在澳大利亚 I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo
What do you guys think?
Reason I'm asking is because I'm the owner of this property http://www.realestate.com.au/property-house-vic-ardeer-107975106 which went to Auction on Saturday.
We had one person turn up and was passed in obviously.
However, my property is nowhere to be listed, I wonder why? If this happened to me, what's the chances heaps of other properties that didn't sell aren't listed as well to keep the "clearance rate" potentially higher than what it may be in reality. I'm not alluding to any conspiracy here guys, I'm just questioning as to a possibility.
The other thing I find strange is that prior to Saturday there were around 850 Auctions listed apparantly and then the Sales result on http://reiv.com.au/~/link.aspx?_id=F86BFA7729DF4E22B9FB036CD6EFD36F&_z=z shows only 741. What happened to the other 110 odd Auctions like mine which is one of those missing? If by chance they didn't sell either and aren't being counted, what do you reckon the clearance rate would be and what reaction would this get from the media/punters etc?
I'm green to this so just finding it a little bit odd that's all.
PS - We're going ahead with the development now which is more than fine with us anyway
They should be taken with a grain of salt especially the Vic stats which are compiled by the real estate agents peak body.
Yeah thought so Marty
Auction results are reported voluntarily by the agents/REI. I wouldnt trust them at all.
MELBOURNE real estate agents and vendors are increasingly withholding or manipulating data provided to the Real Estate Institute of Victoria, prompting calls for the mandatory reporting of all property sales to protect consumers.
A Sunday Age investigation has found that 27 per cent of all auction results published by the industry body in June were missing critical information - including the sale price, passed-in price or the reserve. Many auctions were not reported at all, distorting clearance rates that are used by buyers and sellers to gauge market strength.
WOW nice find Tony, clearly I'm an example of that 27% perhaps?
Maybe the "real" clearance rate is well under 50% at the moment?
Typically there is about a 10-15% unreported level as at 5pm close on Saturdays. The final count is taken on Wednesday so some agents that have not yet sold a property - but it is close, will withhold the result information for a few days hoping to sell it. These will either get entered as "Sold at auction" or "Sold after auction".
What? Favorable results get phoned through ASAP on Saturday arvo, but the less favorable results get "forgotten". I always took the REIV clearance rates as gospel. Not so apparently.
If the reported clearance says 50%, it is more like 30% in reality.
Maybe it is just lazy (or too busy) agents not posting results occasionally though. I looked first thing Monday to see the results for a property and it wasn't posted even though I know it sold at auction at midday Saturday.
units4me said: ↑
What? Favorable results get phoned through ASAP on Saturday arvo, but the less favorable results get "forgotten". I always took the REIV clearance rates as gospel. Not so apparently.Click to expand...And 'less favourable' can not only mean the property didn't sell, but it sold at auction but for an embarassingly low price. My most recent purchase wasn't reported for example.
If they were to report the cheap sales, the reported clearance rates would go up but the average prices would go down!
On a Melbourne-wide basis the average wouldn't be so hugely affected (especially if using the median) but on a suburb by suburb basis it could be due to small numbers.