Significant activity | 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.
Sydney saw a significant increase in auction activity over the week, with 1,121 homes taken to auction, up from 794 over the previous week and 283 this time last year.
Preliminary results show that of the 946 auctions reported so far, 83.5% were successful.
Last week’s preliminary clearance rate was a lower 82.1%, which revised down to 79.3% at final figures, the first time Sydney’s final clearance rate has fallen below 80% since late January 2021.
Hey everyone, Leanne Pilkington coming to you live from Bateman’s Bay for this week’s Real Estate Wrap for the week commencing May the 3rd.
Both Sydney and Melbourne saw significant increases in the volume of property that went to market with vendors trying to capitalise on the recent price gains.
This week we had 1121 properties go to auction in Sydney. Now, of the 946 that have been reported as sold, 83.5% of those actually sold under the hammer.
Last week, we had 794 properties with a final clearance rate of 79.3%.
Now that’s the first time that we’ve been below an 80% clearance rate since the end of January in Sydney.
So it it does tell you that the real estate market is finally starting to maybe look at stabilising, which is what agents and auctioneers have been telling me for the last week or so. So that is really good news for all of us.
Last year we only had 283 properties go to auction, as we were in the middle of the COVID scare.
North Sydney and Hornsby had a preliminary clearance rate of 90.4% which is incredibly high, particularly given there were 156 properties that went to market.
Our lowest clearance rate or preliminary clearance rate of 62.5% was the Outer West and the Blue Mountains.
I will look forward to catching up with you all next week from…hmm, I think it’s Newcastle! Take care.