The real estate world is full of deception. The Auction results as reported by the media is just one example.
Over recent weeks we have seen a well-known reporter of results record some interesting figures. They reported that only 3 properties were offered for sale by Auction that particular weekend. The report advised none were sold, but they also advised there had been 100% success ie. three sales. How could that be? Isn’t that misleading?
On the weekend of the 22nd January the Auction Results Report read as follows: –
Total Scheduled Auctions 168 Clearance rate 77%
Sold Prior 13 Passed In 14 Sold at Auction 59 Withdrawn 8
How can this be? If only 59 properties have been sold from 168 scheduled isn’t that more like 35%. Even by including the “Sold Prior” properties it only makes a clearance rate of 42%.
Who is kidding who? If you don’t stop and think about it you, the reading public, are being hoodwinked. It’s deceptive to say the least.
We often see agents boasting about high Auction success rates. Well let’s try and set the record straight. From research we have commissioned over the last 3 years below is the outcome. It may not be perfect but it is the best information that can be extracted from various means and reports. It paints a very interesting picture.