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  1. #1
    Join Date
    Sep 2003
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    High up above and deep down under
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    10,915

    Default Real estate agents tell Aucklanders: 'Get real, people'

    Real estate agents tell Aucklanders: 'Get real, people'
    12:00PM Thursday December 06, 2007

    A leading real estate firm is warning sellers of Auckland property to price "realistically" if they want to sell within a reasonable time as buyers now have plenty of choice.

    Barfoot & Thompson released its monthly Auckland market report today, saying the average sale price on properties it sold was $546,364 in November, barely changed from $546,679 in October.

    The company sold 881 properties last month, up from 675 in September and 796 in October.

    The figures would seem to support a growing view that the country's house price boom is finished.

    Leaving official interest rates unchanged as expected at 8.25 per cent today, Reserve Bank Governor Alan Bollard welcomed the slowdown in house price inflation.

    Recent indicators including a "precipitous" drop in house sales in the past six months "portend a sharp slowing in house price inflation over the remainder of this year", Dr Bollard said.

    Westpac bank this week said the house price boom had been killed off by high interest rates.

    Annual house price inflation was on target to hit zero before the middle of 2008, Westpac said.

    Releasing the November figures, Barfoot & Thompson director Peter Thompson said the company ended the month with just over 6000 property listings on its books, the highest monthly stock level since January 2002.

    "We signed up more than 1900 new listings during November, which is in line with expectations for this time of the year, although slightly ahead of the same month last year," he said.

    "With our stock levels at a five year high, vendors need to be aware that buyers have plenty to choose from in the current market and properties need to be priced realistically to sell within a reasonable timeframe.

    "Overall the picture is of a very settled market delivering stable prices and I believe that will continue well into 2008."

    Of the properties sold by the company last month, 57 per cent were for $500,000 or more, while 70 sales topped $1 million, Barfoot & Thompson said.

    In property management, where the company had more then 7000 houses and units under management, average weekly rents dropped back from a 2007 high of $388 in October to $377 in November. During the month 628 fresh lettings were signed up.

    - NZPA

    http://www.nzherald.co.nz/section/3/...ectid=10480753
    "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

  2. #2
    Join Date
    Dec 2007
    Posts
    123

    Default

    Are these the same agents who have stubbornly refused to acknowledge a significant "hanging phase" in the market, a reduction in sales volume, a longer "sell" period, who use the words "flat" when what they are really observing is "dip"? Could "get real" be better translated as "damn, commissions have dried up recently, eh boys?".

    Give me a break, Barfoots.

  3. #3

    Default

    I can sort of understand where they are coming from by saying that. If vendors don't move to meet the market then as more properties come up for sale it will create a glut in inventory. From a group perspective this is not going to be good for anyone involved and will only work to drive prices down further. But I guess from an individual perspective when you know that a comparable property in your area sold for a very good price recently then vendors would consider it to be better to wait...

  4. #4
    Join Date
    Dec 2007
    Posts
    123

    Default Confirmation Bias

    Hi Snowflake,

    In psychology research, their is a term known as "confirmation bias" - basically, researchers with such a bias seek out information which leans towards a hypothesis already pre-determined - and ignores or demeans research with alternative views of the hypothesis - very common in the social sciences, and a frontrunner to many govt legislative intiatives.

    I guess I get quite frustrated when I see such formative bias being perceived by the media as accurate information - most often provided by those with a vested interest in consumer perception of the news being shared. Then, these same "experts" turn on the head of a pin as soon as the market catches their bias out.

    I would have much more respect for the Barfoots of this world if they could simply "man up" and say something like "gee folks, we was wrong".

  5. #5
    Join Date
    Dec 2003
    Location
    Wellington
    Posts
    606

    Default

    Its also an Auckland bias - the article appears to be specifically about the Auckland market - it seems that Wgtn is still doing ok?


 

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