as compare to this property and location that is going near 900000 to 920000.

Property in Pakuranga and Pakuranga heights and nearby area should fall faster for if am getting a good section house in location like sunnyhills, preference will be in that area but again each individual is different.

So if buyers do their research with recent sell (not sell data before October – which the real estate agents present to compare to put in an offer but sell figures from November or January will see the difference and not end paying more and will save heaps.

Thumps down to the result of first Ray White Auction of 2019 from East Auckland (Manukau).

As have been mentioned many a time with many reader on this website that by March / April end will know the direction of the housing market and if the last auction trend (That started from November) will continue than deep fall is imminent atleast in Auckland and more so in Pakuranga, Bucklands Beach, Howick and nearby area where I have been following the trend and can confidently comment.

15 more KB 3/4 beddie properties in pukekohe..

got link? Haven't seen or heard anything about this.

https://belmontvillage.co.nz

Give me your honest unbiased opinion..

I think they look good.. would be keen to go to the open day on 16th

Knock $150k off the prices and they would be good value. But those prices are Auckland prices, not Pukekohe prices.

If the market crashes, you might get your wish..

I can’t for the life of me see why someone my age (30’s) would want to be a FHB in AKL. To be saddled with debt earning an average wage to with an exhorbinant cost of living. Traffic horrendous all day everyday so frustrating getting anywhere! The place also has zero vibe for a City and the CBD is a dull eyesore. Crap polluted city beaches. The only place I like in AKL is Titirangi.

I then went to the Hawkes bay. My god what a difference, gorgeous place, beautiful beaches with great waves, wineries and outdoors. All flat and bicycle friendly. The regions in NZ really are special and you can live a fantastic lifestyle with a tiny mortgage. Seriously considering selling up in SYD in a few more years and moving here. Wouldn’t even need to work again.

If you can find a job in the regions then sweet! I (early 30s) live in one of the only regions with a regular rail commuter service. For me 4 hours a day of commuting is a semi fair trade off for a small mortgage. We don’t have traffic lights so that’s a bonus too I guess?

You can go anywhere you like, just make sure you don't step foot in DGZ because you will struggle to live.

touché

If you speak Chinese you'll be just fine.

I can’t for the life of me see why someone my age (30’s) would want to be a FHB in AKL. To be saddled with debt earning an average wage to with an exhorbinant cost of living. Traffic horrendous all day everyday so frustrating getting anywhere! The place also has zero vibe for a City and the CBD is a dull eyesore. Crap polluted city beaches. The only place I like in AKL is Titirangi.

I then went to the Hawkes bay. My god what a difference, gorgeous place, beautiful beaches with great waves, wineries and outdoors. All flat and bicycle friendly. The regions in NZ really are special and you can live a fantastic lifestyle with a tiny mortgage. Seriously considering selling up in SYD in a few more years and moving here. Wouldn’t even need to work again.

I called it
/smirk
The crash didn't happen and buyers are getting desperate. February will be a real hotter.

Buyers getting desperate?? It's high time you stop smoking pot

You nailed it skudiv, that pent up FHB demand is now in full swing, you can only put your life on hold for so long. Prices not crashing and this could be as "Flat" as it gets. The weather has a big effect and its smoking hot.

You two are like an ugly couple getting married; I can't help feeling happy for you too, if only because you are lucky enough to have found each other.

December was down 170 sales over last year, January was up 60 (B&T sales).. so still down 90 over the two month period and now "pent up demand is in full swing". ROFL

You'll are like birds in a bush..

You nailed it skudiv, that pent up FHB demand is now in full swing, you can only put your life on hold for so long.

Remember skilled professionals and potential FHBs - you only have two options in life. Renting in NZ or buying in NZ. There's no other alternative for you... at least including to the specuvestors here.

I grew up in DGZ you imbecile my parents still live in the family home and I can easily afford a place there if I sold in SYD but why on earth would I want to. AKL is a substandard city and the DGZ is very average and massively overpriced I spent my first 24 years there.