Proptrack APIs: Introducing the Auction Results API

The latest API release from PropTrack introduces the Auction Results API to the API suite, surfacing the latest auction results from national sales as well as complimenting the other 16 APIs already in market.  This release further supports PropTrack’s unwavering commitment to providing our customers with the best data and insights on the Australian property market.

What can it do?

The auction results API can return:

• Auctions results for a given geography, such as a suburb, state or greater capital city statistical areas
• Clearance rate for given geography
• Additional volume metrics such as scheduled, sold, passed in, sold after, sold prior or withdrawn
• Change percentage for each metric from the previous equivalent data range

The Auction Results API: Identify market trends, visualise state of auction results and complete analysis

The Auction Results API is fast tracking research and surfacing market trends in an accessible form.  Here is what you can do:

• Data exploration: Utilise clearance rates and change percentages to build models and understand property market trends for a given time period.
• Market trends: Identify early indicators of macro and micro trends on how the property market is currently trending rather than using lagging indicators
• Visualise data: Use the Auction Results API on your front end and display key data and insights to your users (see pic 1.0)
• Engage customers: Use relevant auction results for target audience segments to educate, build brand equity and facilitate quick decisioning
• Single API: without splitting searches?
• Dive into GCCS which no one else can?
• Bundle with other APIs:?
• Use in reporting: ?
• Other applications?

Interpreting auction clearance rates

Auction clearance rates provide insight into how the market is currently performing. An example of this is that a high auction clearance rate may indicate strong demand for properties, and that prices are steadily rising because of that demand. However on the other side of market commentary, falling clearance rates may be an indicator of price decline. This is how it can and is often interpreted by PropTrack Economists in news and on PropTrack insights.

Using the Auction Results API in conjunction with other property APIs

The Auction Results API is intended to be quite flexible and complement existing market metric endpoints. There are currently other endpoints that provide supply and demand data or rental price trends, and this is endpoint is design to coexist with those and provide a richer picture.  

Example use case 1

We have seen a number of different use cases from customers. The first one is a marketing tool for real estate agencies who use this data to build suburb insights and elevate their expertise to prospective buyers or seller. Or if they aren’t real estate agents they could be proptech’s or app developers who are building experiences that demonstrate their expertise in certain geography’s or metrics.

Example use case 2

The second use case is a property research tool. So we've seen some proptech customers building a research tools that will enable customers to explore properties, their geographies and other features. SO adding in auction results will really supplement this kind of research tool and give an additional layer of insight around growth or decline.

Ease of use

A fundamental element in making the Auction Results available was to make the calculations really easy. We provide the data for the customers to perform their own calculations to mitigate errors and maximise efficiency.

FAQs

What is the source of the data? We are the only direct source of realestate.com.au listings data, the largest listings website in Australia. You won’t need to purchasing  data from another provider just to find out that you have different values being returned on different data sets.

Do you use any listings data other than realestate.com.au?

How often are auction results updated?  They're updated daily because it will reflect the rolling option week from Monday to Sunday

What date ranges? Manually enter a start and end date of your choosing

How far back can the data go?

What happens if something is originally passed in and then sold?

Does it include auctions that are not sold at auction?