Saturday, November 13, 2010

Lies, Damned Lies and Housing Statistics 2

I promise this is a more succint post than the last one!  Interesting to see that the REIV had to 'revise' the paltry Melbourne auction clearance rates last week because a number of agents had failed to report 'unsuccessful' results.  This highlights the flaw with so much of Australia's housing statistics - they are dependent on real estate agent voluntary reporting of information.  It's like asking a punter to determine the photo finish of a horse race!

In a similar vein I could only laugh at Brisbane's auction results today.  Reporting a clearance rate of 8% (or 2 properties sold out of the 21 auctioned), one property sold for $930k prior to auction (denoted "SP"), and the other is denoted "SN" indicated sold prior, price undisclosed.  Why would you try to sell a house in Brisbane via an auction on these numbers... but perhaps more importantly why would anyone have faith in any of these statistics?

1 comment:

  1. The REIV had to revise their clearance rate for the weekend just been again, revised by the same amount as the weekend prior (61% down to 59%). I have been tracking the REIV stats on a spreadsheet, it's been interesting to see that unreported number continue to grow over the months. Early in the year we saw that unreported number at around 7-9% of all auctions, more recently that number has been around 12-14%...coincidence? I think not.

    Great blog, enjoying your Aussie housing analysis.