Auction statistics should be questioned In recent weeks there has been considerable discussion about the reporting of auction results in Melbourne with real estate agents’ statistics being challenged. SQM Research has claimed that the Real Estate Institute of Victoria’s figures are “inaccurate” and “misleading”.
The research company argues that the Institute’s data collection system is flawed. The Sunday Age found that more than a quarter of auction results published by REIV in June were missing crucial information including the sale price, passedin price or reserve.
The REIV system has been queried because of a steep rise in the number of results that are not being disclosed by agents since the property boom endedearly last year.
The Institute claims that its system uses “transparent methodology”. However it is known that in tough times it is not unusual for real estate agents not to report results. This is blatantly obvious in the area in which we operate. According to the REIV, the auction success rate in our area is currently between 55-60%. But I am certain that it is a lot lower – probably between 30-35%. To me, this confirms the vagaries of the auction system. If people want to get a fair and genuine result when placing their properties on the market, I urge them to contact us. Our sales system is based on “marrying” buyers and sellers. Try us! – Andrew Pennisi