Auction activity is cooling down | The Real Estate Wrap with Leanne Pilkington

Welcome to this week’s Real Estate Wrap with Leanne Pilkington, CEO of Laing+Simmons and President of the Real Estate Institute of Australia.

Sydney’s auction activity is down due to the upcoming Bank Holiday long weekend. With fewer properties on the market and a slowdown in home value growth, there are some notable shifts happening. Here’s what you need to know:

Key Takeaways:

• 627 auctions scheduled in Sydney this week – a drop from 721 last week, influenced by the Bank Holiday long weekend.
• Home value growth is slowing – Sydney’s quarterly growth rate has decreased to 1.1%, down from 5.0% this time last year.
• Next week is expected to see a rise in auction activity, with around 1,860 capital city homes set to go under the hammer.

Stay informed with our weekly updates.

Transcript

Hey everyone, Leanne Pilkington with you for the Real Estate Wrap week ending the 4th of August. Gosh okay this week, this weekend 594 properties went up for auction at a preliminary clearance rate of 69.4% so that is only the second time this calendar year that we have seen preliminary clearance rates below 70% and obviously auction numbers are lower, we are going to see lower numbers over the next few weeks although I’m hearing that Spring there are a lot of people prepping to sell in Spring so let’s see what the next month or so brings. Last weekend, 729 properties with a final clearance rate of 68.5%. Same weekend last year was 692 properties at a final clearance rate of 63.4%, Central Coast only sold 1 from 11, the Blue Mountains 13 properties at a 63.6% preliminary clearance rate, Newcastle 25 at 61.9%, and Illawarra also 25 at 66.7%. Our lowest clearance rate was 60% Baulkham Hills, Hawkesbury and Sutherland, and our highest was 86.7% at Ryde. Have an awesome week and I’ll see you next Monday, bye.

Source: CoreLogic Australia