By Tim McKibbin, REINSW CEO
Auction clearance data is reported weekly in almost every major news outlet. However, there is often confusion about what the data really means.
A clearance rate is an indication of the strength of the market, calculated by dividing the number of properties sold at auction (including those sold before and immediately after) by the total number of auctions reported.
To make an informed decision regarding the suitability of auction for your sales campaign, clearance rate data alone isn't enough. You need suburb-specific data cross-referenced with comparable sales in your area.
This is where an experienced property professional, who can interpret the data and deliver it as a consumable product specific to your circumstance, is required.