Barfoot & Thompson auctioned more than three times as many homes in the first week of February as it did in the corresponding period of last year.
The agency handled 185 residential auction properties in the week form January 30 to February 5, compared with just 54 in the corresponding period of last year (1-7 February 2020).
The sales rate was also considerably higher this year with sales achieved on 71% of the auctioned properties compared with the sales rate of 52% in the corresponding week of last year.
The sales rate was 100% for properties in Rodney, Papakura and Franklin, although the number of properties offered from those areas was relatively small.
At the bigger auctions the sales rates ranged from 60% for properties in the central Auckland suburbs, to 77% for North Shore properties.
Where selling prices of the properties that sold were able to be matched with their rating valuations (RVs), 98% sold for more than their RVs.
March is traditionally the busiest month of the year for the real estate industry and the high level of activity in early February suggests the market remains extremely firm.
The table below gives the district by district breakdown of Barfoot's auctions for the week.
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Details of the individual properties offered and the results achieved are available on our Residential Auction Results page.
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40 Comments
Race Day
They're in the starter's hands
They're racing
Wasn't it Adrian Orr who said house prices will double every 10 years? The guy is a genius.
Mr Orr has appeared before the parliamentary committee, undoubtedly bombarded by difficult and far reaching insightful questioning.
RBNZ Gov. Orr says LVR rules will help head off growing financial stability risks. Says he is concerned that a sharp drop in the NZ housing market could do harm.( at least or especially to homeowners and banks)
Relating to that LVR news, Orr says he is still awaiting a response from NZ's finance minister of including debt-to-income ratios
They all know what a DTI tool will do the New Zealand housing market
That's why the DTI tool will never see the light of day.
There are many instances in which people or groups have got themselves into situations in which there is no longer any right decision because their actions to that point have determined the outcome.
Cowpat
" . . sharp drop in the NZ housing market could do harm.( at least or especially to homeowners and banks) . . . "
No, not just especially homeowners and banks . . . the RBNZ has progressively reduced the OCR over the past decade since the onset of the GFC never with the intent of simply supporting housing or banks per se but rather indirectly the wider economy and in particular inflation, employment and financial stability.
RBNZ has no responsibility for housing (other than indirectly economic stability), and the rampant house market over the past decade is a consequence of that support for the wider economy. The reality is that a sharp correction in the housing market will have significant impacts for the wider economy.
If it was betting at the races and looking at sections; then I would be giving considerable weight to the fact that RBNZ will be endeavouring to ensure that there is not a sharp correction to housing simply for the economic consequences of it.
My bet therefore: RBNZ actions will be looking at flat housing market, possibly some correction . . . sharp correction, no.
Bugger
It wasn't Orr who said "house prices will double every ten years".
An urban myth which can be attributed to those ill-informed about the housing market . . . and from those that quote it on this site they tend to be dgm being sarcastic.
Well clearly not fast enough for Orr, he has enabled the housing market to double in 7 years now.
Transitional government. Some examples:
Child poverty
House prices
Foreign buyers ban (what a joke)
Billion trees
Kiwi Build
Social housing
Homelessness
Inequality gap
Did I forget something guys? Help me out here.
You mean transformational? It’s a slow start if they are.
wage subsidy to everyone , including poor B&T agents
They did declare a climate emergency.
Kiwis love.. Fake PM, Being Kind, virtue signals, team of 5, no GCT, ponzi schemes, kiwi-burger love one please
They did ban plastic bags
(DP - Replied to above)
January was insane. I mean, even in Auckland terms. 27b Heathcote road was one of the houses we checked out. Uneven floor (literally sunk a few centimeters in some spots), tiny section with zero green area, no views, no insulation or double glazing... sold for close to $1.2 million. Thanks Mr Orr.
Are the shots of the view(s) from the roof or something?
I think the shot of the city must be a zoomed in shot from the upper level. The sea views were blocked by the hill and the neighbours.
Bit dodgy that. Though not the first I've seen where, upon turning up at the open home, I wondered where the views had got to.
There are some nasty surprises aye. Too bad you also can't smell the mould through the pictures. 12b Surville place, Mairangi Bay for example... reeks. The neighbour's (joint) unit is also carefully cropped from the pictures, as it looks like a giant cockroach nest.
Turn some of these negatives to positives and reap the rewards... I would also caution against over-spending on first home unless its necessary. GL
Looks like that house has leaky written all over it.
One that caught my eye on the Shore: 4 Infidel place, Torbay $1,330,000
Seems 1.3mil is the new norm now. Crazy how many people are flocking to auctions to buy at these levels.
Yep, 1.3 million is the new norm. Half a year ago that would've sold for 1.1 million or less. Also, apparently people are escaping from Torbay en masse due to gangs moving in.
Yeah Torbay is abit of a mixed bag! I guess if that's too expensive one could settle for a cheaper/'less desirable' area like Birkdale, 8 Castleton Street for example... oh hold up also sold for $1,335,000. Market out of control.
Anything lower north shore is in massive demand at the moment especially if it’s near the coast. Birkdale, Glenfield and Beach Haven are being gentrified at Mach 1.
Wait till you see they upgrade the engine in March for Mach 3.
Good grief $1.3M for a house in Birkdale just mental.
27b Heathcote Rd previously sold in June 2005 for $409k.
So it’s tripled in price in 15 years. Great result for the sellers.
Not sure what your point is as 15 year ago is a very long time and everything has tripled apart from some apartments.
How much has your property increased since then? or let me guess you don’t have one.
Yes I guess. Bought the family home on north shore in ‘99 for $360k now valued around $2M.
So again what exactly is your point? You would expect something to triple or at least double in that amount of time.
Except wages, you know the instrument use to pay the mortage
Wow, three times more auctions and still way higher clearance rates!!! Unbelievable : o
Firmly on track to a fantastic year!
FHBs who hadn't learn anything from the years prior may have a hard re-learn ahead after Feb. Smart investors are piling in for their share this month. We may be setting a new RE record for the Februaries.
Floor that accelerator!
I think you've taken the crown as worst contributor to this site. Bravo!
And I'm doing very well for myself, before you accuse me of being 'jealous' or whatever else. I just happen to give a shit about other people.
Feel free to stick to your Kahawai philosophy.
"Consider a turkey that is fed every day. Every single feeding will firm up the bird’s belief that it is the general rule of life to be fed every day by friendly members of the human race “looking out for its best interests" as the politician would say. On the afternoon of the Wednesday before Thanksgiving, something unexpected will happen to the turkey. It will incur a revision of belief" - The Black Swan by Nassim Nicholas Taleb.
i am beginning to think there is something being added to our drinking water... And with every month going by i think the country is loosing its collective marbles! or perhaps those marbles never existed in the first place lol
Go go go.. investors, the door closing.. Banks will always open the wallet, if you can 'shuffle good number'.. borrow within the club, united - even if being pushed to 50%? - it's all just a number that can be achieved.
'when there's a will, there's a way'.
The commentator Andrewj mentioned around Sept / Oct last year that he knew of several property investors that intended to sell their investment properties by christmas 2020. Anyone know whether he has an update!? Did they all sell?
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