Volumes were down this week | The Real Estate Wrap with Leanne Pilkington

May 9, 2022 |
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Welcome to this week’s Real Estate Wrap with Leanne Pilkington, CEO of Laing+Simmons and Deputy President of the REINSW.

There were 654 auctions held across Sydney this week, compared to 914 over the previous week and 1146 this time last year.

Of the 516 results collected so far, 58.7 per cent were successful. This is lower than last week when the initial success rate was 62.3 per cent. It revised down to 58.2 per cent at final figures.

“Excluding the week ending 23 January 2022 when fewer than 100 homes were taken to auction across Sydney, this is the lowest preliminary clearance rate since April 2020,” CoreLogic said.

TRANSCRIPT:

Hey everyone, Leanne Pilkington here for the Real Estate Wrap week commencing the 9th of May.

This weekend has just gone, 654 properties went up for auction with a 58.7% preliminary clearance rate.

Last weekend 914 properties with a final clearance rate of 58.2%.

Same weekend last year 1,146 properties.

So, it’s the lowest clearance rate we’ve seen since April 2020 with the exception of one week of very low volumes in January. And you know what, it’s no surprise we’ve got a federal election, we’ve got interest rates that have increased and we know they are going to continue to increase so I don’t think we should worry too much about what’s going on today. We need to give it a little bit more time and see what happens to the market after the election is run and won or lost whichever way you want to think about it.

Across the country, both volumes and percentages are down in line with you know exactly the same reason they’re down here. 2,039 properties went up across Australia with a preliminary clearance rate of 64.7%.

Lowest clearance rate in Sydney again was the Eastern suburbs with a preliminary clearance rate of 48%.

It’s interesting that top end of the market’s always the first to go either way, right?

And our central coast is back showing a bit of strength 70.6% preliminary clearance rate on the central coast this weekend.

Have an awesome week!

Try to stay dry and I’ll see you next week, bye!

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