Every week now we have 400 to 500 properties failing to sell (probably with no one even attending the auctions).
So where have they gone ?? How have they hidden the numbers in the subsequent weeks ?
All the while, the number of private sales published by the REIV has been pretty static.
Either the auction result is cooked (no surprise) much worse than we think.
or
There is a huge and accumulating property glut in the private sales category that is unreported.
If that's the case, (let alone a pitiful 53% clearance) even a 100% clearance may not mean much since the housing pool is getting bigger with every passing week.
No wonder the REIV wants you to focus on the auction numbers in case you start to look elsewhere.
