Sales rates ranged from 21% to 47% at Barfoot & Thompson's main auctions last week

Sales rates ranged from 21% to 47% at Barfoot & Thompson's main auctions last week

The overall sales rate was almost exactly a third at Barfoot & Thompson's auctions last week.

The agency marketed 190 residential properties for sale by auction last week and achieved sales on 65, giving an overall clearance rate of 34%.

Most of those were sold under the hammer although some were sold prior to auction day and some were also sold in the negotiations immediately after the auction.

However, it appears likely that as many again will be sold by negotiation over the next few weeks.

In Barfoot & Thompson's latest monthly sales report, the agency's managing director Peter Thompson said about two thirds of properties marketed for sale in January and February had eventually been sold.

That suggests that around a third are selling either under the hammer or in negotiations immediately before or after the auction, with around half of those that are passed in selling by negotiation over the next few days or weeks.

At Barfoot's auctions last week the highest sales rate was for the properties sold on-site (47%), while the lowest sales rate (apart from a minor auction at Kerikeri) was 21% on the North Shore (see table below).

The results for individual properties are available on our Residential Auction Results page.

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Barfoot & Thompson Auction Results 25 Feb - 3 March 2019
Date Venue Sold Not Sold Total % Sold
25 Feb - 3 March On-site 6 7 13 47%
26 February Manukau 13 23 36 36%
26 February Shortland St, CBD. 5 8 13 38%
27 February Mortgagee/Court Sales 1 2 3 33%
27 February Shortland St, CBD. 15 25 40 38%
27 February Pukekohe 2 4 6 33%
28 February North Shore 8 30 38 21%
28 February Kerikeri 0 2 2 0
28 February Shortland St, CBD. 8 15 23 35%
1 March Shortland St, CBD. 7 9 16 44%
Total All venues 65 125 190 34%

 

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31 Comments

May be - one third vendors were ready to meet the market and flexiable with price so was able to achieve the sell and rest 66% not.

12
up

Great result, the market sure is strong. She is really showing her resilience, she's a fighter....a warrior. In the face of the FBB and the AML the Auckland market still comes out on top. This time is definitely different.

What great results, it's over a third, the market will surely bounce back from here. Totally different to Sydney and Melbourne. She'll be right mate. Great time to buy.

11
up

Is it sad that I honestly can't tell if this is sarcastic or not?

It is.

Given the site you're on, no it's not. Let's see what it might have looked like had THE MAN wrote it.

great result!!
the market sure is strong!
she is really showing her resilience!! she's a fighter....a warrior!!!
in the face of the FBB and the AML the Auckland market still comes out on top!!
this time is definitely different!!

THE MAN WOULD HAVE USED MOAR CAPS

CAPSLOCK is cruise control for cool.

the main things I remember from his posts are the exclamation marks, lack of capitalisation at the beginning of sentences, and excessive line breaks. I actually find it a hard style to imitate.

I'm still waiting for THE MAN 2 to reveal that all his posts are part of an elaborate performance art piece, pillorying the folly of the modern property speculator.

TM2 is busy raising mortgage(s) for his next property in CHCH..

He will reveal, in response to your comment but as a completely new comment thread.

Was it February only last week ?. Negotiations weeks after an auction do not make it sold at auction.

Cowpat - Those sold after the auction whether it be a day or week after or before, are counted as Auction sales as the property was marketed under the auction process. Similarly if a property goes to tender and sells after the tender date it was marketed under the Tender process and the sale came from that process.

Checked the Auction results. All selling below CV except a handful. Heavy discounting in the 1.2 to 1.5 mil range. Tsk Tsk.

Like a tennis ball dropped from great height, it will bounce a few times then rolling flat before drop off the cliff.

1 Jousting Sticks Place - Not Sold on Auction Day.

It's almost worth as much as we paid for it.

When the houses are struggling to sell 10% below CV (with few exceptions). It is surprising that few properties are getting listed much above 10% to 15% above CV (Am talking about Bucklands beach / Howick area and may be the estate agents reasoning will be : that it is what the vendor wants, so will do it for a couple of months unless the vendor drops the price to meet the market or withdraw but this listing may help them to be in market and get new data / business as are not spending a penny in marketing)

Height of optimism - May be of the opinion that positive thinking will yield positive result !

Strange!

Sometimes the third party sites don't get updated, same with realestate.co.nz, always go for the listing agencies website.

Edit, nevermind, checked harcourts and they still have it listed too.

On cue, The Man!!!
I prefer to write one liners/bullet points, as it is far easier for a lot on Interest.co. to read, rather than rambling sentences, that require you to swallow during the ramblings!
To be fair, yes I am looking at purchasing a property at auction on Thursday!
However, I don’t need to worry about arranging mortgage finance before auctions, as I can get it no problems!
Christchurch market is still very steady, will be interesting to see what the stats for last month are?

I feel there should have been an explanation mark after that question mark.

Judging by the last few days leap in listings on Trademe and realestate vendors are much enthused by the lower interest rate story.

Are you talking nationwide? Cos Auckland listings on realestate.co.nz are down about 150 from their peak last week.

Auckland is at 13,630. They weren't that high last week, I don't think. They've gone up in the past week.

Edit: Whoops, I was talking TardMe.

Talking Auckland only.

That’s odd - selecting nothing out (again, simplistic “fun”) I have 13,847 listings 28/02 – and same today I have 14,094.

Equally I have an equivalent jump on Trademe.

I’m certainly not looking for an argument – I could be guilty as charged, where am I going wrong?

Weird... https://www.realestate.co.nz/residential/sale?by=oldest&lct=r35&ql=20

And a few seconds ago it spat "13808 Listings In regions Auckland categories Residential for sale"
This time last week it was 13895, and got up to 13985 on Friday the 1st (I usually check around this time of night)

Also Trademe – there are possible issues with them at the moment but apples for apples – Auckland 28/02 (ish) 13,576 – today 13,629.

To be fair, if I look at my chicken scratchings from last year the level of new listings certainly slows down from here – a few hundred more through to mid-April and that was it.

Yep, my trademe numbers are about the same, difference easily explained by checking at different times.

This metric is v tired now. On Hibiscus Coast 8.5% of properties went to Auction last month.
How about looking at % OTM over 3m?
Or sales trend over past 3m compared to a year ago?
Or total sales in Auckland compared to 2013 or 2008 or 2003.
Or demographics in Auckland or who is buying stock and whether they rent it out when bought?

if you are looking at listings by the way, they peaked 3.12.18 and at the 3m contract renewal, have started to fall back again, having not reached previous high. That is because they are being pulled by unsatisfied sellers.While we are at it, it is not a buyers market just because there are lots of unsold property. A buyers market would be where there are lots of properties that are desirable, in desirable places at lower prices (say 20% lower than now) and buyers were interested. If buyers were INDEED interested more than say, a year ago, then there would be more sales. But sales are falling. Time to look at whether "stock" hackneyed terms have any meaning or utility?