Sydney is seeing a rise | The Real Estate Wrap with Leanne Pilkington
Welcome to this week’s Real Estate Wrap with Leanne Pilkington, CEO of Laing+Simmons and President of the Real Estate Institute of Australia.
Auction activity is picking up across capital cities, showing a 4.5% increase from last week.
Highlights:
- 1,858 homes are scheduled for auction this week, up from 1,778 last week.
- Sydney is seeing a rise, with 668 auctions this week, compared to 612 last week.
- Next week, auction activity is expected to continue growing, with 2,040 homes set to go under the hammer.
What does this mean for property buyers, sellers, and investors? The increasing auction activity indicates a competitive market, offering more options for buyers, higher potential returns for sellers, and greater opportunities for investors.
Stay informed with our weekly updates.
Transcript
Hey everyone, Leanne Pilkington with you for the Real Estate Wrap week ending the 11th of August. I am at Sydney Airport today for my second attempt to get to Hayman Island. I should say we were rained out yesterday so I spent 8 and a half hours flying to nowhere pretty much, Hamilton Island and back by Mackay, not the greatest way to spend a Sunday, anyway wish me luck. So, second week in a row this week, that we have seen preliminary clearance rates under 70%. So this week we had 632 properties go for auction at a 68% preliminary clearance rate. Last weekend, 612 properties at a 64.8% final clearance rate, and same weekend last year: 765 so a lot more properties last year at a 68.4% final clearance rate. On the Central Coast 21 properties at only 43.8% clearance, the Blue Mountains 4 from 14, Newcastle 18 at 75% so good result up in Newwy, Illawarra 18 at 78.6%, highest clearance rate was Inner West at 81.6%, we also had Sutherland at 80%. Lowest was Parramatta at 54.6%. I hope you have an awesome week, see you next week.
