[staringclown]

Property auction sales take a plunge

Only the APM figures on low reported auctions as usual but it always cheers me up seeing such headlines.

Edit: Beats me why News corp are publishing APM (fairfax) figures.

This post has been edited by staringclown: 14 June 2010 - 12:37 AM

[Dose]

staringclown, on 14 June 2010 - 12:35 AM, said:

.
Edit: Beats me why News corp are publishing APM (fairfax) figures.

Says something, that. When you depend on cheap press-releases you're limited in you're response.

I must must must find the 2008 hot-stock-tips from news.com.au.

You're gunna have to face it your addicted to love.

[staringclown]

Dose, on 15 June 2010 - 11:57 AM, said:

Says something, that. When you depend on cheap press-releases you're limited in you're response.

I must must must find the 2008 hot-stock-tips from news.com.au.

You're gunna have to face it your addicted to love.

Ah yes but I represent the everyman. And the everyman has no more access to the vagaries of the market than I. So my decisions are based on the same logic except that I am the sort of monkey that jumps up and down when I don't like the quality of the banana. The news tips from memory were banks and resources as they are to this day.

You are right though, I do long to be loved.

[Dose]

staringclown, on 15 June 2010 - 12:25 PM, said:

Ah yes but I represent the everyman. And the everyman has no more access to the vagaries of the market than I. So my decisions are based on the same logic except that I am the sort of monkey that jumps up and down when I don't like the quality of the banana. The news tips from memory were banks and resources as they are to this day.

You are right though, I do long to be loved.

I am giving that response Five Stars.

Yes , Five Stars.

Everyman jumping up and down for the better banana amidst banks and miners makes me, well, blush.

Well said sir. Well said.

[staringclown]

67% +-10%

Quote

Weekly Auction & Sales Results, Market Overview

Saturday June 19th 2010

Compared with previous years there has been a record number of auctions this weekend, providing buyers with a good opportunities.

These conditions are expected to continue for the next few weeks.

Due to the record number of auctions the clearance rate was lower than was the case in previous weeks with 67 per cent of all homes auctioned selling.

There were 885 results reported today with 592 homes selling and 293 being passed in, 193 of those on a vendors bid.

This weekend last year saw 540 auctions and a clearance rate of 86 per cent.

The REIV expects around 880 auctions next weekend.

Enzo Raimondo
CEO REIV



TOTAL AUCTIONS

This week: 885
Last weekend: 323
This weekend last year: 520


S Sold at Auction: 493
SB Sold before Auction: 98
SA Sold after Auction: 1

Passed in: 293
Passed in on vendor's bid: 193

Clearance rate: 67%


Postponed: 2
Withdrawn: 4
Auctions with no result: 100

PS Private Sales: 447

[Dose]

staringclown, on 19 June 2010 - 10:51 AM, said:

67% +-10%

The "high auction clearance rate" and "large number of properties for auction" have combined to create " good opportunities for Buyers" according to a breathless Ch7 report on Melbourne's Saturday night news.

I have never seen the Saturday auction clearance rate reported on Saturday evening's news. -Now I don't watch a lot of news on a Saturday but certainly the REIV has stepped up how quickly it can turn out the Vital Stuff.

Record numbers of properties for sale for this time of year. Week after week. Where have I seen this before?

I'm blaming the World Game frenzy.

[staringclown]

Dose, on 19 June 2010 - 11:58 AM, said:

The "high auction clearance rate" and "large number of properties for auction" have combined to create " good opportunities for Buyers" according to a breathless Ch7 report on Melbourne's Saturday night news.

I have never seen the Saturday auction clearance rate reported on Saturday evening's news. -Now I don't watch a lot of news on a Saturday but certainly the REIV has stepped up how quickly it can turn out the Vital Stuff.

Record numbers of properties for sale for this time of year. Week after week. Where have I seen this before?

I'm blaming the World Game frenzy.

Hey this is cool. I read this last night and it didn't have the "tracking down 100 results" bit. Maybe they are reading here.

Quote

Clearance rate falls to 67%
June 20, 2010

MELBOURNE'S auction clearance rate has fallen to an 18-month low as the market struggles to cope with a record number of properties for sale.

The Real Estate Institute of Victoria said that 67 per cent of the 885 properties available sold yesterday.

This figure is expected to decline further as the REIV tracks down the results of about 100 auctions yet to be reported.

Edit: Hey Mods. Would it be possible for this thread's name to be changed to Melbourne clearance rates (with Plonks permission of course) It seems to have outlived the 29th of May is all. The "theatre of the absurd" bit I like. Plonk?

This post has been edited by staringclown: 20 June 2010 - 08:35 AM

[Plonk]

Hmmm? Hey clown, get changed whatever needs changing, eh? No need to ask permission

I do love this bit:

Quote

This figure is expected to decline further as the REIV tracks down the results of about 100 auctions yet to be reported.

I wonder if the journo was taking the piss. I mean, when the REIV tracks down the missing auctions, would it necessarily be a decline on the figures? Seem so! It's a pretty funny comment.

[staringclown]

Plonk, on 20 June 2010 - 09:13 AM, said:

Hmmm? Hey clown, get changed whatever needs changing, eh? No need to ask permission

I do love this bit:



I wonder if the journo was taking the piss. I mean, when the REIV tracks down the missing auctions, would it necessarily be a decline on the figures? Seem so! It's a pretty funny comment.

It's your thread plonk. Internet etiquette demands your consent. And thanks.

I always imagined that the + margin for error was being generous to Enzo. But in the interests of scientific credibility it has to be stated outright.

[staringclown]

REIV found 7 of the 100 "auctions with no result" last weekend. 65% this week down from 68% (final figure) on high stock levels.

Quote

Weekly Auction & Sales Results, Market Overview

Saturday June 26th 2010

The clearance rate from today’s 773 auctions is 65 per cent, a result that clearly shows the impact of high stock levels throughout June.

The outlook for July reveals a lower number of homes offered for auction, around 550-600 per weekend and less opportunities for buyers.

This weekend last year saw 451 auctions and clearance rate of 87 per cent.

There have been 773 auctions this weekend with a total of 502 selling and 271 passed in, 171 of those on a vendors bid.

The REIV expects 590 auctions next weekend.

Enzo Raimondo
CEO REIV



TOTAL AUCTIONS

This week: 773
Last Weekend: 952
This timelast year: 426

S Sold at Auction: 405
SB Sold before Auction: 96
SA Sold after Auction: 1
Passed in: 271
Passed in on vendor's bid: 171

Clearance rate: 65%



Postponed: 2
Withdrawn: 5
Auctions with no result: 87

PS Private Sales: 579



Total Volume (Auctions): $361.79mil
Total Volume (Private Sales): $279.56mil

Total Auctions Houses: 510
Clearance Rate: 63%
Median Price: $712,500
Total Value: $258,623,588

Total Auctions Flats/Apartments: 252
Clearance Rate: 68%
Median Price: $510,000
Total Value: $97,360,130

Total Auctions Vacant Land: 11
Clearance Rate: 73%
Median Price: $571,250
Total Value: $5,811,000

[Bullshark]

I've started keeping track of the REIV figures again - interesting to note that yesterday (26/06/2010) there were 579 private sales allocated for this week but tonight (27/06/2010) that figure has been reduced by 3 properties to 576! I thought maybe I had keyed it wrong but the dollar volume of sales has also dropped back by 1.4 million...

So either they have snuck a couple of private sales over to the 'auction' column or maybe their stats use a 'running' tally and there were 3 private sales on Sunday last week (which I reckon is unlikely).

Anyhoo - ive decided to keep track of Saturday and Sunday results separately just to stay on top of things.

I will also point out that whatever number of Auctions they say there will be next weekend is always going to be 10-15% more than the results they will ultimately list - e.g. Next Weekend 880 Auction but those reported in the results is 827, did they suddenly become private sales? Maybe...

[Glaschu]

I still haven't seen any clearance rates for last weekend. Nothing on REIV or APM. Am I looking in the wrong place or are they getting their stories straight?

Funny, when the numbers are good it's rammed down our throats Monday morning...

Look forward to seeing your data series Bullshark.

[Dose]

Glaschu, on 07 July 2010 - 04:33 AM, said:

I still haven't seen any clearance rates for last weekend. Nothing on REIV or APM.

REIV site

Quote

Sunday July 4th 2010
There were 539 auctions reported this weekend with a total of 355 selling and 174 being passed in, 95 of those on a vendors bid. The clearance rate from today’s auctions is 67 per cent. This weekend last year saw 292 auctions reported and a clearance rate of 82 per cent. Next weekend the REIV expects 550 auctions.
Enzo Raimondo
CEO REIV

I think we have not heard about it because in Property if it ain't good news it ain't news.

[Plonk]

Glaschu, on 07 July 2010 - 04:33 AM, said:

I still haven't seen any clearance rates for last weekend. Nothing on REIV or APM. Am I looking in the wrong place or are they getting their stories straight?

APM on Melbourne for the 3rd July:

http://www.homeprice...urne_domain.pdf

Result of reported auctions: 61% clearance, based on 213 properties, 137 sold, and 10 withdrawn.

[tom]

Plonk, on 07 July 2010 - 08:39 AM, said:

APM on Melbourne for the 3rd July:

61% is not real flash.

[zaph]

Glaschu, on 07 July 2010 - 04:33 AM, said:

I still haven't seen any clearance rates for last weekend. Nothing on REIV or APM. Am I looking in the wrong place or are they getting their stories straight?

Funny, when the numbers are good it's rammed down our throats Monday morning...

Look forward to seeing your data series Bullshark.

the figures are out there if you look, as other posters have pointed out. but i suspect you are referring to the lack of media articles. journos are media release driven, so i imagine the data providers have just been light on the press releases.

edit - i suspect the journos will wake up soon (it only takes one for the pack to get on board) - umm don't i usually write a story about how fab the auctions are? then they will do a tiny bit of digging, which is easy and write a property to hell article. the more and longer data providers change their behaviour by not being media tarts the more likely the media is to turn. the media is not as pro property driven as people think they are. they're lazy (busy) and stories of never ending riches sells; shootings and property declines also sells.

This post has been edited by zaph: 07 July 2010 - 09:20 AM

[Plonk]

Not real flash, no. APM has put out some differing figures, I think. black_dragon had some and put them on a link. I just go on what the APM figures say on Domain. Maybe they review them and have settled figures ater the initial ones on Saturday evenings.

[Glaschu]

Cheers, Dose, Plonk, Zaph. I don't know what I put on my cornflakes this morning. I went to the sites before posting and saw the info. I was looking for W/E 11th... yep, got a little ahead of myself on the dates. I'd try and blame Windows' calendar but I don't think it's gonna cut it.

[Dose]

...fact remains...it shouldn't be hard to find in an environment where the good news is published multi-channel within minutes.

I'm of mixed opinion on the press ever really running with negative stories about real estate. Have lived here and there one thing that struck me is the incredible media concentration in Australia. If a few people don't want you to read it you probably won't.

Hell, ask the current small-g government what they think about that!

I've been tracking a few post codes for a few years I'm under the impression that the only way to get a feel for the market is to record and keep a record of what you see. There are simply too many easy examples of bad advice...in every asset class.

And the rain! Ye Gods! It is lucky to sell a house the way the weather has been these days!

[Dose]

REIV

Quote

Saturday July 10th 2010
There were 516 auctions reported today with a total of 349 selling and 167 being passed in, 195 of those on a vendors bid. The clearance rate from today’s auctions is 68 per cent. This weekend last year saw 293 auctions reported and a clearance rate of 85%. Next weekend the REIV expects 590 auctions.

Enzo Raimondo

CEO, REIV

edit: format

This post has been edited by Dose: 10 July 2010 - 11:55 PM