Melbourne achieves best auction results of the year... hmmm

Has everyone seen the news that Melbourne achieved its biggest weekend for the year as more than 950 properties went under the hammer.

Figures from Australian Property Monitors revealed that Melbourne recorded a 74.9 per cent auction clearance rate, in line with last week’s result of 76.4 per cent.

The catch is that 675 properties of the 950 listed for auction have not been accounted for yet. From the total listed, only 155 were confirmed as having sold under the hammer, with another 51 sold before auction.

And in Sydney, the auction clearance rate remained relatively stagnate, achieving a 61.1 per cent rate, down from 64.7 per cent recorded the week before.

Both Brisbane and Adelaide recorded less than impressive results, failing to achieve clearance rates above 60 per cent.

I think the industry is really trying its best to boost investor confidence with titles like "Melbourne achieves best auction results of the year." I guess we always have to read the fine print before we get into the hype.

However, 950 properties for auction is fairly impressive.
950 properties for auction means that the agents are very good at selling the process to their Vendors.

I saw a Biggin and Scott brochure a few days ago, which was for the whole of Melbourne, and there were only about 10 properties out of over 100 that were private sale, and only two of them had a price range; not a price.

The others, including the auctions had no prices at all, and some of the properties being auctioned were those horrid old orange brick villa units from the 60's. Admittedly the areas of these were in many cases more desirable, but they are still a dime a dozen.

The stat to watch is the "passed in" figure.