Season’s greetings | The Real Estate Wrap with Leanne Pilkington

December 21, 2020 |
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Welcome to this week’s Real Estate Wrap with Leanne Pilkington, Managing Director of Laing+Simmons and President of the REINSW.

Traditionally, auction volumes across Sydney reduce in the week before the Christmas season, but rules on gatherings have changed within the last week due to the recent Northern Beaches cluster. Despite this, the results demonstrate there is still strong interest in the market.

According to Domain, 566 homes went to auction in Sydney this week, with a preliminary clearance rate of 74.9 per cent. Last week, there were 872 scheduled auctions with a clearance rate of 72.5 per cent. Interestingly, this time last year, only 163 properties went up for auction across Sydney with a 66.9 per cent clearance rate.

We wish you all a Merry Christmas and a Happy New Year, and most importantly, we hope you all stay safe!

TRANSCRIPT:

Hi everyone, welcome to the Real Estate Wrap for the week commencing December 21 and the final wrap for 2020.

I don’t need to tell you what a mental year it was, and obviously with the Northern Beaches cluster happening, all of us in Sydney are just keeping everything crossed that we can spend Christmas Day with our loved ones. Let’s see how we go.

CoreLogic weren’t reporting data this week, so my numbers are coming from Domain, and auctions across Australia were two and a half times higher than for the same week last year. So that just tells you what a crazy year we’ve had.

In Sydney, volumes were certainly lower than last week, but still not to the same extent as in previous years.

Last week, 872 properties with a final clearance rate of 72.5 per cent.

This weekend, 566 properties with a preliminary clearance rate of 74.9 but last year, the last Saturday before Christmas last year, only 163 properties went up for auction across Sydney with a 66.9 per cent clearance rate.

Half of all of the auctions that we saw across Australia were in Melbourne last weekend. 864 of them. Preliminary clearance rate of 75.7 per cent. So the guys in Melbourne are making up for last time.

Same weekend last year, they only had 363 properties go to auction.

So that is it for me this year. We’ll be back for an earlier start than normal, I think, in 2021. But in the meantime, I do hope you get to spend the time with your loved ones and everybody stay safe. Take care. And Happy New Year, right?

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