Barfoot & Thompson achieved an overall sales rate of 36% at the agency's auctions last week.
It was an impressively busy week in Barfoot's auction rooms, with 261 properties marketed for auction.
However buyers are more cautious at auctions these days and sales were achieved on 93 properties, with most of the remaining 168 passed in for sale by negotiation.
At the agency's major auctions where 20 or more properties were offered, the sales rates ranged from 14% at the Shortland St auction on March 1, where most of the properties offered were in central Auckland suburbs such as Epsom, Mt Eden, Mt Albert, Mt Roskill and Royal Oak, to 44% at the Shortland St auction on 28 March, where a whopping 70 properties were offered, also mainly from inner Auckland suburbs, such as Remuera, Glendowie, Orakei, St Heliers, Epsom, Ponsonby and Pt Chevalier, and the sales rate was 44% (see chart below for the sales rate at all the auctions).
At the Manukau auction the sales rate was 21% and on the North Shore it was 40%.
Details of all the properties offered and the prices achieved for most of those that sold are available on our Residential Auction Results page.
| Date | Venue | Sold | Not sold | Total | % Sold |
| 26 Feb - 4 March | On site | 10 | 13 | 23 | 43% |
| 27 February | Manukau | 9 | 34 | 43 | 21% |
| 27 February | Shortland St, CBD. | 6 | 7 | 13 | 46% |
| 28 February | Mortgagee/High Court | 2 | 1 | 3 | 67% |
| 28 February | Shortland St, CBD. | 31 | 39 | 70 | 44% |
| 28 February | Pukekohe | 1 | 11 | 12 | 8% |
| 1 March | North Shore | 19 | 29 | 48 | 40% |
| 1 March | Kerikeri | 3 | 2 | 5 | 60% |
| 1 March | Shortland St, CBD | 3 | 18 | 21 | 14% |
| 2 March | Shortland St, CBD | 9 | 14 | 23 | 39% |
| Total | All venues | 93 | 168 | 261 | 36% |
58 Comments
nope - 34.8 - so 35% small number very little impact overall -
interesting though that the highest clearance rates by far are still the inner suburbs - so quality still sells at auction - but yesterdays report stated a huge increase in the number of houses sold at lower prices - circa 500K
Clear evidence of how you need to consider where you live in terms of how you market your property
I remember when I was back in the UK, prior to 2008 and everyone was getting into having a couple of rental properties "as you couldnt lose!"
It got to the point where prices in the south east got so expensive to be able to buy to let that many wernt able to secure finance for them.
A couple of guys at work were talking about being able to get 3 appartments in Bulgaria for the same price as one in Slough, off the plan, marketed exclusively to Brits at investment conferences (around 80,000 euros each) Their minds had been so warped by the property only ever goes up mantra they thought that any property anywhere in the world was destined to moon.
I was only 18/19 at the time and these were fully grown adults with kids - I remember looking at them thinking "are you mad?" buying 3 properties in a country they had never been to because they seemed comparatively cheap, word on the street was one bought two in a block that never got built and I'm not sure he ever saw any of the money, the other bought two which when they ended up being completed were selling for half of the cost he'd signed up for.
just a little story, but as we can see comparing manias and prices in your home market to somewhere else where the local pop is earning significantly less is super dangerous and we might see something similar when the foreign moneys is further tightened here .
Assuming a 5 year interest only term that means they bought in 2013 and id guess they are pretty happy with their $250,000+ gain. If they are ending their second round of Interest only then they bought around 2008 and quite probably doubled or tripled their money. The $200,000 loan on a property worth $650,000 today is going to cost them about $300 per week assuming its amortized over 20 years, their rent income will be about $450 per week, after some costs and occasional renovations etc thats probably positive by about $50 per week.
Stupid investors, let us laugh at their tears... of joy...
Ill crack a bottle of bubbles with you and celebrate the day we close the CG loop hole of 'windfall gains'. It would be a huge benefit to cut the lower half of earners taxes to 0 and roll back GST. However its no accident that windfall gains are excused by both the left and right politicians so i doubt we will ever see the day its closed.
Bhuahahahaha another victim claimed!
'Not a trivial matter': Foreign buyer ban to 'significantly impact' Spark's 5G plans.
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=120…
Leafy suburbs now feeling the weakness. The few quality ones are selling pretty much bang on CV. It was not that long ago quality were changing hands double digit % above CV;
41 Kawau Road, 2017 CV $1,450,000, Sold - $1,346,000
4 Otahuri Cres, 2017 CV $1,900,000, Sold - $1,450,000
81 Wheturangi Road, 2017 CV $2,700,000, Sold - $2,760.000
Nothing has come of the Chinese New Year, lower interest rates, foreign buyers ban or even rumoured easier lending standards. It's hard to get a handle on Kohimarama, St Heliers or Epsom because most if not all are being passed in!
The punch bowl has now been taken away.
85 Baddeley Avenue Kohimarama goes to auction this afternoon at 4:30pm. It has a CV of $1,700,000, with a homes.co.nz expected price of $1,695,000. It has a pre auction offer and will definitely sell within one week of listing. This was one of the 'no stories' houses I mentioned previously. I'll revert with the price paid, but can guarantee it will be more than CV. All this proves is that CV on an individual property is not an indication of a trend. We need more Zachary size analyses.
The Otahuri Cres property above is an interesting one. Could be a bit of a bargain. It was an estate sale and in need of renovation. I have noticed the do-ups are not fetching premium prices. Compare to the Wheturangi Road one which was a funky villa with mod cons.
https://www.barfoot.co.nz/751252
doesn't look too bad
Zachary these 2x properties sold over the last few days. SOLD stickers up.
https://rwremuera.co.nz/auckland/remuera/82-orakei-road-18036131/
https://nz.raywhite.com/auckland-city/remuera/1824804/
DGZ, things still seem to be selling around our areas. I walked by 4 Otahuri Cres and could see why it sold well under 2017 RV. It was actually quite a good price really as the REA's photos were shot with a wide angle lens and the property fairly close to the motorway and railway line. 25% above 2014 RV
OMG 85 Baddeley Avenue has been sold in this afternoon's brought forward auction. Does anyone know how much it went for?? Ex Expat?
https://www.barfoot.co.nz/752940
If there's no rush to buy, I'd be waiting to see what effect the foreign buyer ban will have, implications of rate rises in the US, NZ inflation data that indicates a 2% plus figure might be in the wind, winter and how the All Blacks are looking this year. Prices are flat or modestly declining so the FOMO is now yesterday's emotion and patience is today's.
Plenty of stock in the leafy burbs, a number of reclads and leakers being passed off as a good deal
I just checked 31 more properties that have sold and been added to the auction results page. I did exclude one that had pylon wires going over it as RV was not realistic. Only the normal, as far as can be determined, are included.
35.430M in sales with a 2017 RV of 35.270M - 0.45% above RV (close eh?)
2014 RV 24.560M - 44% above.
15 sold over RV, 15 sold below and 1 was the same.
It could be a case of buyers assuming that vendors are aiming for RV. I have a property that I believe would sell for 500k less than RV. If buyers think I want the RV value they're not even going to bid. I would probably need to sell by negotiation or signal strongly that my expectation is nowhere near RV. But then what if I am wrong and being too pessimistic?
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