Normally a clearance rate of 76% would mean that the market is running warm to hot, but I am not convinced it is really as good as it sounds.

Scheduled Auctions
1460
Reported Auctions
771
Total Sold
589
Total Passed In
182
Clearance Rate
76%

With nearly 50% of auctions cancelled there are several reasons why real estate agents might be cancelling auctions:

• Lack of Buyer Interest: If there’s insufficient interest from potential buyers, an agent might decide to cancel the auction to avoid a disappointing result. This could be due to various factors such as overpricing, poor marketing, or a lack of demand in the market.
• Vendor’s Change of Heart: Sometimes, vendors may change their minds about selling or decide to hold off on selling until market conditions improve.
• Pre-Auction Offers: If a strong pre-auction offer is received, the vendor and agent might decide to accept it and cancel the auction to avoid the uncertainty and potential for a lower price.
• Market Conditions: In a fluctuating market, agents might be more cautious and opt to cancel auctions if they anticipate unfavourable conditions.
• Legal or Financial Issues: Unexpected legal or financial issues with the property or the vendor could lead to an auction cancellation.
  It’s important to note that while auction cancellations can be frustrating for potential buyers, they are sometimes necessary to ensure the best outcome for both the vendor and the agent.

There are a few reasons why some real estate agents might not be entirely honest with vendors about property valuations:

• Competition: In a competitive market, agents may feel pressured to secure listings and win over clients. Overestimating a property’s value can be a tactic to attract vendors.
• Lack of expertise or experience: Some agents may not have the necessary knowledge or experience to accurately assess a property’s true market value.
• Optimism bias: Agents may be overly optimistic about the market and believe that prices will continue to rise, leading them to overestimate property values.

However, it’s important to note that not all real estate agents are dishonest. Many reputable agents strive to provide accurate and honest valuations to their clients. To protect yourself, it’s advisable to:

• Do your own research: Research recent sales of similar properties in the area to get a better understanding of market values.
• Get multiple valuations: Obtain valuations from several different agents to compare and contrast their assessments.
• Ask questions: Don’t be afraid to ask your agent questions about their valuation process and their experience in the local market.
• Choose a reputable agent: Look for an agent with a good reputation and a track record of honesty and transparency.

The key is to always seek independent advice and not just rely on Estate Agents and the Media to advise your property decisions.