The Data is Not Great vol. 2
Mar 15, 2023
It pays to keep track of auction results. However the auction result only scratches the surface of the data you really need to win at this game.
At the end of each Saturday we learn what the clearance rate was at the day’s auctions. Drilling down to an individual property, the auction data will tell you that the property sold for $X. Or that it got passed in at $Y.
Unfortunately this information only scratches the surface.
The things I want to know are:
- Was the $Y that it got passed in at a vendor bid or a real bid?
- If it was a vendor bid, were there any real bids prior?
- How many real bidders were there and where did they each peter out (to gauge market depth)
- How many registered bidders were there?
- How many of the registered bidders were legitimate buyers intending to bid?
Some of this data is difficult to obtain even if you attend the auction as some buyers will intend on bidding but find the price goes beyond their limit before they even get a chance to place a bid. To know that information requires strong relationships and savvy smarts.
Does anyone collect all of this data so that it can be used to optimise property moves?
Yes a good buyers agent does.