Activity in Barfoot & Thompson's auction rooms was almost unchanged in the weeks before and after the general election.
In the week up to and including the weekend of the election (12-18 October) the agency processed 219 auction properties and sold 131 of them, giving an overall sales rate of 60%.
In the week after the auction (19-25 October) the agency processed 214 properties and sold 132 of them, giving an overall sales rate of 62%.
Interest.co.nz has made a slight change to the way it reports Barfoot's auction results.
Previously, the results were displayed by the location of the auctions, but from now on they will be displayed by the location of properties themselves in Auckland's main regional sub-districts of Rodney, North Shore, Waitakere, Central Auckland, Manukau, Pukekohe and Franklin.
The new format is displayed in the table below.
This shows that the most popular district for selling by auction last week was Central Auckland, which includes all of the suburbs previously contained within the boundaries of the former Auckland City Council.
But the area with the highest sales rate (apart from Northland where just one property was auctioned and sold giving a 100% sales rate) was Waitakere on 85%, closely followed by Franklin on 83%.
Details of the individual properties offered and the prices achieved are available on our Residential Auction Results page.
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51 Comments
Looking great for property owners
Tough for us buyers
Tricky to find value add properties
Tricky to find any value at all in this dynamics, this nonsense is damaging the economy as a whole in a moment when household spending is very much needed and instead income is shifted into mortgages which will cause deflation, property owners live in the same economic context as everyone else it is hard to see how they can see this as something "great" unless they lack the knowledge or empathy required to see the issues of this.
b21 .......... the level of financial education in NZ is abysmal. I have said for 6-7 years now, all this money, whether interest or principle is going straight back to the banks and their shareholders, where it could of been invested and spent in the "other" economies of NZ, that create value, export earnings and well paying jobs etc.
It's got to the point now that the "sheeple" are well & truly brainwashed and property is the "only way" to wealth. I don't bother disagreeing and/or discussing with the property bulls/spruikers anymore .....I will sit and watch over the summer, what happens when all that moolah from overseas tourists fails to materialise.........
If you're not participating in the real economy -- if your income is, say, a pension and some rental income -- you won't necessarily feel it for a long time. You'll wonder what everyone is bitching about and why they don't just buy a house like you. There's a substantial lag between a business feeling the strain and that playing out through unemployment/underemployment to reduced rents, which is where they might start to feel it.
hahaha but brisket, as so many have told me on this site - rents (like houses) can only go in ONE direction .....happy daze !! :)
Yes still very little new stock. Is there a big rush of listings coming in the next few weeks, post election and with news of rising prices? Or is the usual pre-xmas listings rush going to be very small (like last year)?
It makes total sense for an owner to try to sell as soon as possible now that conditions are the best, who know what changes coming and whether we will have to go into a new lockdown before xmas.
All this is true. But, what are you going to do with the proceeds? Buy another massively overpriced house? Buy overpriced shares? Put it in a TD yielding almost nothing? Buy into a retirement village? Travel? All either unappealing or effectively impossible.
Cryptocurrencies !
Not even as much fun as a trip to the Tab..
Does one have an investment in the Crypto space, per chance ?
Obsession of house in NZ is taking away the home from many New Zealanders.
Unfortunaltely only economy in NZ is housing economy so the entire focus of government and reserve bank is for the ponzi to continue, even if it stabilize will cause problem and like any ponzi has to keep on moving up.
Labour governments are as good as National governments when it comes to property ownership and investment - and vice versa.
TTP
I imagine that market is recognizing that Labour will continue as per the last 3years, so are pricing in another 30% increase, plus another 15% increase plus in rents. All tax free of course. No wonder Labour did so well, they made 65% of the country even richer than before
Who cares about the election. Mr Orr runs the country, not the Government.
It's FONIR that are on peps minds. (FO Neg Interest rates).
Not sure I agree with you about Orr running the country
The more I read about QE and LSAP and Bonds it seems Orr is doing Roberston's bidding
Orr is becoming a puppet
Orr didn't have the authority to rustle up $100 billion of QE
Well, to tell you the true, neither have control. We have as much independence as a Joey in a Kangaroo pouch.
Just as well, Bugger, because Mr Orr is smarter than most politicians......
TTP
[ Stupid and offensive comment removed. We cover property, including property in New Zealand's largest city. B&T is the largest agency in that city. We cover it without fear or favour - in fact, Barfoots have never given us any special access or treatment - they don't even advertise. To run a smear like that is unacceptable. Ed ]
Who cares, it's none of your business. That is unless you are paying for the editorial content here, but I doubt that. Just another bitter kook.
[ deleted. Ed ]
House prices are rising fast, he's just reporting the news. If you're not paying for the service, you have no right to question his integrity or to suggest he is a shill for the housing industry. It's a crap look and ungrateful (that's just my opinion of course). Anyone who has managed to save a deposit for a house is probably more than capable of knowing where the vested interests are and don't need you to save them.
It never ceases to amaze me, you actively try to convince people to stay out of the housing market and then complain when it goes up.
This article says nothing about housing prices but exclusively sales rates.
You realise I'm referring to his (now deleted) comments and not the article right? Was it that hard to distil?
TK..Yes, I totally agree, my post was out of line and should not have been made. I hope you are right and people do understand that the media is full of vested interests ( but not this site).
Don't think I have actively tried to convince people to stay out of the market, but more just to understand the "bricks and mortar, can't lose" NZ mantra is foolhardy and dangerous. I actually bought a pretty expensive NZ home myself this year, have retirement village shares and am part owner of a central Akld house so I gain when property goes up.
It is Billy Brown, aged 15, year 10 at Manurewa High, living with 4 siblings in $650 PW rented accommodation with parents earning $20 per hour who my heart bleeds for. Explain to him why prices cannot be allowed to fall and what his future holds.
It's all good. I have no issue with your opinion, just the personal slight to the author.
Totally supportive of editorial action in deleting the above posts - baseless smears.
B&T is the only big agency reporting this type of data so even its limited meaning it is worth being shared. I would avoid personal attacks though, however I would like to see a more thorough analysis of the data instead of just being reported.
Yes, you don't see this information being published for Wellington, Christchurch, Dunedin, or Hamilton
Agree, we need to take this data with a pinch of salt as everything that comes from players with a vested interest.
I often wonder how many properties B&T sold that weren't by auction, for the same period
Steady on Karl. B&T's prominence in the news on this site is perhaps due to the fact they are by far the largest agency in AKL and I believe sell around a third of all houses in the region. They also supply a lot of data willingly unlike other agencies. For these two reasons alone they are a useful indicator of trends in the AKL market which many interest readers find useful.
Fair point. I guess my main problem is really that Greg seems to project everything one way. And I have seen that B&T pic attached to his commentaries a suspiciously high number of times. It comes off like a (free?) ad, whether it actually is or not.
Just buy more houses and stop being miserable Carl it's not that hard.
I apologise to Greg, Interest.co and the other readers for my baseless comments about the possibility of him receiving incentives from B& T. I also apologize for, on reflection, somewhat harshly grouping him with such an amoral bunch as those listed in my second post. I look forward reading future articles by all contributors and posting more responsibly in future.
As previously stated regularly, I really hope to read a contribution from Greg (or another contributor) taking an in-depth look at the likely impact of the way things are progressing on a teenage student who will enter the work force and begin saving for a home in the near future. We have seen plenty of articles outlining how things are actually improving for FHB's. To me these articles have inferred that this means there is nothing to worry about and change is not needed. But what about the implications for our Gen Z kids without rich parents?
Ok, you're not a kook anymore!
The 3 weeks rolling average trend line continues going down as it has been since the past six weeks.
https://i.postimg.cc/yds8q5DZ/B-Y-clearance-rate-3w-rolling-avg.png
Incidentally, a colleague who's arguably one of Auckland's best REAs has put his house on the market and getting out of the game.
J C .....now those are the people that you "watch" what they do - and not listen to what they say.
Oddly, I know another excellent REA leaving the game in Auckland as well...
Oddly, I know another excellent REA leaving the game in Auckland as well...
Possibly same person. Sometimes seen on the TV? Won't get too personal as I respect privacy.
Hi J.C.,
I'm sure there are many real estate agents who are currently increasing their property portfolios.
Just because you've come across an agent whom you say isn't doing so, doesn't mean terribly much.
TTP
Most REAs would aspire to where my colleague got and he carved a niche in probably the most lucrative sales areas in Auckland.
The number of listings has plunged. I was watching Tauranga for almost a year and it was always over 1000 on Trade-Me and most of the time near 1100 but as of today its now at 667 so thats at least a 30% drop. I'm told the market down there is now mental and my house was probably worth $50K more than I paid for it when I was just collecting the keys a month later. Something pretty drastic is happening in the housing market but honestly I still cannot tell if its going to shoot for the moon or crash and burn. Clearly the general consensus post election is "I'm all in". Signals from Labour and RBNZ is still fueling the current boom. Its insane given the economic outlook in 2021.
Signals from Labour and RBNZ is still fueling the current boom. Its insane given the economic outlook in 2021
'Mad as batsh*t' is the expression that comes to mind.
Hi Carlos,
The housing markets also gone into overdrive in Palmerston North......
I've two friends (old PN identities) who want to build up-market homes in PN but there's not a good section to be found in any of the established premium suburbs - such as Hokowhitu.
TTP
Housing is now making the 6 O'clock news more than its making Interest.co.nz. Its been on every night for a week. Record lending levels and everything reported just continues to pump the market and create FOMO. Its getting mental out there. Predictions now for a 15% increase and thats over just 12 months. This is all bad for society long term no matter how you look at it, even if your sitting in your ivory tower your not immune.
Folk need to bear in mind that Auckland prices were flat for 3 years and hence the current median is only 6.1% above the March 2017 high ($955 v 900)
Inflation is more than that. So if they think they are going to get good capital gain, they are dreaming unless want to hold for 5 years minimum
Not surprising: RE NZ section OTM are 20% lower than a year ago
Inventory is way down because sales are so quick, ie turnover.
Think a lot of this also, is developers are clearing out a lot of unfinished stuff (off plan etc) that were sitting unloved for over 6-12 months, and were prev bolstering the seen inventory. Most stuff now OTM has been there under 3 months and about half under a month. That is a complete change to 6 months ago.
Investor driven market, leveraging to hilt. Mr Orr needs to get his finger out
Small problem with focusing on Central Auckland is that it is dominated by apartments cf other areas.
By the way, June-Sept sales in Auckland City compared to 2015 are running 25% LOWER than 2015 (last mania period) whereas in NSC the figure is -8%. Rodney it is +11% and Waitakere +3.3%. Manukau is -10%
Auckland 12m series is up 13.26% on prev 12m series, to end of September.
NSC 12m series is up 21.5%
Orewa up 31.5%. Rodney 17.7%
Papakura only 9%
Areas that are. up on 2015 are those where new build sales are dominating.
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