Moving into May | The Real Estate Wrap with Leanne Pilkington

May 4, 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.

April was undoubtedly a significant adjustment for buying, selling and the numbers. There were 269 auctions scheduled in Sydney this week, returning a preliminary clearance rate of 62.7 per cent. On the plus side, open homes and on-site auctions will resume next weekend, but still in accordance with social distancing measures.

TRANSCRIPT:

Hey everyone, Leanne Pilkington here for the Real Estate Wrap for the week commencing May 4. Wow! What a month we had in April but the stats are really interesting.

Certainly last weekend, we had only 269 properties going to auction. A clearance rate of 62.7% so that’s a pretty strong clearance rate but obviously over a pretty small number. The same week the previous year (which probably is no comparison at all, right?) was 57.2% clearance, 539 auctions. We also had 986 private sales this weekend which is really interesting to see.

But the telling number is the decline in transactions across Sydney in the month of April is 79%. So that is massive.

Transactions were at a 29-year low across the country. 29-year low! Massive. Interestingly, in Sydney we did see a 0.4% increase in prices in April. 3.2% for the quarter and 14.3% for the 12-month period, so prices are still holding in Sydney and mainly across the country.

We have just had the news yesterday that open homes and on-site auctions are back on in NSW, so this coming Saturday is going to be very interesting to see what the results show us.

I hope you all have an awesome week and I look forward to an interesting update on Monday of next week. Bye.

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