Sales rates ranged from 14% to 57% at Barfoot & Thompson's main auctions this week.
The highest sales rate was at the Manukau auction where 17 of the 30 properties auctioned were sold (57%).
That was followed by a 43% sales rate at the Shortland Street auction on December 13, where most the properties were in central Auckland suburbs.
At the North Shore auction the sales rate was 33%. And at the two Shortland St auctions on December 12 and 15, where most of the properties were in inner west or west Auckland suburbs, the sales rates were 23% and 14%.
There was still a high number of properties that didn't receive any bids, and at the North Shore auction 15 of the 30 properties offered did not receive bids.
See below for a summary of all five Barfoot & Thompson auctions covered by interest.co.nz in the last week.
12 December. Shortland St, CBD.
Most of the properties at this auction were located in inner west suburbs, including Sandringham, Mt Roskill, Mt Albert, Hillsborough, Blockhouse Bay, Avondale, New Lynn, Henderson, Massey, Glen Eden and Te Atatu.
Eighteen properties were scheduled to be auctioned but two were withdrawn from sale, two were sold prior to the auction and one had its auction date postponed, leaving 13 to go under the hammer.
Of those three were sold and 10 were passed in.
There was only one bidder on one of the properties that sold, and there were no bids on eight of the properties that were passed in.
12 December. Manukau.
Properties at this auction covered a wide geographic spread that included Papatoetoe, Manurewa, Wiri, Otara, Flat Bush, Beachlands, Half Moon Bay, Dannemora and Pakuranga.
Thirty seven properties were set down for auction but four were withdrrawn and three were sold prior, leaving 30 to go under the hammer.
Of those, 17 were sold and 13 were passed in.
Four of the properties that were passed in didn't receive any bids.
13 December. Shortland St, CBD.
Most of the properties at this auction were in central Auckland suburbs such as Remuera, Kohimarama, Orakei, Epsom, Mt Eden, Three Kings, Royal Oak, Westmere, and Grey Lynn.
Thirty three properties were scheduled for auction but three were sold prior, one was withdrawn and one had its auction date postponed, leaving 28 to go under the hammer.
Of those,12 were sold,16 were passed in and six of the properties that were passed in received no bids.
14 December. North Shore.
Properties at this auction were spread throughout the North Shore.
Of the 37 properties scheduled for auction, five were sold prior, one was withdrawn and one was postponed, leaving 30 to go under the hammer.
Of those, 10 were sold and 20 were passed in, with 15 of those receiving no bids.
15 December, Shortland St, CBD.
Properties at this auction were mostly in western suburbs, ranging form Pt Chevalier to Avondale, New Lynn, Ranui and Swanson.
Of the nine properties scheduled for auction, one was sold prior and one was withdrawn, leaving seven to go under the hammer.
Only one of those was sold and the remaining six were passed in, with five of those receiving no bids.
A summary of Barfoot & Thompson's apartment and commercial property auction held on December 14 is available here.
Details of all the properties offered at the auctions covered by interest.co.nz and the prices achieved on the properties that sold, are available on our Residential Auction Results page.
If you are interested in commercial property, check out our Commercial Property Sales page.
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81 Comments
These are relatively small numbers - so need to avoid reading too much into it.
No surprise that the Central Auckland suburbs continue to do quite nicely. In a relatively subdued post-upswing market, a clearance rate of 43 percent is nothing to be sneezed at....... As always, location counts.
Have a good weekend!
TTP
Hi TTP,
Again, No mention of sale prices !! .. conveniently avoided as it surely upsets the narrative ... Month after month sales volumes will mean little to this market and expectations and hopes that prices will go down as a result of low volume are evaporating ....
I checked few sold on the North Shore and prices are holding up quite strongly ( close to new QVs) and noticed that most sold are the cleaned up, renovated, and modernized properties where little or no effort is needed to make any immediate improvements.
I expect Dec reports will come up with another positive price movement ...
Aah idiots that disagree with the narcissist's. Sky is not falling its great news. Sky is falling when house prices double in 3 years and are unaffordable for average house buyers.
House prices in line with income is the ideal great news no ones buying over priced property. Takes one hole in the dam for all the water to start breaking through. Can we see cracks appearing, with government changes more cracks will form. Tightening of credit by scared banks will help and interest rate increases in the US.
Interesting times.
TTP
What about the rising inventory?
Sure you’re on stable ice right now in the central Auckland Area but the ice is melting along with investor values for many in the wider market
Building inventory and lower sales numbers is hardly healthy for the wider housing market
This is indisputable in any market
Hi Northern Lights,
As I wrote above, there's no law stating that when sales volumes fall, prices have to fall as well.
A slowdown in the market can simply manifest in fewer sales but no drop in prices - despite inventory levels.
If vendors won't sell below their target prices, then so be it, prices will be "sticky down". Historically, that's a situation that's repeated on many occasions in NZ.
Thus, it's quite likely house prices will fluctuate around their current level until the next market upswing - when they will rise again.
TTP
TTP, there are certainly times when "sticky down" applies but you've missed the mark when saying it best describes this as being the bottom or base of this market. I'd say "sticky down" stage will next set in after a plunge or capitulation, house prices hit rock bottom and the only way is UP!
One need only perform some unbiased research to discover the risks are stacked to the downside. You're right when saying there is no law that house prices will fall if there is increased unsold inventory but when the greedy herd buy on the emotion using leverage then chances are they will sell on the fear - period.
TTP, you together with DGZ, Yvil and Ecobird are paid up members of a club of short sighted house enthusiasts. You think the next 10 years will be the same as the past! You might as well use stars and luck as your guiding beacon - foolish.
Again, like with most credit cycles past their mature stage, capitalism will soon swing a fatal blow leaving many of its loyal worshipers broke and disillusioned.
Zachary, in line with just reporting the facts. Another good week in 1071 with multi offers on a plaster home near the beach in Sage Road. Sold at 2017 CV for close to $3,000,000. The agent I keep in contact with has sold 7 houses this month. Can’t find homes for everyone. Buyers around $2,500,000 for family homes. That’s where the demand is apparently.
$2.5M is a good price. That's about the average on my street but nothing for sale right now except for these two:
http://classic.realestate.co.nz/3207199
https://www.bayleys.co.nz/1751394
Zach it’s more like capitalist welfare in the rental housing market and you know it
Majority of my rental companies house tenants over the decades were welfare recipients as is the case today especially
with working for families the middle class welfare Labour added
RetiredPoppy
I agree wholeheartedly with you that the spruikers believe because they think it’s always been it will remain
TTP neglects the significance of the China quotient this time around
This combined with lowest of interest rates over an extended period being the other factor this time around
Frankly I enjoy the supercilious arguments from the spruikers
I had one advise me he was right because he’d sold his house to a top NZ sportsman Whatever that means
Upon reflection it probably means the spruikers here believe the same paradigm repeats in the property cycle
Maybe it will and all will be well
Looking at the comments by spruikers here they’re actually more concerned with telling us how clever they’ve been and how only they know the future of Auckland property based on historical facts.
There is no previous history of foreigners boosting the Auckland market to this extent along with low mortgage rates over many years so this time it’s all new with an all new ending
Housing market is still unresponsive to lower mortgage rates and in many areas, lower asking prices. Current valuations clearly a concern to potential buyers. Excessive debt levels has rendered this market completely vulnerable to a financial shock which most will agree is way overdue.
Housing market has lost its Mojo!
So you keep saying and enlightening us everyday with every comment RP ....
Month after month, Auction after another , people who are blinded to see and understand market movements are sinking their head deeper in the sand to avoid the light - it is becoming an obsession for some !!
We all wish that barking at the same tree would change facts - wouldn't we? ...
Retired Poppy
The central Auckland Area has seen some higher prices & Coastal NShore only down 1% from last year
Overall market is definitely trending down sentiment wise and that’s without any catalyst to really see some serious declines
Perhaps a capital gains tax on the value of the family home with the first million exempt ? How about that Labour ?
bought yesterday in west auckland - 35K below new cv - vendor delighted and relieved ! probably overpaid but needed for work purposes so still huge value to us
give it another three months and the first 10% drop will be showing through - 9 months and if the panic starts .....
I received the agents email for Shortland Street. 16 auctioned, 9 sold of which three were prior sales. That said I don’t see the obsession over auction clearance rates. The same agent told me a couple of weeks back that he had three at auction of which one sold at auction and two had no bids but sold that day.
Another agent sent me the November stats for 1071. 53 sales with an average of 103% of CV, but don’t let the facts get in the way of your posts. Property will go either up or down, if it goes down it doesn’t make you any more a guru than tossing a coin.
I was over watching middle-aged white guys preach their personal views on everything to the nation. I was over watching their long-suffering co-host (usually a woman) sit dumbfounded, before flashing a smile to distract Aotearoa from the antics of her idiot TV 'husband'.... the focus of my frustration is Mike Hosking, not Toni Street. I watched Hosking this week waffle on as the head of his on-screen television family, completely oblivious to anything and anyone but himself....He reminded me of that uncle that decides to speak up at family gatherings and embarrasses everyone - but mostly himself - through his idiocy.
Got it pretty much spot on!
http://www.stuff.co.nz/entertainment/tv-radio/96272996/Its-time-to-drop…
A $200K price drop, DGZ;
@Kate this one is sold! http://rwepsom.co.nz/properties/sold-residential/auckland-city/remuera-…
Its OK DGZ people idolise you because you live there, we all worry for you guys, and talk about how lucky you are. I've told my kids I can't take them to sports because I constantly think of your area. I have no life because I only think of your area. The all blacks are on the back burner now, no beach in summer its all about house prices in Remmers. How do we survive.
DGZ, have you been monitoring pageviews on Juwai.com? In the past they wasted no time releasing statements spruiking how the Chinese are lining up to buy up houses.
"Step right up people, buy NZ houses before the immigration crackdown"!
https://www.stuff.co.nz/business/98984001/chinese-property-website-push…
Things are a little quiet indeed. Chinese are no longer biting at the bit to buy "leafy suburb houses" or anything else for that matter.
Yes – it may be indicative of a trend – but maybe too much being read into events over this time of the year.
Expecting much clearer signals from the tea leaves in a month or two.
As for cryptocurrencies – I have tried a couple of times to get my head around it all – confess I’m still struggling.
Fascinating to watch though!
Have you noticed the turnover of businesses in the food court – sometimes simply new owners, sometimes a new business or business model and sometimes a vacant space for a while.
Behind the scenes some bloodletting or someone’s misfortune being someone’s opportunity.
Money being made and lost over that fried rice – however there’s hardly sirens and loud speakers blaring to make all and sundry aware of such developments.
Have a look at the US if you want to see a hard fought battle over the $7.50 or $12.50 plate of rice – brutal doesn’t begin to describe that bun (rice) fight.
A slowdown in consumer spend here could be very telling – good news though, maybe you’ll then be able to get your now affordable $7.50 option! If you don’t have an income - $12.50 is probably out of reach.
And of course yes, one day in the future the dish of fried rice will probably be $17.50 – inflation and time having done its job.
And as always there will have been various winners and losers behind the scenes on the march to that $17.50.
Really, 1 cup of rice + 1 unit of electricity / gas = very little indeed!
Labour cost may be of much more consequence - but it would seem that I ( and possibly yourself) were doing very much of anything as regards monetary value this weekend,
Possibly a bit harsh on myself - gorgeous weekend - quality beach time - a lively dip in unseasonably warm waters - and a wonderful stroll around the viaduct this morning with the good wife.
Let the fried rice fall where it may....
Home prices set to climb on buyer demand in GTA: forecast
Mr. Soper believes there is a greater risk of a return to runaway price increases in Toronto and Vancouver than a market crash in both cities.
Zachary, yeah I know, I have posted the following quotes previously but they serve as a timely reminder of how blind some people have once again become.
In 15 Feb 2006, Ben Bernanke said 'Housing markets are cooling a bit. Our expectation is that the decline in activity or the slowing in activity will be moderate, that house prices will probably continue to rise.'
"There will be no interruption of our permanent prosperity." - Myron E. Forbes, President, Pierce Arrow Motor Car Co., January 12, 1928
Yup, good times are ALWAYS just around the corner aye Zachary!
Speaking of high turnover of food court businesses...was talking to a local RE as to why our local shopping centre (MT Albert)doesn't get any new businesses except noodle houses,internet cafes etc.
She said there is an 'unwriiten' agreement...you buy a business or start one up to gain immigration and then agree to onsell to another potential immigrant once your paperwork is completed,which answers the question as to how they survive as a business selling 3 plates of fried rice a day....it's not about making money as a legitimate business.
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