Activity in Barfoot & Thompson's auction rooms continues to slowly but steadily increase.
The agency, which is the biggest in the Auckland market, auctioned 90 residential properties at its latest auctions (24-30 September). That's up from 86 the previous week and 73 the week before that.
The number of sales is also on the up, with 31 properties selling under the hammer at the latest auctions, up from 27 the previous week. That pushed the overall sales rate to 34%, up from 31%.
So although the number of properties being offered at auction and the number selling at auction both remain low, there appears to be gradual improvement taking place as we continue into spring.
Individual details of all of the properties offered at the auctions monitored by interest.co.nz, including the prices of those that sold, are available on our Residential Auction Results page.
The comment stream on this story is now closed.
| Barfoot & Thompson Residential Auction Results | |||
| 24 - 30 September 2022 | |||
| District | Sold | Total | % Sold |
| Northland | 0 | 1 | 0 |
| Rodney | 0 | 2 | 0 |
| North Shore | 1 | 11 | 9% |
| Waitakere | 4 | 14 | 29% |
| Central suburbs | 13 | 30 | 43% |
| Manukau | 8 | 21 | 38% |
| Papakura | 1 | 2 | 50% |
| Franklin | 4 | 9 | 44% |
| Total | 31 | 90 | 34% |
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87 Comments
Auctions in their current form are truly awful. It's a huge improvement to have price negotiation or heaven forbid a listed asking price.
Have you been at the auctions as a bidder Brock. What dont you like about them?
The games and lies with reserve prices and the very high costs of reports and inspections and bank valuations.
It's a racket.
Limit the number of auctions you attend by not being the underbidder / bridesmaid
Agents deliberately mislead buyers about price expectations and spring a much higher reserve price on auction day after bidders have wasted a huge amount on due diligence and overheads.
Seen it time and time again. It's standard practice for the crooked real estate industry. As a consequence many buyers won't waste their time with any vendor selling by auction.
Somebody ought to tell Jacinda that auctions are free speech. They'll be gone by lunchtime.
Maybe you are still thinking lowball. Try that with tenders or properties that have been on the market for ages. And dare I mention the 4 Ds
Btw it is the REAA that you should be complaining to if there is any malpractice
It's not about me.
If you dont like the game, play it your way or don't participate at all. If you are the lucky buyer then pay for a valuation and builders report afterwards. Arrange pre auction that you can have access and also arrange longer settlement. Ask for extra six months and work back. There is a lot of DD you can do yourself or with a mate that won't cost you anything. But just make sure that your arse is covered before each bid so that you have a ten percent deposit handy. Only bid to your bank pre-approval.
This is news to me HW2 that you can arrange for your bids to be conditional on satisfactory due diligence reports afterwards. Thanks.
Ahem... where did I say that. Get real boyo
Wtf did you say then?
Lol classic.
Why would you bother getting a valuation and builders report after purchase at auction?
He's not making sense. Not sure if he has had another stroke or the antifreeze his kids stir into his soup is taking effect.
He is suggesting that one takes on the risks of winging it and hoping the valuation and reports and bank come back favourably after you've gone unconditional on the lemon.
Which works... Until it doesn't.
That's what I said at the outset. Many buyers now won't play at all because auctions are a crooked and rigged game.
It's now showing in the lousy auction figures.
What's the point of paying for a builders report AFTER you go unconditional? Hey surprise it's falling apart and leaking?
Banks want a valuation from one of their valuers, if you overbid you've got problems.
It is not a new problem mate... buyers been complaining about it for literally years. You are going to find problems with most or all of the sales methods, have you tried tenders.
I personally like the auction process in a rising market. Its a bit fairer and allows you 4 weeks or so to check out.
I think it could be easily resolved with the vendors forced to disclose a reserve price a week or two out from the auction.
Then it's transparent and fair.
You'd think we were in mainland China with what passes for business practices in the real estate industry.
Suggest that ... to someone else, you are wasting your time telling me.
That's true.
But it's a public discussion board.
Woop de doo. Do you think people with clout from the Reaa or Mbie or Opm (PM office) trawl these pages waiting for anonymous people to reveal their light bulb moment to the hungry millions. Oh wait, there is Phil Twyford I forgot to mention
Not taken your meds this morning sunshine?
Classic
You can always tell when your opponent is out
Like Kelvin Davis whose days are numbered.
Opponent? Were you arguing a point somewhere?
People like me trawl through and brock has just giving me a few more reasons not to go near auctions.
You're in the market 🤝
Go to an auction and sit back and watch how the agents interact with each other, its disgusting. Never will I buy at auction
By this rationale, do you insist any retailer or manufacturer makes their costs transparent?
Costs. No.
Prices absolutely. In fact, retailers are well regulated with what they can and can't do with pricing.
Even your mum has an advertised price Pa1nter.
Brock you are a munter with that foul mouthed comment
Birds?
2 of them
Fowl play.
Yeesh, get some self-control there chief.
If you were going to auctions as a buyer in a depressed market, you'd probably think they were the greatest thing ever.
Yes many agents are crooks......or lets say they create sales stories......who pretend to be helping both parties and telling each side a bunch of lies - they JUST WANT TURNOVER and to GET PAID. Nothing more nothing less.
Agents who I first talk with, to try tell me the pricing drops are "not much" "the negativity is all just media driven" (who think I am the average Kiwi- who knows nothing of the terrible macro economics facing the world) .......... they quickly switch tack and have nothing further to add, after I remind them of the massive monetary/fiscal stimulous, that had to create inflation and this would eventually have to be hit with ever increasing water cannons of QT and massive interest rate rises.
Simple: Expensive money destroys Debts that need refinance and new issuance!
Probably the underbidder to the vendor's bid.
Thats the difference between vendors who want to sell and those who have to sell. The second group is more motivated. Death, divorce, drowning in debt
In my opinion, Brock would make a very good bridesmaid or flower girl at auctions - or elsewhere.
TTP
Tread carefully TTP. Misgendering is a form of HATE SPEECH.
You wouldn't want to find yourself in trouble with the law again.
TTP, Does your opinion even count ..it might as well be in the bin
I have come to the conclusion that a number of investors on this page purchased properties over last couple of years and are now over leveraged let’s say they purchased 5 houses still have 3 million on mortgage, when rates hit 7% this will cost them $5000 per week, rent receive $3750 down $1250 per week and still have to pay rate’s,maintenance, and insurance. House price’s are falling so would have to sell at a loss, we’re told by the smart investors to get out end of last year but thought they knew better. Now the crap is hitting the fan, you know who you are see a financial advisor and stop trying to pull others into a debt nightmare.
You make a lottt of assumptions. Whats your background
100% - wonder how many other 'investor's' like this one on FB are out there. They better hope they are making positive returns as that's a shit load of interest right there.
$1.5million borrowing with the blue bank. Do I fix 1 year @ 5.35% or 2 years at 5.7%
I saw that post yesterday, made me chuckle.
You forgot to mention vendor bids. I watched an online auction yesterday, only one buyer and a big run of vendor bids. I wished I was in the room with the bidder, I would have told him to just stop. Agents like to say that auctions allow the market to set the price, but they are still continually manipulating things. Property got turned in so still a problem with vendors not “meeting the market”.
In the good old days of the 90s and earlier they made up fake bids and you had no idea. At least now they tell you. Just maybe the purchaser knew what he/she was doing and were happy with that. Who are you to tell others.
Spot on with your comment. When the property doesn’t sell at auction it’s the vender bid that shows as the last bit and they can shamelessly tell anyone that’s interested. It’s just such a huge crooked group of people working to improve their commission and lifestyle. Makes me so angry that we have people trying to screw unsuspecting buyers.
I bought a car at a Turner's auction many years ago. The buyers area was arranged in a horse shoe shape such that you couldn't always see who (if anyone) else was bidding. It didn't meet reserve but they came directly to me to negotiate even tho I was the underbidder. So the highest bidder obviously didn't exist.
Yeah, my Dad bought cars at auction for decades as a dealer. He used to get a mate to stand near the auctioneer where he could see all the bidders, and if a bid came in from "nobody" he would do a little hand wave to Dad and he would stop bidding. Then he'd have a go at buying it when passed in, which often got a deal.
The concept of vendor bids is just crap.. just a tool to manipulate the market
Also, an important reason to never give any details to agents at open homes, I give them nothing at all. If they know your budget they'll drive the auction to your limit.
You just don't have the skills Brock. Bought my current house without spending a cent before the auction. I know a good house when I see one and can do my own building inspection. Paid cash and negotiated what I wanted it for in the back room of the auction. The auction actually cuts out all the BS, it was like buying a new car.
The banks are not so lenient about one making their own reckons.
But sure, could buy a shack in yokel town for cash I suppose.
Unfortunately Brock has brainwashed himself and goes around low-balling, thinking all sellers will bite his hand off. There might be a few and that is the challenge to find them
I decided to buy in a first world country for an advertised price.
Low-balling in the current cratering market would be a viable strategy though.
Even more so as the wave of mortgagees approaches.
A brand new home I expect if you bought for the asking price. Anyway that info is so last year, cool timing bro.
Queensland generally operates with asking prices. Auction culture not so big there.
The estate agents seem shockingly honest in comparison to here.
Shockingly honest is a good one. A country where bribery and corruption runs deep since the first white inhabitants arrived. I havent seen much different between Aussie and kiwi rea
I know right. Even a country of convicts is more honest. Specifically talking about Queensland though. I know Sydney is just as crooked as here.
I've bought my previous house in auction (2019) but I dislike the situation of 2022. I've been to 8 auctions over 3 months, 6 I bade and made the highest bid. Only to be passed in...
That's just a waste of time, unfortunately the houses I'm targeting have been auctions only so far.
In 2019 agents kept telling me market value was in the auction room. Today it's not anymore?
Despite all the DGM's on here going on about mortgagee sales and distressed sellers, its not happening yet. If you go to an auction thinking everyone is in financial strife and everything will be a bargain you are a dreamer. Yes if you get really lucky you will eventually lowball someone who's back is against the wall but its not common. I saw one place during a whole year I was looking go cheap on my watchlist, but I never actually inspected it or was serious about it so maybe there was even something wrong with it.
Do you understand what's happening, interest rates go up. This makes mortgage payments go up when you have to refix at a higher rate. I can explain this theory to a 6 year old and they understand it.
Anecdote from BBQ today, exactly this, they just re-fixed rate last month at a higher rate. Just apt for this comment.
It seems you don't understand how auctions work. Once I have the highest bid, why would I go higher? I'm already leading. If my offers were such bargains, then surely someone else in the room would have outbidden me.
A 'silk purse' comes to mind, those numbers look terrible to me no matter how you look at it! Even if we do see an increase in properties being sold, what would interest me would be how much the sold below original asking price? With rates only going higher and 1-2 year fixed terms coming off there will no doubt be some desperation starting to creep in for some people.
I think we need more than a week to identify a trend on a weekly chart.
31 sold at auction no sure of total amount sold in Auckland, but still over 12000 on trademe over 50 more than last week.
There is actually 100 less properties than last month and the numbers have been trending down since April. So that is tightening supply when pre-xmas demand is coming on.
I said over 50 more than last week so trend is more on market than we’re sold last week. So more came onto market than sold last week just so HW2 understands. Auckland housing market has falling price’s but still can’t get off the ground with inflation and rates climbing, plus NZD tanking we be looking at house price falls accelerating.
Each month thousands of homes are bought/sold. I have mentioned this to you previously. Stop beating yourself up that there is a few extra for sale
As you are finding it hard to understand, last week with all that was sold in Auckland housing market this week on trademe more we’re up for sale. The Auckland housing market is crashing I know HW2 and a few others don’t like this word, but it is tumbling down each week the spring bounce is nonexistent.
Could there be momentum building? Spring campaigns will just start to be going to auction, next couple of weeks will be interesting...
Computer says no - https://www.trademe.co.nz/a/property/residential/sale/auckland
Computer's just showing me trademe listings... not sure where the no is in that?
Haven’t noticed any spring jump in listings here
maybe we could be heading for a 10% rise in house prices lol.
Wow look at the Northshore numbers one of the best markets in Auckland.
That ia a disaster.
You seem fixated on the North Shore... one slow week out of how many?
Every week on the Shore is a slow one
A slow start to the spring sales. Less than three months to X'mas.
Many wait for spring to list their houses and with media coverage such as this will also give them some hope to list as soon as.
Also now vendors are aware of market condition with fear that interest rates may go up again and situation may get worse from bad so are more realistic than before ( Not all but serious sellers) and selling in Auction ( Real estate agents are now playing on vendors fear to sell now or.....).
Interesting time ahead. If this positive jump in activity turns out to be dead cat bounce than the next leg of fall will prove to be disaster.
With high interest rate and still rising / world economy facing uncertainty / Inflation /.....chances of recovery is.......more the possibility of getting worse before getting normal ........than in few years getting better.
Wait and Watch.
exactly, theres a few other things going on in the world right now.........
It's a very unusual spring for the property market
- There's been no rush of listings coming to market (that happened in April/May instead if I recall correctly)
- No discernable pickup in turnover
Considering all the inputs are borked, I'm still surprised the amount of listings isn't blowing out, and things spiraling down.
As per latest media report in Australia, house prices could fall as much as 43% In worst case scenario.
What is the base for worst case scenarion as per them, OCR touching 4% and mortage rate going up to 7%. If this is the base for worst case scenario in Australia, we in NZ are not far away from that happening so will like so called experts opinion on what will be the worst case scenario in NZ and also the best, when OCR touches 4% or is it 4.5% in NZ or 5% (are wages not high in Australia, so if base for worst scenario is 4% in Australia should it not be 3.5% or 3.75% in NZ)
https://www.news.com.au/finance/real-estate/buying/worst-case-scenario-…
In gloomy environment, everyone looking for ray of hope and is good as one has to be positive for sanity but for how long.
We are just at the start of downturn 43% drop is the minimum over here, monthly mortgage payments will 6500 per month for million dollar mortgage and all that would buy you in Auckland is a 3 bedroom place in rundown area. How long are people going to keep up payments, just imagine if you borrowed 2 million.
Misplaced answer
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