Australian Auction Home Clearance Rates.
Rates published on Saturday 24th October 2015 by www.realestate.com.au for Auctions during the Week ending Sunday 25 October 2015 show this example for Victoria.
VIC
1575 Total Scheduled Auctions
67% Clearance Rate
Actual Sales, or possible sales, numbers are quoted as:
135 Sold prior to auction
287 Passed in
468 Sold at auction
16 Withdrawn
9 Sold after auction
However, looking at that rate of 67% of 1,575 Total Scheduled Auctions, gives a total of 1,055 auctions cleared.
But the total listed of those Sold prior to auction/Passed in/Sold at auction/Withdrawn/Sold after auction, only comes to 915 and that includes those withdrawn.
The actual total sold at auction, 468, is equal to only 29.7%, compared to the auction clearance rate of 67%.
And the calculations are just as confusing for the other States too.
What is the calculation of an auction clearance rate ?
I did read this: “The weekly auction clearance rate is then calculated by dividing the total number of properties sold at auction (including those sold before or after auction) from the total number of auctions reported.”
Using that method from the above figures Sold prior to auction/Sold at auction/Sold after auction would give an auction clearance rate of:
(135+468+9)/1575 ie 612 as a % of 1575 = 38.9%.
So where does the figure of 67% come from, and what happened to the missing auction numbers (660).
1575 Total Scheduled Auctions
915 total from the above list, and shown again below
660 Unaccounted for.
135 Sold prior to auction
287 Passed in
468 Sold at auction
16 Withdrawn
9 Sold after auction
915 Total