Limited winter fare at Barfoot & Thompson's latest auctions

Auction numbers were low but the sales rate held up at Barfoot & Thompson's latest Auckland auctions

Property

Auction numbers were low but the sales rate held up at Barfoot & Thompson's latest Auckland auctions

21st Aug 18, 10:01am by Greg Ninness

The number of properties offered for sale remained at their winter lows at Barfoot & Thompson's latest auctions, but the overall sales rate held up at almost 40%.

Barfoot marketed 95 residential properties for sale by auction last week and achieved sales on 37 of them, giving an overall sales rate of 39%.

There were three auctions where 10 or more properties were offered - the Manukau auction where the sales rate was 33%, the North Shore auction where it was also 33%, and the Shortland Street auction on August 15 where most of the homes offered were from central Auckland suburbs and the sales rate was 48% (see table below).

Details of most of the properties offered at Barfoot's auctions last week and the prices achieved on those that sold are available on our Residential Auction Results page.

**Barfoot & Thompson Auction Results 13-19 August 2018**
Date	Venue	Sold	Not Sold	Total	% Sold
13-19 August	On site	3	6	9	33%
14 August	Manukau	4	8	12	33%
14 August	Shortland St, CBD.	2	5	7	29%
15 August	Shortland St. (Mortgagee/High Court)	1	1	2	50%
15 August	Shortland St, CBD.	10	11	21	48%
15 August	Pukekohe	3	5	8	38%
16 August	Shortland St, CBD.	4	5	9	44%
16 August	North Shore	6	12	18	33%
17 August	Shortland St, CBD.	4	5	9	44%
Total	All venues	37	58	95	39%

You can receive all of our property articles automatically by subscribing to our free email Property Newsletter. This will deliver all of our property-related articles, including auction results and interest rate updates, directly to your in-box 3-5 times a week. We don't share your details with third parties and you can unsubscribe at any time. To subscribe just click on this link, scroll down to "Property email newsletter" and enter your email address.

We welcome your comments below. If you are not already registered, please register to comment

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.

14 Comments

by Nic Johnson | 21st Aug 18, 10:17am 1534803465

Just a quick glance over the actual auctions but it looks as though the 4 bed plus market is really struggling to gain any traction.

by Ex Expat | 21st Aug 18, 2:32pm 1534818776

Really struggling? Wishful thinking in at least one case: 13b Melanesia Road had 5 bedrooms and sold post auction for close to the CV of $4.1 million.

by Chairman Moa | 21st Aug 18, 3:53pm 1534823615

If it was 18 mths ago, this statement would be something like "sold post auction for 1 mil above the CV of $4.1 million".. No doubt house price is on slippery slope!

by Ex Expat | 21st Aug 18, 4:37pm 1534826249

That was the July 2017 CV. I don't recall prices exceeding those levels, but I could be wrong given I live in the suburb as opposed to Brisbane.

by Nic Johnson | 21st Aug 18, 5:14pm 1534828441

'One swallow does not a summer make.' (Aristotle (384 BCE – 322 BCE))

Look over the results, we'll still see these outliers before the ban comes into force.. The frequency is diminishing though. Back to good old Kiwi debt to prop up the Ponzi from there on in... Or back to 2012 in the blink of an eye!

by Ex Expat | 21st Aug 18, 8:00pm 1534838431

That was the latest auction link I could find for my suburb, on the article. Checked with the agent and got the price.

Core Logic updates their expected value of my four bedroom home regularly (comes through the Bank app) and two days ago assessed it as 1.086 x the 2017 CV. Zachary does checks of sales and posts the results. All the same, at or about CV.

You can believe whatever you like, but I deal with facts. Where it goes from here, who knows, but so far the DGM have premature adjudicated on a regular basis.

by custard | 21st Aug 18, 8:18pm 1534839527

Nic – I haven’t forgotten you – just focused on other things at the moment.

The “marginal buyer” to me is still paramount – here’s a nice little summation in regards to the Toronto market.

“A term that's circulating more often is the "marginal" buyer. These are the outliers who pay huge premiums over the "consensus price" that experienced agents would come up with based on previous sales and micromarket factors. Even though they make up only a small subset of buyers, they determine market value.”

I see the marginal buyer as something of a false and temporary price setting mechanism which can encourage / enable a fair degree of misplaced optimism – perhaps already witnessed depending on your bias.

Either way, as I have stated before – I believe the impact of removing the “marginal buyer” (if ultimately successful and relatively devoid of ruse and scam) will be far more significant than the 3% foreign buyer chatter currently entertained.

by theglc | 21st Aug 18, 10:37am 1534804663

just a continuation of the last 18 months

by Nzdan | 21st Aug 18, 11:04am 1534806255

It's still Struggle Street at Barefoot Thompson's place.

by BacktoPerth | 21st Aug 18, 11:46am 1534808800

Significant activity in the Mortgagee region... is that somewhere near Whangamomona?

by Pragmatist | 21st Aug 18, 7:17pm 1534835832

I think you are confusing the "forgotten payments highway" with the "forgotten world highway". Easy mistake to make.

by saving_for_aus… | 21st Aug 18, 2:11pm 1534817461

It'll be interesting to see what happens this spring. Business as usual, or will we see an Australian style slow decline?

Either way, there's no chance in hell I'm buying in NZ. Unless we become a tax haven

by Yvil | 21st Aug 18, 2:40pm 1534819251

You make that pretty clear in your name

by saving_for_aus… | 21st Aug 18, 2:45pm 1534819534

Fair call