Scene set for 2020 | The Real Estate Wrap with Leanne Pilkington
Welcome to this week’s edition of The Real Estate Wrap with Leanne Pilkington, Managing Director of Laing+Simmons and President of the REINSW.
As expected, the Reserve Bank left interest rates unchanged last week to close out the year. On the auction front it was another impressive result, with volumes strong and clearance rates in line with recent weeks.
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Hi everyone, Leanne Pilkington here for this week’s Sydney Real Estate Wrap for the week commencing December 9.
We had 936 properties go to auction on Saturday with a preliminary clearance rate of 78.1 per cent. 1,221 the previous week and that clearance rate actually finalised at 78.1 per cent bizarrely.
Same weekend last year we only had 870 properties with only 41.3 per cent selling so it’s pretty clear that clearance rates have almost doubled in the last 12 months and we need to remember that the market last year was artificially subdued as a result of the Banking Royal Commission and the difficulties people were actually having trying to borrow money.
The experts are saying that we look like we’re having double-digit growth in Sydney through 2020, so the expectations are that the market is going to continue to be strong after Christmas but let’s wait and see.
Next weekend is pretty much the last auction weekend of the season so I’ll see you on Monday for the Wrap. Bye!