Held above 80% | The Real Estate Wrap with Leanne Pilkington
Welcome to this week’s Real Estate Wrap with Leanne Pilkington, CEO, and Director of Laing+Simmons and President of the REINSW.
There were 609 auctions held in Sydney this week, compared to 592 over the previous week and 608 over the same week last year.
Of the 519 results collected so far, 84% were successful, which was the highest preliminary clearance rate the city has seen since mid-April.
Of the 436 sold results, 55.5% were sold prior to the scheduled auction date.
Last week, Sydney’s preliminary auction clearance rate was lower (82.7%) and revised down to 80.2% at final figures.
CoreLogic notes Sydney’s final clearance rate has held above 80% for two of the last three weeks, with this week likely to be no different as the remaining results are collected.
Hey everyone, Leanne Pilkington here for the Real Estate Wrap week commencing September 6.
This weekend in Sydney, we had 609 properties go to auction with a preliminary clearance of 84%.
Last week, 592 properties with a final clearance rate of 80.2%. Same weekend last year, 608 properties.
So, almost exactly the same and we weren’t in lockdown this time last year either so that’s interesting, right?
55% of the property sold prior. We’ve had a better than 80% final clearance rate for two out of the last three weeks and looks like this week is going to make the trifecta so let’s see how we go.
Northern beaches, highest clearance rate in the city at 93.8% preliminary clearance rate and the lowest clearance rate in the City and in the South at 76%. That’s not really a very low clearance state though, right? So, the real estate market is again continuing to be very, very strong.
Our friends in Melbourne, not quite the same story because the rules are different in Melbourne. They can’t actually go and inspect property yet but I believe that’s changing very, very soon. 531 properties went to auction in Melbourne this weekend with only a 44.5% preliminary clearance rate. Last weekend, 928 so a good number of auctions but only a 35.9% final clearance rate. Same time last year they only had 28 auctions in Melbourne because they were going through that very, very difficult time.
Across the country in August, we had a 77% clearance rate.
That is the highest August clearance rate on record… On record. amazing!
National house prices are rising at the fastest rate in 30 years so across the country the market is still going very, very strong.
Gosh! What can I tell you? Let’s see what this weekend brings.
Have a great week everybody, bye!