The Real Estate Institute of Victoria (REIV) has turned to
maps to present its latest set of property related information. In particular,
the Institute now publishes a weekly update of auction clearance rates and information
on prevailing sales methods by suburb. The information is presented on a Google
map as a thematic overlay.
The Clearance rates by suburb map allows users to view information
about total auctions, number of sales and a percent of successful sales for all
suburbs with more than 20 auctions in 2012. Clearance rates for the suburbs are
then compared to Melbourne-wide clearance rate. Individual suburbs are coloured
based on whether their clearance rate is higher or lower than the average
rate.
REIV published also a set of maps that compare historical statistics on auction and private sales for 2010 and 2011. They provide buyers,
sellers and anyone with an interest in the local market with data about the
most popular sales method in each suburb. These maps highlight the fact that
sales by auction are far less prevalent in the outer suburbs than the inner
city. A comparison of the use of
auctions over time highlights the link with the state of the property market.
That is, auctions are more popular when the market is stronger and private
sales increase in popularity when there is a lower level of competition between
buyers.
The maps are a part of ongoing effort by the Institute to
provide timely, in depth analysis about the state of the property market in Victoria.
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