A resilient bright spot | The Real Estate Wrap with Leanne Pilkington
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 week where property market musings and economic think-pieces took a back seat as many people across the state faced fear and endured devastating loss on account of the bushfire crisis.
Nevertheless transactional activity remained very strong and prices at both the lower and upper ends of the market were impressive. In other words, it was another week for vendors, by and large, to rejoice.
Find out more in The Real Estate Wrap for this week by clicking here.
Hi everyone, Leanne Pilkington here for the Sydney Real Estate Wrap week commencing November 18 and again we’ve got good, reasonable auction numbers with 932 auctions going to market over the weekend. Preliminary clearance rate from CoreLogic of 77.2 per cent.
So, to give you a comparison over same time last year, we had 875 auctions for a 42 per cent clearance, so things are still ticking along well, as they have been for a number of months now. We’ve beat reserve prices again and again over the weekend and the question I’m getting all the time is how long is this market going to stay like this? What’s going to happen in 2020?
And let’s be honest, nobody really knows but it’s worth remembering that last year’s market downturn had a lot to do with the banking Royal Commission and the fact that the banks had tightened up lending so significantly.
So what that did was suppress buyer demand and now that that’s eased off just a little bit and we’ve had a couple of interest rate falls, that that buyer demand is able to actually be realised. So fingers crossed that it’s going to stay strong in 2020.
Anyway, lots more information so click here for this week’s Real Estate Wrap.