|July 3 2011 Clearance Rates Melbourne Sydney Adelaide Brisbane|
Agents withhold house price data
The investigation also revealed that 43 per cent of properties scheduled for auction in June had no published quote range, further frustrating buyers' attempts to obtain basic information. With Melbourne's clearance rate slumping over the past year - only about half the properties on offer are selling under the hammer - agents are increasingly refusing to disclose information about failed auctions. The passed-in price, vendor's reserve price or both were withheld for 20 per cent of all properties that were passed in last month.
I continue to be amazed at how little public information about properties is available online in Australia and Canada, in comparison to the U.S., where tax rolls, previous sales, and sometimes mortgage information, are just a few clicks away, for anyone to get, for free. Not that the added transparency prevented a bubble in the U.S., but for the due diligence buyer, the options for self-education are much better here.