Auckland's largest real estate agency sold two thirds of its auction properties last week.
Barfoot & Thompson marketed 287 residential properties for sale by auction in the week ending March 6 and sold 188, giving a clearance rate of 66%.
The highest clearance rates were for properties sold on site (73%) and those sold at its North Shore auctions (also 73%).
At Barfoot's head office auction room in the CBD the clearance rate was 64% and in Manukau it was 60%.
See the table below for the auction sales breakdown by area.
| Auction venue | Total auction properties | Passed in, postponed or withdrawn | Sold | Clearance rate |
| Manukau Sports Bowl | 48 | 19 | 29 | 60% |
| 34 Shortland St, CBD | 153 | 56 | 97 | 64% |
| Fairway Conference Centre, Glenfield | 59 | 16 | 43 | 73% |
| Tuakau Town Hall | 1 | 1 | - | 0 |
| On Site | 26 | 7 | 19 | 73% |
| Total All Auctions | 287 | 99 | 188 | 66% |
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.
23 Comments
SpaceX - You keep saying that the Chinese Investors are back but you still give no evidence!
I still think only having around 60% clearance rate is still fairly poor. This is one Investor who is prepared to wait for more conclusive results before taking the plunge in to this market.
SpaceX where is your evidence? I see CJ has also asked you this question.
If you think house prices are expensive then at least be honest and treat the causes not your perception.
If you put as much energy into getting the Auckland Council to remove its boundary lines as you do posting on here you might get a value for money house.
Well SpaceX; We're just guessing that you're a Real Estate Agent, who wants to keep pushing the property market to keep your commission rates up by telling us (NZ Investors and potential home owners) that there's still plenty of Overseas Investors competition buying up NZ property and bloating house prices.
A good excuse to keep those auctions going, we wouldn't want people to sell priced or negotiation, that could really slow down the property market as it did recently for Auckland.
I am far from a real estate agent; I have morals. I hate them.
As a FirstHomeTryer, I am just saying that it is beyond fucked and the only glimmer of hope, which was decreasing prices and lower clearance rates is over, just like in 2013 when the new LVR rules came through there was a slow down for a few months then it was business as usual with super price rises. The same is happening again, and it is depressing.
All I am saying is, don't get your hopes up. Nothing has changed.
Perhaps the B&T auctions went well last week, but they sure didn't this week:
• Bays and Central areas: 11 sold from 28 = 39% success
• Manukau areas: 17 sold from 48 = 35% success
These numbers are very bad for this time of year (actually they're bad for any time of year…).
I did an analysis of the Bayleys auction results for last week.
http://www.interest.co.nz/property/80444/bayleys-auction-clearance-rate…
28 Auckland properties sold for 36,032K with a CV of 25,825K = 39.52% over CV
I will try and continue doing this over the coming months and see if there is a trend. Price decline should see the percentage drop, stagnant will stay the same and price increase will of course reveal higher percentages. Pushing through into the 40% mark would indicate prices increasing. Dropping below 30% will be a decline.
Of course locations are a major factor.
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.