Punters to gamble on auction clearance rates

by Mackenzie McCarty21 Jun 2013

Property market punters’ dreams came true earlier this week when online betting site Sportsbet opened a market allowing users to gamble on weekend auction clearance rates.

While a Sportsbet spokesperson tells Australian Broker the gamble is a one-off ‘novelty’ which will likely –but not absolutely – be repeated, the concept isn’t far-fetched when you consider that millions of Australians take a gamble on property every day, albeit with much higher stakes.

The online bookmaker has Sydney at $1.75 as the odds on favourite for the highest auction clearance rate this weekend, while Melbourne stood at $2.20, Canberra at $7, Brisbane $10, Adelaide $11 and Tasmania the underdog at $21.

Punters are also offered the chance to bet on whether Sydney and Melbourne will report an auction clearance rate of more than or less than 65% this weekend, with both largely expected to sit under 65%.

Incidentally, if clearance rates aren’t your thing, but you’re still keen to bet on some hot property, the odds that Edward Scissorhands will cut the royal baby’s umbilical cord sit at $501.

*If you suspect that you or someone you know may have an issue with problem gambling, call the gamblers’ helpline at: 1800 858 858 or visit http://www.gamblersanonymous.org/ga/