FAQs: Sales Data - Auctions


Auction terms and definitions
How is the clearance rate calculated?
How do you gather your data?
Is your data accurate?
Why do you collect less auctions than you forecasted?
When do you publish your preliminary and revised clearance rates?
Year to date results compared to weekly reports
Auction acronyms

Read our short explainer on the importance of auction data and our calculation methodology.


Auction terms and definitions


Reported auctions: The number of auctions reported to the REIV, which includes properties that were sold by auction as well as those passed in.
Properties withdrawn from auction or postponed, are excluded as these properties never went up for auction on the previously scheduled date.

Sold by auction: The sale of a property sold under an Auction Authority and under Auction Conditions, it includes:
       Sold Before: Sold prior to the commencement of a scheduled auction.
       Auction Sale: Sold at auction or by negotiation on the same day following the conclusion of the auction.
       Sold After Auction: Sold on the day following the day of Auction.
All calculations are based on results reported to the REIV. No assumptions are made on whether a property was sold or not.

Passed in: Property did not sell at the scheduled time of auction.

Withdrawn: Property did not go to auction. Common reasons may include a change in method of sale or property is removed from the market.

Postponed: The auction for a property has been re-scheduled to a later date.



How is the clearance rate calculated?


The clearance rate is calculated based on number of auctions reported to the REIV. It refers to all properties Sold by auction (defined above) as a percentage of total reported auctions.
Properties withdrawn from auction or postponed, are not considered as these properties never went up for auction on the previously scheduled date.
All calculations are based on results reported to the REIV. No assumptions are made on whether a property was sold or not.



How do you gather your data?


The REIV gathers most of its data online from agents submitting their sales results electronically and it also has a dedicated call centre to collect property sales results at the time of contract. The sales results submitted to the REIV include residential, commercial, industrial and rural sales results from around the state.



Is your data accurate?


All our data is checked for accuracy and questionable sales are either verified with the selling agent or excluded from analysis.



Why do you collect less auctions than you forecasted?


The REIV forecasts the number of auctions every weekend based on forthcoming auction listings. However some auctions can be postponed, withdrawn, or do not have a result at the time of publishing. On average, around two per cent of auctions are postponed, two per cent are withdrawn, and three per cent have no results. This can vary week by week.



When do you publish your preliminary and revised clearance rates?


The REIV publishes clearance rates three times a week: Saturday night, Sunday night, and again on Wednesday. The clearance rates published on Saturday nights are for auctions held in the week to Saturday. The Sunday night clearance rate is the 'preliminary' clearance rate for the week. However, not all auction results would have been collected by the Saturday night as negotiations for some sales can be ongoing at that cut-off time. Therefore the REIV publishes a 'final' or 'revised' clearance rate on Wednesday which reflects at least 95% of auction results by then.


 

Year to date results compared to weekly reports


The REIV sales database is a live one and is subject to ongoing revision. Weekly reports are a snapshot in time and should not be used to calculate a total yearly clearance rate.



Auction acronyms


The REIV distinguishes several sales methods that are often abbreviated in publications. The most common auction-related acronyms used to denote the the type of sale or result include:

SB: Sold before auction
SO: Auction sale
SA: Sold after auction
PI: Passed in at auction
VB: Passed in vendor bid



Interested in understanding the source of our data? Learn about our research.

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