A week to remember | 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.

It was a subdued long weekend on the transaction front. There were just 316 homes offered under the hammer last week in Sydney however the success rate kept pace with recent weeks, with CoreLogic recording a preliminary clearance rate of 79.8 per cent.

But in terms of the real estate market, last week was seismic. It’s a week that will be remembered. For the first time in Australia’s history, the Reserve Bank lowered the official cash rate to less than 1 per cent.

Find out more in The Real Estate Wrap for this week by clicking here.

TRANSCRIPT:

Hi everyone, Leanne Pilkington here for the Sydney Real Estate Wrap for the week commencing the 7th of October. Obviously we’ve just had a long weekend and as we expected, that really did impact our auction numbers.

We only had 316 properties go to auction this weekend, with a preliminary clearance rate from CoreLogic of 79.8 per cent. So still really strong buyer demand and to that end, we’ve actually seen a 1.7 per cent increase in prices in September followed up by the 1.6 per cent increase that we saw in August.

So we are seeing that price growth month after month to the point that ANZ have now just reviewed their price predictions. You would’ve seen on the weekend in the Sydney Morning Herald.

Anyway, lots more detail in the Wrap as usual. So just download it and I’ll see you next week.

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