Spring failed to arrive for Barfoot & Thompson. Latest auction results show the residential property market still suffering under a two-year sales chill.
You may remember this childhood poem…
Spring is sprung, the grass is riz
I wonder where the birdies is
They say the birdie’s on the wing
But ain’t that absurd
From what I heard, the wings is on the bird!
Some attribute it to Ogden Nash, it was a favourite of Spike Milligan, and the version by Groucho Marx has led some to claim him as the author. In actual fact it predates them all and is written by the prolific author Anonymous.
I imagine the fine folk at Barfoot & Thompson would love some of that spring optimism to flow through into sales, but alas…
Activity in Barfoot & Thompson’s auction rooms last week remained stubbornly low. The agency reported 32 sales from the 88 residential properties it took to auction last week. Including sales pre- and post-auction the total is 42 residential properties sold, an overall sales rate of only 48%.
Barfoot & Thompson’s Manukau auction, which handled properties from south and east Auckland, had an overall sales rate of only 27%.
The total number of residential properties auctioned is barely changed on last week’s 81, and 87 the week before. Overall sales rates remained low at around the 50% mark in each week.
In the same week last year Barfoot & Thompson took 135 residential properties to auction and sold 44 of them.
Compared to last year, then, the number of houses taken to auction is down 35% and sales remain stubbornly low.