Momentum builds | The Real Estate Wrap with Leanne Pilkington

November 9, 2020 |
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Welcome to this week’s Real Estate Wrap with Leanne Pilkington, Managing Director of Laing+Simmons and President of the REINSW.

According to CoreLogic, 853 Sydney homes went to auction this week, compared to 854 over the previous week and 948 this time last year. The preliminary clearance rate is 78.6 per cent this week, compared to last week’s 73.1 per cent clearance and last year’s 76.8 per cent. We had above 80 per cent clearance rates in Sutherland, Blacktown, Parramatta, Northern Beaches, Baulkham Hills and Hawkesbury.

CoreLogic also reports that housing values are now trending higher across every capital city (including in Melbourne), average selling time has reduced and mortgage activity has rebounded strongly. In combination with last week’s interest rate cuts, the property market is going through significant change, but in a way that will build momentum.

TRANSCRIPT:

Hey everyone, Leanne Pilkington here with The Real Estate Wrap for the week commencing November 9.

Stability’s still in the real estate market across Sydney. 853 properties went to auction this week compared to 854 for the week before.

This week we’ve got a preliminary clearance rate of 78.6 per cent. Last week it was a preliminary clearance rate of 79.6 which was revised down to 73.1.

Same time last year, 948 properties went to auction with a clearance rate of 76.8 per cent.

According to CoreLogic, we’ve got momentum building in the property market. Values have ticked up in every capital city across the country, including Melbourne which is great news.

And the average days on market have dropped and mortgage activity has rebounded. Obviously we had a rate cut last week as well, so interesting times in the property market.

Our friends in Melbourne, second week in a row that they’ve had 606 properties go to auction, very specific number. And they had a 71.8 per cent preliminary clearance rate.

Above 80 per cent, we had a lot of our areas above 80 per cent preliminary clearance this week including Sutherland, Blacktown, Parramatta, Northern Beaches, Baulkham Hills and Hawkesbury.

The lowest clearance rate that we saw was 73.7 per cent on the Central Coast which is a little bit surprising, because that market’s been really strong. But let’s be honest, 73.7’s still a pretty good clearance rate even though it’s the lowest that we saw across the Sydney
region.

Have a wonderful, wonderful week and I’ll check in with you again next week. Bye!

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