Rise or fall | The Real Estate Wrap with Leanne Pilkington
Welcome to this week’s Real Estate Wrap with Leanne Pilkington, Managing Director of Laing+Simmons and President of the REINSW.
According to CoreLogic, 624 homes were taken to auction in Sydney this week, compared to 447 over the previous week and 583 this time last year. The preliminary clearance rate came in at 87.5% this week, compared to the previous week’s final clearance rate of 84.4%, and 75.4% for this time last year.
The Central Coast region had a 100% preliminary clearance rate, while Sutherland, Parramatta, Northern Beaches, Blacktown, Newcastle and Lake Macquarie are all tracking above 90%.
The Westpac Melbourne Institute Index of House Price Expectations, which asks people whether they expect prices to rise or fall over the next 12 months, jumped to a seven-month high in February. The index rose to 154.7, meaning the number of people expecting price rises far outnumber those expecting price falls.
Hey everyone, Leanne Pilkington here for the Real Estate Wrap, week commencing February 15. I hope you all had a beautiful Valentine’s Day yesterday.
This week in Sydney, we had 624 properties go to auction with a preliminary clearance rate of 87.5 per cent.
Last week, 447 properties with a final clearance rate of 84.4 per cent, so that’s super strong!
Last year, 583 properties with a clearance rate of 75.4 per cent.
Our friends in Melbourne in lockdown again, the poor things! So this week there were 668 properties scheduled for auction with a preliminary clearance of 87.8 per cent.
Half of all of the properties that sold were actually sold prior, which was no surprise. I’m sure there was a lot of auctions dragged forward very, very quickly!
We’ve only had 8 per cent of those auctions withdrawn at this stage, but those numbers might change over the next couple of days.
Last week, they had 615 auctions at a 76 per cent clearance rate. Last year, same weekend, 743 auctions. So they’re still tracking quite far behind what they were this time last year.
Back to New South Wales, the Central Coast had 100 per cent preliminary clearance rate for their auctions. Phenomenal!
The following suburbs were above 90 per cent. Sorry, following regions I should say. Sutherland, Parramatta, Northern Beaches, Blacktown, Newcastle and Lake Macquarie all tracking above 90 per cent.
The Westpac Melbourne Institute of House Price Expectations – who ever knew there was such a thing, right? It asks if people think prices are gonna rise or fall over the next 12 months. No surprise, it’s jumped to a 7-month high in February.
It’s sitting at 154.7 which means the number of people expecting a price rise over the next 12 months far outweighs those expecting price falls.
I guess you don’t have to be a genius to work that out at the moment.
Anyway, hope you have a wonderful week and I’ll catch you next week from Queensland!