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Use Auction Results to Your Advantage

With auctions being such a common way for local properties to be sold, it pays to be across the statistics and trends when searching for a property. Once you understand the field of numbers in an auction results page, you can use this information to see how a particular suburb is performing. 

 

An auction results page, whether online or in the newspaper will outline the following overall statistics:

  • Number of properties put forward for auction for the period

  • A summary of sold, passed in and sold prior to auction properties.

  • Clearance rate

     

Then comes the detailed information listed by suburb and property:

  • Address

  • Number of bedrooms

  • Type of dwelling

  • Result (sold, passed in or sold prior)

  • The agency that sold it

     

You can use these results to determine how a suburb is performing or to judge how your property may stack up against similar homes in the area.

It is also useful to analyse auction results for those properties that you may have been interested in but were originally out of your price range. Seeing the actual sold price will give you an indication of how close to the advertised price guide a home sold. This will tell you something about the demand (or lack of it) for properties you are in the market for.

Using auction results tables is an important part of your overall research strategy when buying or selling property. 

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