True believers | 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.
Last week we took a closer look at the various factors contributing to the gathering momentum in the real estate market. The end is in sight for the price decline cycle, the cost of finance is low, clearance rates are encouraging and enquiry levels are strong.
On the surface, all positive variables. But this week has demonstrated the one important qualifier for this momentum to grow into a full stabilisation in the market: belief.
Find out more in The Real Estate Wrap for this week by clicking here.
Hi everyone, Leanne Pilkington here. Back in Sydney on a grey old wet day, week commencing the 24th of June and let me tell you, I was missing the warm weather of Bali when I first woke up this morning.
But anyway, another strong clearance rate showing over the weekend. Preliminary rate is 67.1%. Last week, it settled at 66.4%, which is actually the highest clearance rate that we’ve seen since April, since Easter last year. So that’s great.
The issue is, of course, the number of properties that are going under the hammer. We had 551 this week as against 534 last week. Still really low compared to what we’d like to be seeing.
Sounds like the buyers are getting the message that it’s a great time to buy. The vendors are a little bit slower to show their confidence in the market. But anyway, we’ll see what next week brings.
Obviously, as always has lots more in this week’s Real Estate Wrap. So click here to download and I’ll see you next week.