Clearance rates dip in major cities again

hey for any of you that are interested last week i posted the results of the auction clearance rates for the weekend. There seemed to be a bit of interest so i thought i might as well share last weekends results.

The weekend auction clearances dropped slightly again in Sydney and Melbourne over the weekend, with both cities achieving less than 80 per cent.

In Melbourne, 183 of the 239 properties up for auction were sold for a clearance rate of 75.3 per cent – down from the 79.3 per cent recorded last weekend.

In Sydney, $98.6 million in property was sold for a clearance rate of 62.2 per cent. Of the 206 properties listed for auction 145 were sold.

Sydney’s 62.2 per cent clearance rate was significantly higher than the 49.2 per cent recorded this time last year, it was still a fall from the 65.0 per cent recorded last weekend.

What do you think is this trend going to continue?
 
Going to an auction this Saturday with intention to buy, if the price is right. Hopefully a few more prospective purchasers may start getting cold feet.....:)
 
Considering that 65% clearance rate is considered to be full on RE boom auction clearance rate, I find it perplexing, to say the least, that if it isn't 80% then some people think we have a problem :eek:
What the?
 
Sydney’s 62.2 per cent clearance rate was significantly higher than the 49.2 per cent recorded this time last year, it was still a fall from the 65.0 per cent recorded last weekend.

I can't comment on Melbourne, but I've been following the Sydney market for a while, and reckon the dip in clearance rate has simply come from a lack of quality property.

The higher prices go, the less people are willing to spend on sub-par stock.
 
In Melbourne, 183 of the 239 properties up for auction were sold for a clearance rate of 75.3 per cent – down from the 79.3 per cent recorded last weekend.

Is 239 all the property was on auction in Melbourne?
I thought was in the 400-600 range.
I read next week there is 1000 property for auction in melbourne, will be interesting to see what happen with 4 times last weekend volume...
 
Boz,

The auction stats seem a little sus at best of times.

Domain had approx 250 auctions for Melbourne last weekend. RIEV listed over 600. Further investigation into the REIV results showed properties sold the week before included in this weeks results. I also noticed a private sale come up in the auction results and another auction which was passed in not listed in the same area.

I will be checking this weekend the total amount of properties listed for auction from six random suburbs and then cross referencing them against the results as reported by REIV.

A body that self regulates and publishes stats is always a little dodgy.
 
Boz,

The auction stats seem a little sus at best of times.

Domain had approx 250 auctions for Melbourne last weekend. RIEV listed over 600. Further investigation into the REIV results showed properties sold the week before included in this weeks results. I also noticed a private sale come up in the auction results and another auction which was passed in not listed in the same area.

I will be checking this weekend the total amount of properties listed for auction from six random suburbs and then cross referencing them against the results as reported by REIV.

A body that self regulates and publishes stats is always a little dodgy.

It is crazy that a country developed like Australia don't have proper rules on this matter, the auction number are so much flag around...if they don't want to regulate the matter they should impose a clarifing statement to use every time the sales number data is used, something like: the data is not review by independent body and the paper/tv or whatever are not resposable for omission/wrong data etc.
EDIT: may be the statement "ADVERTISEMENT" should be imposed like it happen already with any other "self regulated" body reports on press...
 
The reporting of auction results is not compulsory by agents so can be manipulated any which way by the REI's, and are.

Mostly by omitting non sales, pass ins etc or adding results....etc... as explained in Satanoperca's post.

Clearance rates would be the most unreliable and dodgy real estate metric there is. And that's saying something. :eek:

The fact that they are falling slightly probably just means they are really a lot worse than reported and have in reality dropped substantially.
 
The reporting of auction results is not compulsory by agents so can be manipulated any which way by the REI's, and are.

Mostly by omitting non sales, pass ins etc or adding results....etc... as explained in Satanoperca's post.

Clearance rates would be the most unreliable and dodgy real estate metric there is. And that's saying something. :eek:

The fact that they are falling slightly probably just means they are really a lot worse than reported and have in reality dropped substantially.

so very very true. kudos.
 
Considering that 65% clearance rate is considered to be full on RE boom auction clearance rate, I find it perplexing, to say the least, that if it isn't 80% then some people think we have a problem :eek:
What the?

who said there was a problem? we're just looking at the results as we come out of september and see what trends there are, if any. those wanting to buy dont listen to people with vested interests saying 'buy buy buy', they want to try and determine for themselves how things are looking and what direction theyre going.
 
hey for any of you that are interested last week i posted the results of the auction clearance rates for the weekend. There seemed to be a bit of interest so i thought i might as well share last weekends results.

The weekend auction clearances dropped slightly again in Sydney and Melbourne over the weekend, with both cities achieving less than 80 per cent.

In Melbourne, 183 of the 239 properties up for auction were sold for a clearance rate of 75.3 per cent – down from the 79.3 per cent recorded last weekend.

In Sydney, $98.6 million in property was sold for a clearance rate of 62.2 per cent. Of the 206 properties listed for auction 145 were sold.

Sydney’s 62.2 per cent clearance rate was significantly higher than the 49.2 per cent recorded this time last year, it was still a fall from the 65.0 per cent recorded last weekend.

What do you think is this trend going to continue?


According to the news tonight Melbourne went off this w/e just to make it even more confusing !

Cheers
 
seems they ran with a similar story in sydney despite sydney not going as well as melbourne - in sydney the results were similar to last week at 62% (but i think higher median and total sales)
 
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