5 Comments

  1. Sanjay Agarwal
    February 24, 2020 @ 3:03 pm

    How does this calculator work and what formulae do they use to show such rosy auction clearance rates when its not ? I am curious.

    Reply

    • Phill Branford Phill Branford
      February 25, 2020 @ 6:52 am

      You can find how Domain works out the figures here:
      https://www.domain.com.au/auction-results/sydney/?utm_source=auctionresults&utm_medium=email&utm_content=CTA-&utm_campaign=c-all-

      Auction Results Terms
      Here are some important words you’ll come across.

      Auction clearance rate:
      The percentage of properties sold at auction on a particular week or month. It’s calculated as below:
      (Sold + Sold Prior) / (Total Number of Confirmed Auctions + Withdrawn) = Auction Clearance Rate %
      Total auctions:
      The number of all auctions scheduled for the day, including those that were withdrawn from auction at the last minute.
      Confirmed results:
      The number of auction results collected by Domain out of the total auctions.
      Sold:
      Property sold under auction conditions, or prior to auction.
      Withdrawn:
      Property did not go to auction.
      Passed in:
      Property did not sell at auction.

      Reply

  2. Chris
    February 24, 2020 @ 8:23 pm

    Is the discrepancy explained by counting as sold at auction properties that sell post auction to someone that attended the auction?

    Reply

  3. Stephen English
    February 24, 2020 @ 9:05 pm

    They don’t have a calculator! They work out a figure they want to use and publish it and the number of auctions that week. They don’t publish how many ACTUALLY sold that week. Only Neil Jenman does the research to find how many actually sold and publishes it so that the public can get some honest data.
    If you are thinking of buying and don’t want to get ripped off, you need to do your research. Firstly inspect 30 to 40 houses in your suburbs of interest and in your price range, find out what they are asking and hopefully find out what they sold for. Then you will be able to value houses in that area better than the agents. Then you will know when you have found a good deal and can make a quick decision. Decide your maximum figure before you go the auction and don’t go a dollar higher. Auctions are great for buyers – I have bought several houses at less than my maximum figure. That is why sellers should never use auctions – you are only guaranteed to get $1 more than the amount the second person was prepared to bid.
    At least when you go to an auction now, bidders have to be registered (at least in SA) , so it very hard for trees to bid any more! That was a regular occurrence where the auctioneer put in a bid. “and thank you for that bid on my right for $750,000” when there were only two people on the right who were definitely not bidding!

    Reply

  4. James
    February 24, 2020 @ 11:09 pm

    Neil, have to second the other Commenter: what are they/can they include as “sold” to achieve these inflated figures. Thanks.

    Reply

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