Rebound doesn’t equal boom | The Real Estate Wrap with Leanne Pilkington
Welcome to this week’s Real Estate Wrap with Leanne Pilkington, Managing Director of Laing+Simmons and President of the REINSW. This week, we call for a bit of perspective. We must remain mindful that the price decline cycle continues and the optimism permeating the market in the weeks since the election is centred around reaching a higher bottom, more rapidly. That is, we are hopeful prices bottom out sooner rather than later and that a rebound can emerge towards the end of the year.
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Hi everyone, Leanne Pilkington coming to you for the very first week in June. Real Estate Wrap and I am up on the gorgeous Gold Coast. You can see the blue sky behind me, sensational day.
The positive sentiment has continued since the election. Last weekend, our clearance rate ended up at 62 per cent, which is the highest clearance rate we’ve seen in over a year. So that’s great.
This week, the preliminary clearance is at 66.1 per cent. Only over 674 auctions though. So whilst yes, the clearance is reasonably stable and reasonably good, numbers are still low.
We are expecting probably we’re going to get an interest rate cut tomorrow and it’s just going to be fascinating to see what the next few weeks brings in terms of that continued positive consumer sentiment.
Anyway, enough for me. You know the drill, click on the link and get all the info in this week’s Real Estate Wrap. See you next week.