Holding firm despite lockdown | The Real Estate Wrap with Leanne Pilkington

June 28, 2021 |
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Welcome to this week’s Real Estate Wrap with Leanne Pilkington, CEO and Director of Laing+Simmons and President of the REINSW.

In Sydney, 1,101 properties were taken to auction which was down 5% from the initially predicted count.

Of the 920 results collected so far, a preliminary auction clearance rate of 81.08% has been recorded, while the withdrawal rate is sitting at 9%.

“This is only slightly higher than the 7% withdrawal rate recorded last week,” CoreLogic noted.

“Of the 753 homes that did sell, 45.4% reportedly sold prior to auction, which is higher than the number of sold priors recorded last week at final figures (42.9%)”

TRANSCRIPT:

Hey everyone, Leanne Pilkington here live from lockdown in Sydney week commencing June 28th. End of financial year is upon us, I cannot even believe that’s real!

This weekend we had 1,101 properties go up for auction with a preliminary clearance rate of 81.08%

So obviously that lockdown and that move to online auctions that our eastern suburbs friends had to deal with last week didn’t impact clearance rates.

Certainly, 52 of the auctions that were due on the weekend have been rescheduled and almost half of them 45.4% did sell prior, but the market is still going really well.

Last year, 644 properties for the same weekend with a clearance rate of 62.9%

I did have a lot of conversations with auctioneers over the weekend that had to quickly move things online and you know bidding was still really strong, results were really really good. So, well done to all of you for that major pivot very very quickly.

Obviously, now we’ve got two weeks across greater Sydney where we cannot do auctions so we are all going to be online and if this weekend’s results are anything to go by, it shouldn’t impact our results at all.

Have a great week everybody and stay safe!

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