Auction clearance rates - poor guide

I am always weary of data, I see so many agents manipulate things or do things in a different way, that I know it cannot be relied on, def not for accuracy. That is for normal sales.

This week brings a drop in clearance rates, and it is said it is only a snapshot of the market, so yes, a guide, but maybe a real rough idea may be a better description.

in recent time I have gone to quite a few auctions, here is what I have noticed.

Quite a few are not listed or seem not to be reported when I know they have passed in.

A number of others I was going to attend, but the vendors exchanged prior to any auction, are on the list as sold at auction.

Another I was interested in was sold at Auction, but is not listed.

So this tells me, the data is skewed to make it seem better than it really is, if all the passed in properties were all reported, and all those sold before auction not reported as sold at auction, I wonder what it would really say.

PS I also just read 2 places sold after auction out of supposedly 1100 and something auctions, this looks way low to me.

 

This is extremely interesting, thanks for the insight.

 

i find the real estate version of the auction results more accurate than the domain one.

The domain one comes out on sat evening/sunday.
Where as the real estate one comes out the following week.

 

There's several reasons for discrepancies:

• Button pushers do the ring around on Saturday afternoon and Monday mornings for the agency results. If no one answered the phone, the office was unattended etc no result is recorded for Sunday's papers (Herald/Domain)
• Follow up calls are made during the week (for their own stats)
• Transcription errors may occur in reporting the amount achieved
• Subscription to giving out results is voluntary - not all agents give their results unless they're good (ulterior motives)
• Properties sold prior under auction conditions (ie with S66W) may be reported as sold at auction eg. offer accepted on Friday prior or next business day.

 

I can see manipulation, but then again, who would not expect that.

What is the fine for false reporting, where your trying to make a case that your agency is better than others....I suspect zero

You can still use it as a rough indicator though.