Wonder when the masses will cop on? Neil Jenman has being calling dodgy auction clearance rates for twenty years or longer.Is The Sydney Property Market The Canary In The Coal Mine?
Agents typically report a sale by auction even when the property is passed in and sold after auction, or when the property is sold prior to auction.
None of the little lies really matter in isolation.
Latest Auction Results – Saturday, 16 February 2019
Debunking them, each of them individually, does not stop the big lie. It gob smacks me that real estate agents dont have a clearer code of conduct.
The Canadian rules are so much stronger and they are not afraid to pull a realtors license for poor or unscrupulous behaviour. A rule which says they have to report the results of any auctions sold, passed in, withdrawn by the Tuesday of the following week.
If an RE agent is also an Auctioneer, the rule applys. Its so simple to fix and its so important. This is the biggest purchase in most peoples lives and it takes 25 years of it to pay it off. It is unbelievable that this hasnt been fixed yet or the RE industry cleaned up, at least to same standards as north america.
In addition, Corelogic daily index for Sydney has been stuck at What the hell is up with that? How is that even possible? It looks like some sort of computational problem to me. Something dodgy is going on. Remember when they launched the index, they said that soon there will be a derivative market driven off the index? Peachy, not sure what the relevance is of your comment to the above.
Domain admits preliminary auction clearance rates are bunk - MacroBusiness
Either way this is strange and could be the algorithm throwing up some big outlier shifts up or down and they are keeping it steady artificially so as to not scare the horses. Would be worthwhile for someone with an account like Leith to contact their support and ask why the anomaly.
We might get a very interesting answer! The point is that a DAILY index for something as heterogenous and illiquid as real estate is absolute bunk to begin with. When overlaid by the fact that it comes out of a non-auditable, non-verifiable black box compounds the issue. Derivative trading….
Real Estate Auction Results for Saturday 13th April
Ok, I get that. It has always been a bit of a funny index to have in the first place for the reasons you mention, but having said that, trend-wise it has tracked pretty well. What I am questioning is the fact that whatever fancy-pants algorithm is used to run it, I would think it is a one in a billion chance that you would get sales on 4 days in a row that just happen to spit-out no change in the index. Either that or no sales at all, which has not happened to my knowledge.
Sold prices & weekend auction results | REALas
I hear various reports around the data lag of the index i. Yes — zero for that many days in the row looks like a data outage.
Zero movement after four days with intervening fluctuations would be a lot more easy to believe. They only report what is good, the illusion of a healthy market. Or are they given the free pass because Straya is only Shtney and Hellbourne? The psychology is interesting. During boom times, RE agents loudly and boldly print huge numbers on the page, knowing that they can print higher in the next issue. Interestingly, I spoke to three ladies from Perth today who were talking about how Perth was quieter than Darwin and a buyer market.
What this means? Of course, much has been made of the auction clearance rate figures yet they are just one gauge of the strength of the property market. Other indicators include the median house prices and the number of days on market. These statistics take longer to track which is why the media likes to report the auction clearance rates every Saturday with the same enthusiasm as reporting the football results.
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