Auction activity continued to build for Barfoot & Thompson last week (30 October to 5 November) with Auckland's biggest real estate agency auctioning 250 residential properties, up 20 from the previous week.
The number of properties sold under the hammer increased slightly to 156 compared to 154 the previous week.
That pushed the overall sales rate down slightly from 67% in the week of 23-29 October to 62% last week.
Around the Auckland districts the sales rates ranged from 57% in Manukau to 73% in Rodney and Franklin.
The latest results add to the growing body of evidence that the real estate industry in Auckland has coped well with lockdown restrictions and has bounced back strongly for summer.
The table below shows the district by district results from last week's auctions.
Details of the individual properties offered and the results achieved are available on our Residential Auction Results page.
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11 Comments
Looks like the market is warming up from lock down hibernation.
Time is not on the buyers side; they'll need to make up their minds soon.
Be Quick!
As a REA May I inform readers that reason auction numbers are rising is that it is virtually only method of sale when so many buyers are competing for so few listings
As listings are 30% lower than a year ago and 40% lower than 3 years ago this is not a healthy market. Basically owners overt 55 do not want to sell. Meanwhile FHB are being priced out whilst investors leveraging on their home to buy $900k INV prop are getting negative borrowing rate relative to inflation
If rates rise 1% from here sales will be 35% below those a year ago, even after end Nov when Auckland goes to red on light system
Hi Mike, are you implying a 1% increase in interest rates will lead to a decline in houses listed for sale by 30%, thus reducing the stock available for sale?
Mike you seem a bit confused.
If your'e not confused in this failed financial and social experiment then you are dishonest or stupid.
Negative relative to inflation fine in theory when the asset purchased is inflating.
Have we reached peak house inflation and it is now the turn of the essentials to inflate with he accompanying stress on the budget?
Any thoughts on that Mike?
We will all be multi millionaires in NZ soon. Get on there guys, you will be left behind if you don't buy soon.
Get in there quickly. Auction rates should be 100%.
As always, there will be those who miss out - and live on to regret their lethargy.
TTP
Is it possible to get some Ray White numbers and results also?
Sales are cyclical
There was 2016-19 flat part of cycle when sales stagnated at 22k in Auckland Prices also were flat. Huge 12 month jump in sales and prices is now done and price now driven only by lack of av decent stock. Rate rises will choke it off in next 3 months. Then drop in prices will commence slowly over next 3-4 years. Also world recession coming and already started in China
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