Restrictions ease, demand strengthens | The Real Estate Wrap with Leanne Pilkington

May 18, 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.

There were 193 auctions scheduled in Sydney this week, returning a preliminary clearance rate of 73.4 per cent. In comparison, last week saw 216 homes taken to auction with a success rate of 66.3 per cent. With restrictions easing across many states and territories, it’s likely that the number of homes taken to auction will increase in the coming weeks.

TRANSCRIPT:

Hey everyone, Leanne Pilkington here for this week’s Real Estate Wrap for the week commencing May 18.

So, Saturday we only saw 193 properties go to auction but the prelim clearance rate according to CoreLogic was 73.4 per cent. So that is super, super strong.

Last week we saw 216 properties go to auction with a final clearance rate of 66.3. As against last year, 276 auctions and a clearance rate of 56.5 percent. So what we’re seeing is still really strong demand out there from buyers, but we don’t have a lot of property on the market.

Hopefully, now that vendors can see there is some serious buyer interest out there, and we’ve got open homes and auctions back, hopefully we’ll see more stock come on to the market, because at the moment lots of demand and not a lot of supply.

We also saw 182 properties sell private treaty over the weekend as well, so there’s a little bit going on.

I will look forward to checking in with you again next week. Take care.

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