connaust Posted March 6, 2011 Share Posted March 6, 2011 Auction rates fudged by failed campaigns. 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. Link to comment Share on other sites More sharing options...
Petals Posted March 6, 2011 Share Posted March 6, 2011 I think people are finally getting some idea of the game, wait till the property is passed in then you have an idea of what the vendors want, so then the negotiation starts. My friend's daughter did just that with a property in North Melbourne and was able to get it fifty thousand less than what they wanted, but given the stamp duty was thirty thousand then she needed to. Link to comment Share on other sites More sharing options...
spottydog Posted March 15, 2011 Share Posted March 15, 2011 Having watched my local market closely for a number of years now I'm amazed how many auction results go unreported. More surprisingly though for me it that the agents often don't list sold properties in the auction listings. In my area this week there were 3 properties listed in the auction results (1 sold, 1 sold prior and 1 withdrawn) giving a clearance rate of 66%, however there were originally 6 properties advertised for auction on the 12th. The other 3 were all sold prior and if they had been listed would have sent the clearance rate from 66% up to 83%. Here in Sydney they don't seem to reduce properties that aren't selling but instead wait around or rent them out, I've even seen properties put up their asking price and then get a sale a few weeks later. Link to comment Share on other sites More sharing options...
Petals Posted March 15, 2011 Share Posted March 15, 2011 Information and the statistics are all based on agents giving information and around us a lot do not get reported. So medium house prices are skewed by the information received. It comes down to privacy people do not always want the prices they pay or sell for sent in. Low price property here sells in a week, and then the time goes out as the more expensive properties take time to sell and some a long time. I remember a house huge it is, has everything that opens and shuts on acreage and on sale for years. Link to comment Share on other sites More sharing options...
Guest Home Loan Experts Posted March 16, 2011 Share Posted March 16, 2011 The auction clearance rate has proven to be a very accurate method of assessing the heat in the market. High clearance rate = rising prices, low clearance rate = steady or falling market. Although there are lots of auctions not reported there are enough to get a statistically significant result. The clearance rate tends to be fairly steady and move up and down in line with market confidence. Link to comment Share on other sites More sharing options...
connaust Posted March 16, 2011 Author Share Posted March 16, 2011 Clearance rates are only valid and reliable indicator for auctions (not private sales), and only if total number of properties is significant e.g. 300+ for Sydney or Melbourne (last week only 75 properties, coming three weeks about 1000 weekly!), and that data is not manipulated. Unfortunately, real estate marketing industry suggests that most property is sold through auction (not true) and trusts that many people do not understand difference between median and average (probably true). Further, that the median should be based on ALL, not just selected properties, or fudged figures... Link to comment Share on other sites More sharing options...
stevemalbec Posted March 19, 2011 Share Posted March 19, 2011 In my opinion they are already cooling and will be stable or falling for some time. For arguments for and against, a great forum devoted to this subject is Australian Property Forum Well worth a look. Link to comment Share on other sites More sharing options...
fish.01 Posted March 19, 2011 Share Posted March 19, 2011 Been cooling in brissy for quite a while. Link to comment Share on other sites More sharing options...
spottydog Posted March 21, 2011 Share Posted March 21, 2011 In my opinion they are already cooling and will be stable or falling for some time. For arguments for and against, a great forum devoted to this subject is Australian Property Forum Well worth a look. Looks like another one of the we want a house price crash so we are going to talk about it as much as possible forums to me rather than any sort of debate that attracts all sides. I expect areas that have risen rapidly recently (i.e. parts of Brissie and Perth) will decline (at least in real terms) over the next few years to show an overall more modest average long term price rise whereas areas that have been climbing steadily or not at all in real terms (i.e. Sydney) will stagnate or rise slowly, a bit like you have seen in the UK with London compared to Cornwall. Link to comment Share on other sites More sharing options...
Paul1Perth Posted March 21, 2011 Share Posted March 21, 2011 Definitely cooled a lot in Perth over the last couple of years. We know a couple who are in real estate sales and the guy asked a builder friend if he has any labouring jobs. Don't have so many auctions here either. Most are just advertised at a price through real estate agents. Don't get the feeding frenzy of auctions. Never been able to get my head around the whole auction thing. I like to watch it on TV though as, just about every time I see it and the people are all clapping at the end when the final deal is done (why?), I just think "suckers". Link to comment Share on other sites More sharing options...
JayBone Posted March 21, 2011 Share Posted March 21, 2011 The housing market in Australia in unsustainable, a housing crash HAS to happen. The only people who think otherwise are people who have bought at overinflated prices and will lose out (as i did in the UK recently) and also people with a vested interest in prices going up, i.e real estate agents, builders, investors etc. Look at the facts, its history (recent history in US and UK) repeating itself, but its only worse in Australia. If an average house costs 5 times a familys yearly income, its in serious danger. If renting is cheaper than buying (and by alot!) then its in serious danger. Link to comment Share on other sites More sharing options...
fish.01 Posted March 21, 2011 Share Posted March 21, 2011 Average mortgage is very similar to the uk. Link to comment Share on other sites More sharing options...
stevemalbec Posted March 21, 2011 Share Posted March 21, 2011 Looks like another one of the we want a house price crash so we are going to talk about it as much as possible forums to me rather than any sort of debate that attracts all sides. I expect areas that have risen rapidly recently (i.e. parts of Brissie and Perth) will decline (at least in real terms) over the next few years to show an overall more modest average long term price rise whereas areas that have been climbing steadily or not at all in real terms (i.e. Sydney) will stagnate or rise slowly, a bit like you have seen in the UK with London compared to Cornwall. I suggest you take more than a cursory glance at this forum and read posts from Strinberg, Shadow, Frank Castle and Sydneyite, to name but four. Have you read any of their posts? All of them frequent posters and very bullish on house prices. I read a lot of forums on the subject and this is the best, IMHO; plenty of arguments for both sides, and often a fierce debate. If you want to read a one sided argument there are plenty of other forums, but definitely not this one. At least we agree that some areas e.g. Sydney will possibly stagnate rather than crash like the Gold Coast. Link to comment Share on other sites More sharing options...
Guest sieglinde00 Posted March 21, 2011 Share Posted March 21, 2011 Definitely cooling but opinions are still divided about a big crash. I find this website Australia Property Market and Price quite interesting. It shows property price colour map by suburb in major cities. Link to comment Share on other sites More sharing options...
stevemalbec Posted April 22, 2011 Share Posted April 22, 2011 Just read this article about the property market. Recommend that you read the comments that follow it. http://smh.domain.com.au/home-investor-centre/blogs/domain-investor-centre-blog/the-folly-of-first-home-grants-20110421-1dpvs.html Link to comment Share on other sites More sharing options...
Guest Guest 47403 Posted April 22, 2011 Share Posted April 22, 2011 Just read this article about the property market. Recommend that you read the comments that follow it. http://smh.domain.com.au/home-investor-centre/blogs/domain-investor-centre-blog/the-folly-of-first-home-grants-20110421-1dpvs.html Thanks interesting read, have to say after watching the Perth housing market for the last 18 months I really do think property whilst not getting cheaper the prices have stood still. Link to comment Share on other sites More sharing options...
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