Building slows, price grows? | 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.
Our theme has been one of optimism in recent weeks and new figures suggest that, despite mixed messages at an economic level, this position is justified. It’s about finding the silver lining. In this case, we can look to the news of the slowdown in residential building activity.
Find out more in The Real Estate Wrap for this week by clicking here.
Hi everyone, Leanne Pilkington here for The Weekly Wrap for Sydney real estate, week commencing August 12.
We only had 365 properties go to auction again on the weekend. Preliminary clearance rate from CoreLogic is at 81.2%. Last week we settled at 72% and we do expect that it will come down probably somewhere into the mid-70s for this week as well. Any clearance rate at that level indicates the prices are in fact going to start increasing and we’ve seen a number of properties sell above reserve at auction. So I think it’s pretty safe to say that we have seen the bottom of the market in this cycle in Sydney.
REA realestate.com.au Chief Economist Nerida Conisbee also talked about that over the weekend, and the fact that the lack of supply will do nothing for prices other than to start to see the prices increase.
So as always we wait and see what happens next week, but for all of the info, please just click here, and I’ll see you next week. Bye.