If you have been to a Barfoot and Thompson auction recently, you will notice a number of properties at Barfoot & Thompson’s Auckland auctions either drew no bids or were passed in.
But say you didn’t have tome to attend auctions but was interested in the result?
The 3 most common ways to find out what the auction results are:
- Subscribe to an agent’s newsletter.
- Check out Interest.co.nz auction/sales resuls for residential and commercial properties.
- Check out Barfoot and Thompson’s latest auction results pages.
In Auckland, the auction sell through rates have dropped to around 40%, and in some days, even as low as 30%.
What does these signs indicate?
It indicates the property market in Auckland is near its peak. Historically, Auckland reaches it peak before the other regional centres. So this is a tell tale sign for buyers who are considering buying in other locations outside Auckland.
Usually, regional town centres in the North Island will reach their peak some time (~6 months) after Auckland’s real estate market peaks. Auckland also experiences the start of the boom earlier than the rest of the regional centres too. So it makes sense for its market to peak before other towns in NZ.
Then what happens? Property is cyclical. It will follow the next step in the property cycle. From Boom to Decline. But dont worry, it will recover again in time for the start of the next cycle.
Finally, remember although you can’t guess the exact timing of the cycle, you always know what’s next. How? By paying attention to the facts. When you make decisions based on Facts, you will never go wrong.