Each Saturday the REIV compiles an auction and private sales results report, which takes into account the weeks sales activity. This information is then posted on the REIV website on Saturday evening, and printed in a range of newspapers over the following days.
Last weekend more than 9 out of 10 of all auction results were available on the day of auction, making it is the most comprehensive and timely report on the residential market.
To interpret the auction results, it is important to comprehend the meaning of the different terminology used.
Clearance rates are published for the properties sold at auction, providing an overview of the level of demand for property on offer on any given day. When looked at over a period of time, it can also be used as an indictor to understand the overall strength of the auction market. For instance, the clearance rate this year is tracking at around 82 per cent. This represents a stable market, with reasonable level of underlying demand.
The clearance rate is a figure that includes properties that are sold before auction, sold at auction, and sold almost immediately after auction. To ensure transparency, the different segments of the clearance rate are also broken down and reported, as are the number of auctions where no result was received. Those results are followed up and recorded.
Properties listed as sold before auction are those listed for sale then sold in the week preceding the scheduled auction date.
Sold at auction refers to properties sold on the day of the auction, either under the hammer or by later negotiation.
Those listed as private sale refer to properties listed on the market that invite prospective purchasers to make an offer. This also includes properties passed in at auction and subsequently sold two or more days afterwards
Properties listed as passed in failed to attract offers at a level the vendor was prepared to accept. These properties are often subsequently listed for private sale or withdrawn from the market.
