Auctions: Going… Not Gone?
Auckland House Buyers shows how the Auction sandwich isn’t cutting the mustard!
Auckland has seen some impressive statistics over the past year with 80% clearance at auctions. This simple analysis can show how easily housing prices can become inflated by aggressive buyers and those who are simply trying to find their first home or get a fair deal are left with nothing. However, in the last week clearances have dropped to 30-40%.
Barfoot & Thomson are a big name with a big reputation. However, at their most recent auction sale in Shortland Street only 9/25 properties sold. The 36% success rate shows how much the market has dropped since September/October. Asking prices have already seen significant drops and vendors are coming to the realisation that their property isn’t worth the inflated price that it may have achieved a couple of months ago.
Auckland House Buyers – December 18, 2015 – Kathleen O’Kane