Stock shortage stalemate | 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.
Clearance rates have been consistently strong. Numbers through open homes over the past few weeks have been high. Buyer demand is genuinely robust and, as Domain reported over the weekend, even those potentially less attractive homes that have been sitting on the market for months are being snapped up.
Find out more in The Real Estate Wrap for this week by clicking here.
Hi everyone, Leanne Pilkington here for The Real Estate Wrap for Sydney August 19.
So the weekend we had another awesome clearance rate over the weekend. In fact, they were the highest clearance rates we’ve seen across Australia in two years. So Sydney 81.7% is the preliminary clearance rate from CoreLogic. We expect that that will settle somewhere in the mid 70s. We had 440 properties go to auction and just to give you an idea that’s actually down almost 30% on the same time last year. So that’s why the clearance rates are so big because we just don’t have a lot of stock.
Same conversation we’ve been having for the last six or eight weeks. Just to give you an idea, we had 64 groups come through one property in Toongabbie alone. So let’s hope that the promised surge in listings happens in Spring, which is just around the corner.
Anyway, lots more information. Click here to download our Real Estate Wrap for this week.