Sales rate at Barfoot & Thompson's auctions halves over the last two months as a surge of new listings gives buyers more choice
By Greg Ninness
There was good and bad news at Barfoot & Thompson's residential property auctions last week, with a whopping 368 properties offered for sale, but the sales rate barely scraped past the one third mark.
Just 126 of the 368 properties on offer from Auckland's biggest real estate agency were sold under the hammer, giving an overall sales rate of 34%.
That means the sales rate has exactly halved over the last two months, falling from 68% in the week of 16-22 October.
That falling sales rate trend can be seen in the results below:
- 16-22 October 68%
- 23-29 October 67%
- 30 October - 5 November 62%
- 6-12 November 59%
- 13-19 November 54%
- 20-26 November 50%
- 27 November - 3 December 43%
- 4-10 December 34%
Around the main Auckland districts the auction sales rates ranged from 28% in central Auckland's leafy central suburbs, to 67% in Rodney.
The chart below gives the district-by-district sales rate breakdown.
The slow down in the sales rate follows a surge of new listings, which is giving buyers more choice.
This suggest that the buying frenzy which gripped the market over the last few months has now passed, and vendors with overly high price expectation may now struggle to sell their properties.
Details of all of the properties offered at the auctions monitored by interest.co.nz and the results achieved are available on our Residential Auction Results page.
This story was originally published on Interest.co.nz and has been republished here with permission.