Proptech (property technology) such as the Auction Snitch app is changing the real estate landscape by providing “hot off the press” property insights and benchmarking data crucial for informed decisions.
The real estate market can be unpredictable as it is influenced by factors like economic conditions and societal trends. For both buyers and sellers, this can be both daunting, but access to real estate data can give you clarity amongst the uncertainty.
The media extensively covers the real estate market in Australia, particularly focusing on aspects like auction clearance rates. Clearance rates reflect trends observed over the past months, providing insights into the property market’s performance.
These data-driven insights can empower you to work the real estate market with confidence, seize lucrative opportunities, and help mitigate risks like over paying for an auction property. Harnessing the power of proptech to decipher auction data, Auction Snitch can play a pivotal role in shaping the outcome of your property auctions.
Auction Snitch is an app designed for users to share real-time property prices and track sales campaign histories for properties of interest. With a pressing demand for increased transparency within the Australian real estate market, due to the absence of price guides on listings and delays in publishing auction results and sold prices, Auction Snitch gives you crowdsourced real estate data that will directly impact your property decisions.
To get the inside information, listen to the full podcast episode with Auction Snitch co-creators, Tamsin Lapointe and Tori Huxtable here.
The Importance of Data for Buyers and Sellers
Property buyers obviously do a lot of background work. Usually a lot of time, and often money, has been spent before turning up to an auction on a Saturday. You may have spent money on legal advice or pest and build and you start to live in this alternative world where you are living in this house – you’ve already worked out where the furniture can go, where the kids will go to school, how you’ll get to work.
There’s a lot of emotional capital spent on an auction property. If you aren’t successful at the first auction, that’s a big blow to your confidence and stress and disappointment.
Likewise with the seller, they are thinking, “does anyone walk our property? Are we going to get the price that the agents dangled in front of us?”
There is a lot of pressure and stress when it comes to the auction market and you don’t know how it’s all going to unfold and it can be a public disappointment or judgement when things don’t go your way.
Real estate market conditions can vary significantly from one locality to another, with factors such as supply and demand, infrastructure development, and employment opportunities having varying degrees of influence. Data can provide awareness of these market trends, property pricing and value, and emerging opportunities.
Various components of auction clearance rates, such as pre-auction sales, withdrawn listings, and passed-in properties, give you perception into how the real estate market is performing in any given area.
Deciphering Auction Data
You’ve probably heard the horror stories – you inspect the property, do all your research, get finance ready and the Contract of Sale reviewed. The price guide is within your budget but then… the first bid is more than your total budget!
This happens at auctions all around the country. Every. Single. Weekend. Why is there no transparency?
Auctions are a common occurrence in the real estate market, offering an efficient platform for buying and selling properties. However, understanding auction metrics can be hard for new buyers or sellers.
Interpreting key auction data such as clearance rates, pre-auction sales, and withdrawn properties is essential for deciphering market trends, property value and ultimately, assessing investment or sale opportunities.
Clearance rates, which measure the percentage of properties sold at auction, are often cited as a key indicator of market sentiment. A high clearance rate indicates strong demand and competitive bidding, while a low clearance rate may signal subdued market conditions.
By analysing auction data, you can gain knowledge of the supply-demand dynamics, pricing trends, and competitive landscape within a given market segment. While auction clearance rates can offer some understanding of the real estate market, they are not entirely accurate and may not include all auctioned properties.
This is why the Auction Snitch app was created – for users to share the “Word on the Street” property prices with each other and to follow sales campaign histories for property listings of interest. Information that otherwise may not be public knowledge.
How to Check an Auction Property
In the digital age, proptech has emerged as a powerful tool for buyers and sellers seeking to make informed decisions. The Auction Snitch app, leverages real estate data from property listings to provide its users with valuable clarity when checking an auction property. By synching with Domain listings, the app offers a comprehensive view of live auction results, recently sold properties, and listing details within your desired location.
The user-friendly interface of the Auction Snitch app streamlines the process of accessing critical information such as auction dates, price guides, and sales history. The app’s intuitive design allows you to quickly filter listings based on your preferences, whether it be property type, location, or price range. Features such as the sales campaign history provide you with a detailed overview of a property’s listing journey, including price guide revisions and eventual sale prices.
There is absolutely no substitute for doing your own homework. With Auction Snitch the average person on the street is able to come up to speed very quickly by doing some homework as to what properties are worth and what are the things to look out for.
How to Find Out If a Property Sold at Auction
Are auctions subject to finance? Are auctions legally binding? Can Auctioneers lie about bids?
But more importantly, how much did that property actually sell for at auction? This information is not readily available to the public.Transparency is paramount in the real estate market, empowering you to make informed real estate decisions.
Both buyers and sellers find themselves greatly frustrated due to the absence of price guides on listings, alongside the delays in publishing auction results and sold prices, which directly impact their property decisions.
The Auction Snitch app embodies this by democratising access to market information and fostering greater transparency in property transactions. By providing you with real-time data on auction outcomes, price guides, and sales history, the app equips you with the data you need to understand the market. Access to historical data also allows agents to analyse pricing strategies and market trends in specific areas, aiding in competitive intelligence.
Data drives transparency and efficiency in the real estate market. Through platforms like Auction Snitch, you can make smart decisions, whether you are buying, selling, or simply assessing investment opportunities. Ultimately, greater transparency fosters trust and confidence in the real estate market, benefiting all stakeholders involved.
Looking Towards the Future of Proptech
As technology continues to evolve and disrupt traditional industries, the future of property investment holds immense promise. Proptech innovations such as real estate apps, data analytics, and artificial intelligence are reshaping the way many approach property investment. There is a lot of potential for future advancements in proptech, such as enhanced data analytics, predictive modelling, and interactive dashboards.
Looking ahead, the key to success in property investment lies in embracing technology and leveraging real estate data to inform your decision-making. By harnessing the power of proptech, you can gain a competitive edge in a rapidly evolving industry. Whether it’s identifying emerging trends, assessing investment risks, or optimising portfolio performance, data-driven strategies are the future of property investment.
Despite the benefits of proptech like Auction Snitch changing the real estate industry, there are also privacy concerns surrounding the public sharing of property transactions, particularly in instances where sensitive information is involved. However, transparency ultimately outweighs individual privacy concerns, as it fosters a more efficient and equitable market for all involved.
As property investment practices change and real estate market conditions shift, technology must adapt to meet the changing needs of buyers and sellers. Providing transparent market information benefits everyone involved. By embracing innovation and leveraging advanced tools such as the Auction Snitch app, you can stay ahead of the curve and make educated decisions in an increasingly competitive market.
Empowering You with Property Data and Auction Results
Proptech platforms like the Auction Snitch app are revolutionising the way buyers and sellers approach real estate investment. By harnessing the information available through these platforms, you can gain a deeper understanding of market trends, pricing and property worth, and investment opportunities.
Even in this digital age, access to transparent auction information has become hard to come by. By leveraging proptech like Auction Snitch, you can mitigate risks, identify purchase and sale opportunities, and optimise your property portfolios for long-term success. As the real estate market continues to change, embracing proptech innovation and leveraging data will be essential to thrive in an increasingly competitive landscape.
If you are looking to buy a property at auction, download the Auction Snitch app for free and then chat to our home loan brokers. If you want to see how we use our auction expertise to help, you can read a real life case study here.
