The lowest preliminary clearance rate of the year | The Real Estate Wrap with Leanne Pilkington

April 26, 2022 |
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Welcome to this week’s Real Estate Wrap with Leanne Pilkington, CEO of Laing+Simmons and Deputy President of the REINSW.

Sydney was host to 721 auctions this week, compared to 480 over the previous week and 794 this time last year.

The clearance rate was down week-on-week, with 64.5%of the 566 results collected so far reporting a successful result.

The previous week saw a preliminary clearance rate of 70.6%, which revised down to 58.9% at final figures – the lowest clearance rate the city has seen since the week ending 23 January (54.9%).

This time last year, 79.3% of reported auctions were successful.

TRANSCRIPT:

Hey everyone Leanne Pilkington here for the Real Estate Wrap the week commencing ANZAC day the 25th of April.

This weekend, 721 properties went up for auction at a preliminary clearance rate of 64.5%.

Last weekend, 480 properties went up for auction with a final clearance rate of 58.9%.

Now a couple of things obviously, last weekend was easter so that’s actually quite a high number of properties going up over easter. The clearance rate though was the lowest that we’ve seen since the week ending the 23rd of January this year.

Same weekend last year, 794 properties with a final clearance rate of 79.3%.So we can see those clearance rates steadily dropping as we expected that we would.

Australia-wide, we had 926 properties go up for auction over easter which is actually the largest easter that we’ve ever seen now at 62.4% clearance rate, however, it was the lowest national clearance rate we’ve seen this year. So that’s telling you everything you need to know, right?

Central Coast was our lowest clearance rate over the weekend 41.2% and Parramatta the highest at 73.9%.

We’ve got the election called for later in May. We don’t really expect to see anything dramatic happen with numbers and clearance rates before then we expect it’s going to be a little bit slow and steady.

We hope you enjoy your week and I will see you next week, bye!

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