Demand outstrips supply | The Real Estate Wrap with Leanne Pilkington

July 6, 2020 |
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Welcome to this week’s video edition of The Real Estate Wrap with Leanne Pilkington, Managing Director of Laing+Simmons and President of the REINSW.

563 homes were auctioned this week in Sydney, returning a preliminary clearance rate of 68.1%. This was higher than last week’s 66.9% preliminary result, when 644 auctions were held. The final clearance rate last week came in at 62.9%.

TRANSCRIPT:

Hey everyone, Leanne Pilkington here for the Real Estate Wrap, week commencing July the 6th.

Saturday just gone, we had 563 properties go to auction in Sydney with a preliminary clearance rate according to CoreLogic of 68.1 per cent.

Last week, we had 644 properties and a final clearance rate of 62.9 per cent. Same weekend last year was only 359 properties with a clearance rate of 71.3 per cent.

So you can see the lower the numbers go, the higher the clearance rate, ’cause obviously it’s a clear indication of demand outstripping supply.

So, numbers are low, we are in the middle of Winter and in the middle of school holidays, on top of all of the other issues that we have, so I guess it’s not surprising.

Agents are still telling me they’re expecting more stock to come online over August and September.

There’s a few headlines around about the Sydney prices dropping. Just a bit of a reality check, the June numbers were down but by 0.9 per cent, so less than 1 per cent fall.

And it’s important to remember that still year-to-date we are up 3 per cent and we’re still up a massive 13.4 per cent on the same time last year.

Interestingly, total listing numbers across the country are down by 10.8 per cent which is massive.

We always focus on auction results as the media tends to as well, but it’s important to remember that across Australia, that only is 15 per cent of the sales. 85 per cent of our sales are still private treaty.

So in Sydney in June, there were 1,195 homes sold private treaty and 659 units, so that’s on top of the auction results that I’ve been bringing you every week.

Anyway, have a wonderful week and I’ll look forward to catching you next Monday. Bye!

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