Cautious optimism | The Real Estate Wrap with Leanne Pilkington

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

Can you believe we’re in December already? Where has this year gone?! The Reserve Bank meets tomorrow – for the final time in 2019. Last week, the Reserve Bank’s Governor said that interest rates “will remain low for an extended period of time.” So it is anticipated that interest rates will remain at their current level for some time yet.

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TRANSCRIPT:

Hi everyone, Leanne Pilkington here for the latest Sydney Real Estate Wrap for the week commencing December 2. Can you even believe it? Summer has begun!

We had 1,131 properties go to auction this Saturday. So far, the preliminary clearance rate is 84.7 per cent according to CoreLogic. It is the busiest auction weekend we have had in 2019.

Last week our 940 auctions ended up with the clearance of 76 per cent. Same week last year, to give you a bit of an idea, was 937 properties in only a 41.6 per cent clearance rate.

We have had a massive 2.7 per cent increase in value in the month of November. That is an incredible 6.2 per cent up for the entire quarter. Now if you analyse that that’s almost 25 per cent value increase for the year. So that’s clearly not going to be sustainable.

We’re not really yet to have tested the market on higher supply levels. So it’s going to be very interesting to see what the new year brings.

Anyway, I’ll see you next week. Bye!

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