Fear Of Missing Out morphs into Grief Over Missing Out in property auction coverage phenomena
Some interesting data from RP Data on the unsuccessful auction aftermath.
Sydney's auction clearance rate, which is currently trending at a very strong 79%, sits 9% higher at 88% when properties sold in the month after the auction are taken into account.
Melbourne's clearance rate, trending at 71%, is 13% at 84% higher, when the post-auction sales are included.
Brisbane's typcially lower clearance rate of 51% is 20% higher at 71% after post-auction negotiations.
The RP Data analysis includes properties sold up to 30 days after the auction to see how successful the auction process is in achieving a sale for the vendor
"Even if property is not successful at the auction - although most are currently - they are gathering quite a lot of attention and negotiations in the vast majority of cases are resulting in a quick sale afterwards anyway," said senior analyst at RP Data, Cameron Kusher.
If we are to believe Fairfax Media, the high sales success rate has been accompanied by more people seeking help for depression given a so-called "phenomenon becoming known in the property industry as GOMO - Grief Over Missing Out."
This is the anguish felt by those who pin all their hopes on buying a particular property but are outbid at auction.
Losing bidders "are increasingly slipping into a state similar to clinical depression," experts advised in Saturday's Domain SMH and The Age.
The Fairfax Media report even suggested it was a feeling similar to that experienced by a bride or groom who is jilted at the alter given the intending buyers had invested a lot of time, energy and money into the property search.
Of course GOMO followed FOMO. It was only a few months ago when Fairfax Media Domain reported on the "FOMO - fear of missing out disease " with buyers frantically chasing properties with little regard of comparative values.
Wonder what acronym-driven disease Domain will come up with next?
