Sunday, March 27, 2011

Melbourne REIV Figures Charted


I have been collating the REIV weekly auction statistics for the past 15 months. What I found interesting when charting the total volume and auction clearance rate was that during early 2010 the volume and clearance rates trended together (both dropped lower).

It seems that once again total volume could have put in the same topping pattern early on this year and could continue to head lower. Clearance rates are starting from a much lower point than last year, if they follow the same trend as last year then we could see clearance rates back under 60% in Melbourne very soon. As I mentioned in a previous post, it's been pointed out that already Real Estate Agents have been fudging figures so alternative to a falling clearance rate perhaps we just see the percentage of 'unreported' auctions sky rocket...

I expect we won't know for several months whether this years figures trend the same as last year as it's a slow process for the chart to play out. This weeks low clearance rate (61%) might also just be an anomaly. Clearance rates in 2010 didn't start falling sharply until the end of April/early May.


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