REIV Member Login








Forgotten your password?

Not a member? Join here >>


Login / Join

Property Research



Share this Page with a Friend

 

Calculating the clearance rate

Each week the REIV calculates the expected number of auctions to be held based upon the number of properties advertised for sale.

First calculated on a Saturday and then updated on a Sunday and Wednesday, the clearance rate is calculated by dividing the total of those sold before, sold at auction and sold after by the number of reported auctions.

Auctions that are postponed or withdrawn are not included because they have not been subject to a full campaign.

Year to date results compared to weekly reports

The REIV sales database is a live one and is subject to ongoing revision. Weekly reports are a snapshot in time and should not be used to calcuate a total yearly clearance rate.

Classifying results

Over the past seven years the REIV has adopted the same methodology for classifying results.

  • Sold Before: Sold Before describes homes listed for auction but sold before the auction.  Depending on market conditions around 20 per cent of all homes offered at auction are sold before auction day.
  • Sold: Sold describes homes that are sold to the highest bidder at the auction or after the auction on the same day.
  • Sold After: Sold After describes homes sold the day after the auction and which are subject to auction conditions. This occurs for only a few homes each week.
  • Passed In: Passed In describes homes that are not sold. In this case, the buyers have not met the price expectations of the seller.
  • Passed In on a Vendor Bid:  Describes homes that are passed in but when the last bid was a vendor’s bid. It is a legal requirement that this information be disclosed if the result is published.

Example

  • A home is listed for auction at 3pm on Saturday.
  • If the home is sold on Friday, it is classified as Sold Before.
  • If the home is sold to the highest bidder at the auction it is classified as Sold.
  • If the home is sold by negotiation after being passed in on the Saturday it is classified as Sold.
  • If the home is sold on Sunday under auction conditions it is classified as Sold After.
  • If the home is sold on Monday it is classified as a Private Sale.

 

Auction results
Hammer falls with white border View this week's results here  
First Home Buyer Guide

  • Register to receive weekly sales updates:
  • Register Now
  • Subscribe to our RSS Feed:
  • Subscribe Now