As you know Beach & Bay Realty has been making a huge effort to track auction results in our area since 2008 due to the lack of results that appeared in the papers. We realise it is a huge job for companies to track the whole of Sydney so we decided to take matters into our own hands so that we could be up to date with our marketplace.
Last weekend there were 9 auctions scheduled for Saturday 3rd July from Cronulla to Lilli Pilli, Sutherland Shire. On Friday afternoon all these auctions were going ahead except for 1 which was sold prior at 5/3-5 Coast Ave, Cronulla.
On Sat the Beach & Bay team attended each auction and the stats at the end of the day were 5 properties passed in at Caringbah (4 of these auctioned in 1 line), 1 property in Caringbah withdrawn from auction Sat morning and now for sale, 1 property in Lilli Pilli passed in and 1 property in Cronulla sold at auction. If we take the 4 properties auctioned in 1 line as 1 auction, the final auction clearance rate is 33% for our area.
Interesting then that Domain’s Home Price Guide website shows an auction clearance rate sydneywide of 64% for Saturday 3rd July? When I checked through the results the only 2 properties they had tracked in their statistics for suburbs in our area were the 2 properties in Cronulla that sold! So basically they were missing 7 auction results or 4 if we assume the 4 properties auctioned in 1 line were 1 property!
It begs the question how many auctions are being missed in other suburbs? It is a huge job to cover the whole of Sydney accurately and we know this from the experience of tracking the auctions just for our area. Auctions get pulled minutes before going to auction, auctions get passed in with a vendor bid and are published as passed in when they must be published as a vendor bid (false and misleading behaviour), auctions get postponed and sometimes wrong auction dates are advertised. Some are just simple mistakes some are misleading.
We will continue to track the auctions for Cronulla, Burraneer, Woolooware, Caringbah, Caringbah South, Dolans Bay and Lilli Pilli and whether you are an agent, vendor, buyer, interested neighbour you can make up your own mind as to how your suburb is doing!
