Sign in to follow this  
Followers 0
Bullshark

Auction rates fudged by failed campaigns

11 posts in this topic

So can we assume that 100% of the 'Unreported' auctions did not sell on a given weekend?

I love how they published it at midnight...

Auction rates fudged by failed campaigns

  • By Bronwen Gora and Helen Pow
  • From:
  • March 06, 2011
    12:00AM
  • Up to 50pc of auctions going unrecorded
  • Agents "don't want to report failures"
  • Results still robust, analysts say

EMBARRASSED agents are covering up a growing failure to sell homes at auction by not telling reporting bodies about their failed campaigns.

Figures compiled by research agencies Australian Property Monitors and Residex over the past three weeks show that between 10 per cent and almost 50 per cent of auction results across Sydney went unrecorded.

The reason was embarrassed real estate agents wanting to avoid reporting of failed auction campaigns, said leading property analyst Louis Christopher, managing director of SQM Research.

"We are having a very high percentage of auction campaigns going unreported to the reporting bodies, and we strongly believe those unreported auctions are actually failed campaigns," Mr Christopher said.

Sydney clearance rates from last Saturday were recorded at between 61 per cent and 65 per cent by leading data property collection agencies. But the true figure is far worse.

Read more:

Edited by RumpledElf
don't post full article text please

Share this post


Link to post
Share on other sites

STOP PRESS - REAL ESTATE AGENTS LIE

No news here, we already knew that. And like we would trust what a car salesman, banker or any sales person has to say?

The ship is sinking fast boy-o's. Watch for monthly % declines increasing in size each month -1%, 2% 4% etc.

The word is out on the street now, prices are over cooked, there are no more bunny's left to skin and its all down hill from here. Run for cover. Panic! Arrrrggggg.

Share this post


Link to post
Share on other sites
APM senior economist Andrew Wilson confirmed some agents did not report their results on purpose, but denied that the market was flailing.

"Our data confirms that while there is not a boom, there is a sense of recovery," Mr Wilson said.

Recovery from WHAT?!?!? Did we have massive price falls while i wasn't looking?

Share this post


Link to post
Share on other sites

We all knew this was the case but I find it interesting that it has now found it's way into the mainstream. This will impact on a proportion of the sheeple who are now starting to catch on to what is happening out there.

Share this post


Link to post
Share on other sites

Recovery from WHAT?!?!? Did we have massive price falls while i wasn't looking?

Posted already in the Victorian Auction thread, but the January APM "Market Snapshot" charts had a national clearance rate of 32% (40% Sydney, 32% Melbourne) - link below. I suspect when the February figures are released they will be significantly improved compared to this rate, signifying another "recovery."

http://apm.domain.co...AuctionResults/

Edited by Trips

Share this post


Link to post
Share on other sites

Recovery from WHAT?!?!? Did we have massive price falls while i wasn't looking?

recovery from less than 7% pa increases.

i don't think the spruikers quite understand that 'recovery' is a double edged sword.

'recovery' may spook buyers to buy before prices rise - the intention of the spruik, get some demand happening.

but equally may encourage sellers who took their homes off the market because they couldn't sell for bubble prices to re list leading to a glut and a drop in prices.

Share this post


Link to post
Share on other sites

Timely article, Chris Joye has been reporting on his blog how auction clearance rates have been ticking up in the last few weeks :lol:

Share this post


Link to post
Share on other sites

Recovery from WHAT?!?!? Did we have massive price falls while i wasn't looking?

APM senior economist Andrew Wilson confirmed some agents did not report their results on purpose, but denied that the market was flailing.

"Our data confirms that while there is not a boom, there is a sense of recovery," Mr Wilson said.

Sydney investors are, in a sense, recovering from the shock that house prices have not doubled in the 7 years since 2003 - as the spruiker promised them.

Share this post


Link to post
Share on other sites

Sydney investors are, in a sense, recovering from the shock that house prices have not doubled in the 7 years since 2003 - as the spruiker promised them.

This is so true.

In 2003 there was a sense for Sydney siders that Sydney was the only property market that really performed. Others were dogs in comparison. Of course this was because it had alreay moved to the limits of affordability other cities had not yet doe so. The irony being of course ever other capital city in Australia was about to follow Sydney's footsteps and do the same, i.e. in 2003 Sydney based on past performance was the best city to invest in and yet the future would be unkid to anyone who based their decision to invest on past performance.

Share this post


Link to post
Share on other sites

Read this article in the Tele on the weekend (no, that piece of trash wasn't mine - I was at someone's house and it was lying around...). My mouth dropped at bit at it, but it being a bit of a war between APM / Domain and RP Data / realestate.com.au makes sense.

Anyway, it said more realestate on page 97. "Great!", said I, "more bearish article on real estate from MSM." Sure enough, nope. Just the usual spruikerific stuff on specific properties that sold for more than expected.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!


Register a new account

Sign in

Already have an account? Sign in here.


Sign In Now
Sign in to follow this  
Followers 0