To understand the auction results report, it is important to comprehend the meaning of different terminology used. Below are definitions of different terms that you will come across when reviewing sales results.
Clearance rates are published for the properties sold at auction, providing an overview of the level of demand for property on offer on any given day. When looked at over a period of time it can also be used as an indictor to understand the overall strength of the auction market. For instance, the clearance rate this year is tracking at around 65 per cent. This represents a stable market, with reasonable level of underlying demand. During last year’s boom, clearance rates were consistently above 80 per cent.
The clearance rate is a figure that includes properties that are sold before auction, sold at auction, and sold almost immediately after auction. To ensure transparency, the different segments of the clearance rate are also broken down and reported.
Properties listed as sold before auction are those listed for sale then sold in the week preceding the scheduled auction date.
Sold at auction refers to properties sold on the day of the auction, either under the hammer or by later negotiation.
Those listed as private sale refer to properties listed on the market that invite prospective purchasers to make an offer. This also includes properties passed in at auction and subsequently sold two or more days afterwards
Properties listed as passed in failed to attract offers at a level the vendor was prepared to accept. These properties are often subsequently listed for private sale or withdrawn from the market.
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