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.