There has been considerable discussion about the reporting of auction results in Melbourne with real estate agents' statistics being challenged.
SQM Research has previously claimed that the Real Estate Institute of Victoria's figures are "inaccurate" and "misleading". The research company argues that the Institute's data collection systems are flawed and the Sunday Age has previously reported that more than a quarter of auction results published by the REIV were missing crucial information including the sale price, passed in price or reserve.
The REIV's system has been queried because of the number of results that are not being disclosed by agents when a positive result is not obtained. The Institute claims that its systems use "transparent methodology". However it is known that in tough times it is not unusual for real estate agents to not report results. This is blatantly obvious in the area in which we operate.
According to the REIV, the auction success rate in our area is currently between 70-75%. But I am certain that it is a lot lower - probably between 50-55%. To me, this confirms the vagaries of the auction system. If people want to get a fair and genuine result when placing their properties on the market, I urge them to contact us. Our sales system is based on "marrying" buyers and sellers. Try us! - Andrew Pennisi