The middle of winter | The Real Estate Wrap with Leanne Pilkington

July 20, 2020 |
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Welcome to this week’s Real Estate Wrap with Leanne Pilkington, Managing Director of Laing+Simmons and President of REINSW.

512 homes were scheduled for auction in Sydney this week, down from last week but much higher than a year ago. The preliminary clearance rate is 68.9 per cent, although this will revise lower as the remaining results are collected. However, certain regions had clearance rates around 80 per cent this weekend, particularly Sutherland, Parramatta, Northern Beaches and the Inner West.

TRANSCRIPT:

Hey everyone, Leanne Pilkington here for the Real Estate Wrap, week commencing July 20.

This week we saw 512 properties go to auction in Sydney with a preliminary clearance rate of 68.9 per cent. Last week it was 566 auctions so numbers are down on last week and we ended up with a 61.8 clearance rate last week.

To give you an idea, same weekend last year 303 auctions, so really low numbers. We are in the middle of winter after all, with a 72.8 per cent clearance rate. So 15 per cent of auctions were withdrawn before auction in Sydney. Contrast that with Melbourne which saw 43 per cent of their auctions withdrawn. Obviously they are in the middle of lockdown down there.

We did see some regions that had clearance rates above 80 per cent this weekend. So that was amazing in Sutherland, Parramatta, Northern Beaches and the Inner West, and our lowest clearance rate was 31.8 per cent in the South West of Sydney.

Hope you all have a wonderful, wonderful week. We are still experiencing low stock levels across the city, so hopefully we’ll get some more stock coming online very, very soon.

Stay safe and take care I’ll see you next week.

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