Settling supply and demand | 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.
According to CoreLogic, Sydney recorded a preliminary auction clearance rate of 82.1% this week across 777 auctions. Last week, 919 Sydney homes went to auction with a preliminary clearance of 84.8%, later revised down to 81.5% at final results. One year ago, 192 auctions were held and a 50.9% final clearance rate was recorded.
Sydney’s highest clearance rates were in the Inner West at 92.1%, and the lowest clearance was in the Outer West Blue Mountains at 54.6%.
Hi everyone, Leanne Pilkington here for the Real Estate Wrap, week commencing April 26th.
I hope you all managed to commemorate Anzac Day in a way that was meaningful for you yesterday. I know my husband certainly did with the diggers at the local bowling club playing tour, so he was a very happy man.
So this weekend in Sydney we had 777 auctions and a preliminary clearance rate of 82.1%.
Now that’s marginally down on the 84.8% clearance rate that we saw last week, and some of the auctioneers out in the field are telling me that they’re just seeing the supply and demand equation starting to settle. So let’s see what that means over coming weeks.
Certainly last week 919 properties went for auction with a final clearance rate of 81.5%.
Same weekend last year, 192 auctions with a clearance rate of 50.9%. What a difference a year makes, right?
Our Inner West market was leading the charge with a preliminary clearance rate of 92.1%. Our lowest clearance was in the Outer West and Blue Mountains at 54.6%.
Last month we saw 54 suburbs break the one million dollar price bracket for the first time. So there’s no denying – excuse me, it’s not COVID, I promise – there’s no denying that prices have been rising so far in 2021, let’s see what next month brings. Take care everyone!