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Properties sold before auction; These should be classified as private sales
Topic Started: 5 Oct 2013, 05:21 PM (607 Views)
Gossamer
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A property which was planned to be sold at auction but is sold prior to the planned auction date should not be included in the auction data. An auction for this property did not take place. It is a private sale so this sale should be included in the private sales statistics.

Anybody care to elaborate?
Common sense is a curse - those who have it need to suffer dealing with those who don't have it.

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Nelson
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miw
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Gossamer
5 Oct 2013, 05:21 PM
A property which was planned to be sold at auction but is sold prior to the planned auction date should not be included in the auction data. An auction for this property did not take place. It is a private sale so this sale should be included in the private sales statistics.

Anybody care to elaborate?
Seems reasonable to me.
The truth will set you free. But first, it will piss you off.
--Gloria Steinem
AREPS™
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Sydneyite
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Gossamer
5 Oct 2013, 05:21 PM
A property which was planned to be sold at auction but is sold prior to the planned auction date should not be included in the auction data. An auction for this property did not take place. It is a private sale so this sale should be included in the private sales statistics.

Anybody care to elaborate?
It was a property advertised as being for sale by public auction. It sold prior to auction - think of as "sold by private treaty prior to auction". The result is included in auction results because it was advertised for public auction and people may want to know what the result was. The auction campaign was still ultimately responsible for generating the sale of the property.

Given all of the above, I see no reason why sold priors should not be included in reported auction results. It's clear that it was "sold prior", so no-one is pretending like the auction actually took place?
For Aussie property bears, "denial", is not just a long river in North Africa.....
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skamy
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Gossamer
5 Oct 2013, 05:21 PM
A property which was planned to be sold at auction but is sold prior to the planned auction date should not be included in the auction data. An auction for this property did not take place. It is a private sale so this sale should be included in the private sales statistics.

Anybody care to elaborate?
So long as they keep doing the same thing it is ok as people follow trends. If the suddenly add or remove types of sales the action clearance rate would lose its usefulness as a market indicator.
Definition of a doom and gloomer from 1993
The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
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goldbug
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Gossamer
5 Oct 2013, 05:21 PM
A property which was planned to be sold at auction but is sold prior to the planned auction date should not be included in the auction data.

Anybody care to elaborate?
Elaborate? Like bring up the fact that half of the sales cards in an agents window have sold on them just to fill the window up and confuse everyone and make people feel like they may have missed out. Or any number of other manipulative techniques RE agents employ to try and get a sale or make the market look better than it really is. You don't see other sales people acting like turds, it's just the RE industry, sticking their faces on bus shelters and billboards and posing as trustworthy friends ready and able to get you the best house at a great price. I would rather eat dinner across the table from a dog turd than an estate agent.
Shadow was hopelessly wrong about the Gold Bull Market.
What else is he wrong about?
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