Barfoot & Thompson sold more than half of the properties the agency marketed for sale by auction last week, with a particularly good result on the North Shore.
Sales rates varied widely from auction to auction, ranging from 20% at the Pukekohe auction to 71% at the North Shore auction.
Sales at the Manukau auction remained more subdued with a sales clearance rate of 29%.
At the Shortland Street auction rooms, where most of the properties in central and west Auckland are auctioned, sales clearance rates ranged from 52% to 64% (see table below).
Prices ranged from $345,000 for a two bedroom unit at Tikipunga in Whangarei, to $1,701,000 for a four bedroom villa at Westmere in Auckland.
The full results with the prices achieved on individual properties are available on our Residential Auction Results page.
| Date | Venue | Sold* | Not sold* | Total | % Sold |
| 19 September | On site | 1 | 2 | 3 | 33% |
| 19 September | Manukau | 4 | 10 | 14 | 29% |
| 19 September | Shortland St, CBD. | 8 | 5 | 13 | 62% |
| 20 September | Mortgagee/High Court | 2 | 2 | 4 | 50% |
| 20 September | Whangarei | 3 | 3 | 6 | 50% |
| 20 September | Shortland St, CBD. | 12 | 11 | 23 | 52% |
| 20 September | Pukekohe | 1 | 4 | 5 | 20% |
| 21 September | North Shore | 15 | 6 | 21 | 71% |
| 21 September | Shortland St, CBD. | 8 | 5 | 13 | 62% |
| 22 September | Shortland St, CBD. | 7 | 4 | 11 | 64% |
| Total | 61 | 52 | 113 | 54% | |
| *Sold includes properties sold under the hammer and those sold by post-auction negotiation by 5pm the day after the auction. Not sold includes those properties that remained unsold after 5pm the day after the auction, plus those that were withdrawn from sale or had their auction date postponed. | |||||
71 Comments
Naturally you will get more sales if you drop the price. Come on now. This back and forth will go on for a year or so. In the end auctions will disappear , sales will take months, stagnant. We will need to fine the price people are willing to sell and buy. The sooner we get there the better. It’s only then we can get on with it
Hi pointmade.
Then you’ll be waiting a long long long time for demand to pickup because prices need to go down to start picking up. We’re doing a repeat of 2008 x worse.
There’s stuff all buyers left specially in the more expensive bracket. Readings each month on sales and prices will keep falling
Pointlessx2 This is getting very silly.
What do you hope to achieve by trying to talk up the market? Are you labouring under the delusion that you can single handedly convince potential buyers that they can afford houses 10x+ their combined salaries, that they can miraculously materialise sufficient deposits, that most of the world's financial experts haven't called the peak on the NZ housing market or loudly pointed to the danger of NZ household debt at 168% x income?
I appreciate that NZ has a small population and there is a tendency to overstate the value of anecdotal and word of mouth testimony but serrrriously. It's getting very silly at this *point*. Anyone can check sale volumes. Anyone can check what prices are doing and no one is going to be harried by your endless and transparent attempts to create FOMO.
Tothepoint, that is patently false, because you never evaluate any of the news objectively or neutrally. You exclusively suggest that the market will keep going up, or massively understate any news about the market slowing. EVERY. SINGLE. TIME.
You have never acknowledged the very real and possible risk that the market could utterly tank. Now, personally, I have never stated that there is overwhelming evidence to categorically state that the market will crash either. There are still several possible outcomes based on the current data (long term market stagnation is also a likely scenario). However, I at least acknowledge that a crash is possible, and becoming more likely. You jump at every possibility to interpret the continuation of a boom and occasionally make really transparent comments about how you would like the market to crash so you can buy a house in X or Y area. But you always present those comments as if they are a very unlikely scenario.
It's so transparent as to just appear quite silly.
Hello gingerninga
With respect, I think its is fine to have an opposing view to the naysayers here, look at this article "Some people buy investment properties to make a long-term profit - as prices rise over time" source: https://www.barfoot.co.nz/landlords/help-and-tips/return-on-investment
Pointmade,
You have EXACTLY the same writing style as Tothepoint.
What has this estate agent guide to encourage investors got to do with anything? It makes no comment on the market. It presents no data. It offers no reflection whatsoever on the market.
And I haven't criticised TTP for having an opposing view but for only having ONE view that doesn't waiver, even slightly, in the face of contradicting data.
This should give an idea of the sense http://i.stuff.co.nz/national/politics/4842249/Judith-Tizard-not-return…
The Auckland housing market, has been quiet for a few months. So not too surprising that it's firmed a little over the last week or so.
It's possible that there's been a slight increase in confidence - stemming from National's rise in the polls in the last week or two prior to the election (and now the prospect that it will form a coalition with NZFirst.) Uncertainty has diminished - and that tends to boost markets.
Of course, we can't be certain that the trend will be sustained - but it's quite possible that the Auckland housing market will be more buoyant in 2018 than it's been through 2017.
Auction clearance rates between now and Christmas may provide some indication. But other measures are important too.
TTP
Well well ,
tothepoint lives in Palmy
pointmade says he heard a RE agent in Palmy Nth
Just another spruiker using two names
No surprises Zach & DubleD are quiet
They’ve lost $$ sitting doing nothing but trying to talk back up a declining market
Even the big cities like Toronto & Vancouver have experienced corrections & will continue to do so with the ultra indebtedness of Canadians just like Kiwis living way past their real means
Meanwhile MMP delivers 0 new govt yet !
What a silly system
I can tell you there are sold signs all over 1071.
Doesn't seem like it's stagnating in this part of town - not going crazy gang busters but certainly not quiet or sticky either. I'd say is back to business as usual ( or unusual if you think it should be 3x income prices)
President of Property
Were they electoral boards? ...ha de ha
Fair enough chucking in afew no sales though - although obviously that happens in any market. But have you noticed all the sold signs? They do seem to get snapped up fairly quickly.
Any chance of a days to sell by suburb graph frron the interest team?
President of Property
Get in touch with the local agents and you will be swamped with monthly sales stats. My part of 1071 seems to be solid, 19 listings on Trademe of which 7 are September listings. Prices aren’t moving much based on CV multiples, but If there’s a crash coming it isn’t evident. Same as in any market, properties with the right attributes are selling well and will always do so.
Selwyn College appears to be doing well after Ms White was forced out some years back. The fact that they now have to zone it shows that the community would support it when it reflected its natural catchment. Whether it attracts people who pay $1,600,000 plus to live there is a matter for conjecture. We support it because we feel obliged to walk the walk after supporting Ms Whites ouster. The fact that our child thrives there is a real bonus.
Absolute desperation in 1071. Auction brought forward ;) https://rwremuera.co.nz/auckland/kohimarama/35-allum-street-17915645/
It will be interesting to see who the buyers are and what they do. You'd have to figure it's a demolition prospect, but will there be two houses in its place or something in keeping with the nature of the street I.e. Single house. I might have to attend the auction to get some first hand rather than anecdotal evidence.
It isn't. That's why I added the wink emoji. Parts of Allum Street are seeing strong interest with large house renovation and quality new builds. To get the money they need to have views and sun that can't be built out. I think this property will go for very strong money. I'll likely attend the auction if I can get time off work.
To me this type of property is why the doom and gloom merchants have less connection with the real world than they think. An agent once told me that people move less than 1.5km when changing houses. If you want this house in this location you have Hobson's choice. You either pay up next Monday or potentially miss out for another 50 years. Market timing is useless when faced with home buying emotion
I have no real opinion on agents. I've dealt with good ones and very average ones, just as I have with other vocations. Don't get me started on mechanics. My reason for attending the auction is to see what's going on in my hood, one where commentators here have predicted doom and gloom. If they're right there will no little buying interest now the Chinese have gone. I will see the truth on Monday.
Auckland always resists declining, look at the GFC, it only pegged back a little bit and then turned around after all the PIs fixed long at the lowest rates in history. Those that can hold do. Why take a loss if you can hold on?
Govt choice will be important. Lets face it, if labour/greens come in you get lots of change, and many will ask whats the point without the capital gains of growing prices, and paying tax on what gain there is. Without immigration and overseas money boosting the market there is only one direction available, that supported by domestic incomes = equals slow decline. Will lead to a static, slowly ratcheting down market as loans unwind. Will the banks refuse to remake loans, or will higher interest rates even arrive? It will be similar to holding ones breath underwater watching the oxygen cylinder run out of air.
Expecting employers to pay heaps more will not happen. Easier to relocate business operations elsewhere as is happening.
Seeing as completely unverified anecdotal evidence is proposed as fact in comments about the housing market, I would like to share my own recent experiences. Myself and several friends in our late 30s are in the market for buying family homes.
But a very bizarre phenomenon has been happening recently. Suddenly, local RE agents are being spectacularly nice. Some even want to let us in on secrets and give us preferential options on houses before they even come on the market. Only today I heard "I have a house coming on soon and the minute I saw it, I thought of you". Aren't they just absolute darlings? So thoughtful!
Yet just 6 months ago they were snide and dismissive. I'd hate to be considered a cynic but anyone would think I was smelling a waft of desperation as these RE agents try to smarm buyers back.
I'll chip in with my experience as well. In the same boat as you, I went to an open home on Saturday. Got a follow up call on Monday from the RE wanting some feedback. I said it was at least $100k overpriced. I spent the next 20 minutes listening to how tough it currently is convincing vendors that prices have come off its peak, and they need to be more realistic. He reckons the silver lining is the fact that only the "good" RE's will remain standing.
Yeah, she's extremely picky. She has a perfectly nice place in Kelburn but is after an upgrade, and nothing as yet, had quite tickled her fancy. She's very specific.
Both my husband and I have lived in Auckland. My husband grew up there. And we would never live in Auckland again. But that has nothing to do with the weather.
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