Number of Unreported Auction Results Is Unacceptable

View attachment unreported.pdf

Please find with this post an attachment on the APM results sent through to parts of the media last night.

You will clearly see the clearance rates reported plus the total number of properties listed for Auction yesterday. And importantly, the total number of unreported auctions – those auctions where APM were not able to obtain a result from the real estate agent.

As can be read from results recorded at the same weekend last year, the number of unreported results has risen dramatically from last year. In every city, based on the APM results at least 10% of listings are not being reported. In Melbourne, the situation is very alarming with over 60% of listings not being reported to APM.

YET, the clearance rates quoted in today’s Sydney Sun Herald, The Age plus other mastheads next week such as The Courier mail, The Advertiser and tomorrow’s Financial Review assume the unreported results NEVER EXISTED. They are left out of the clearance rate.

I am not individually blaming APM on this. Indeed APM is the only reporting body that has the courage to publish a count on unreported auctions. RPData, and certainly the REIV are not this transparent.

Taking this into account, what is the actual clearance rate? Well, certainly less than what the media is currently reporting.
Yes, however the lag in the land title data is very bad for some states; particuarly for Victoria. There is no perfect database. However we do have it better than many other countries. Still..its no excuse to give a misrepresentation of clearance rates.