Every week, agents, buyers and sellers pawn over the auction results to see what properties are selling, for how much and to see how the market is reacting to different parameters, like interest rate changes, the stock market activity and even government incentives. Today we are going to find out how we can be more savvy when reading the auction results.
Frank Valentic is the bald headed buyer's advocate we know from 'The Block'. He's got more front than Myers, he's got more know how than possibly 100 agents at a real estate conference and he's one...
Every week, agents, buyers and sellers pawn over the auction results to see what properties are selling, for how much and to see how the market is reacting to different parameters, like interest rate changes, the stock market activity and even government incentives. Today we are going to find out how we can be more savvy when reading the auction results.
Frank Valentic is the bald headed buyer's advocate we know from 'The Block'. He's got more front than Myers, he's got more know how than possibly 100 agents at a real estate conference and he's one of the most trusted and respected people in the business.
So Frank, what is the percentage of properties that sell that actually go to auction? What tends to go to auction more, houses or units? What percentage of properties do you actually buy at auction?
1. Auctions results show us how the market reacts to the properties available for sale. A property can be listed as sold, sold prior, withdrawn from sale or passed in. What can we read from these statistics?
2. How do we know if we are in a seller's market or a buyer's market by just looking at the auction results?
3. With Covid-19 changing the way we sell properties, do the auction results now include private sales and properties sold via expressions of interest?
a). Do you think this will be something that continues in the sales data reporting?
b). What other measures of the market should we be considering? (Number of bidders etc).
4. If a property is passed in at auction, but then sold later in the day or that weekend, will it be registered as a property that's sold or does it remain as a passed in property?
5. What's the typical time frame a property that's passed in stays on the market?
6. Why do people withdraw their property from sale, if they have put the time and energy to put it on the market in the first place?
a). How is a withdrawn property counted within the statistics?
7. So Frank, why do vendors elect to not disclose the sale price of the property?
8. Can buyers request that a property price is undisclosed?
9. How do the REIV and Real Estate websites work out the media sale prices for the suburbs if results are undisclosed?
10. If you were to put in a property address into realestate.com.au or domain.com.au, it will show you the sales history of that property. Rarely do you see it saying 'Price Undisclosed'. How long after a sale will a property price be disclosed for the sake of its sales history?
11. What other hidden messages can we find by reading the auction results?
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Frank Valentic can be contacted by calling Advantage Property Consulting: (03) 9883 8900
or by email: buyer@advantageproperty.com.au
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