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Auction Surge in Sydney | The Real Estate Wrap with Leanne Pilkington

September 30, 2024 |
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Welcome to this week’s Real Estate Wrap with Leanne Pilkington.

As we head into the final quarter of 2024, auction activity remains strong despite some seasonal shifts. In this week’s Real Estate Wrap, Leanne Pilkington, CEO of Laing+Simmons and President of the Real Estate Institute of Australia, breaks down the latest trends from the auction market. Here’s a quick snapshot of what’s happening:

Key Highlights:

  • Auction Surge in Sydney: Despite a national dip in auction numbers, Sydney is heading for its busiest auction week since April 2022, with 1,270 homes set to go under the hammer.
  • Market Slowdown Due to AFL and Long Weekend: Auction activity across the capital cities is down 31.6% compared to last week, largely due to the AFL Grand Final and the upcoming Labour Day long weekend in Sydney.
  • Regional Clearance Rates Fluctuate: Some regions, such as the Central Coast and Illawarra, saw lower clearance rates, while areas like Newcastle performed better with a 66.7% clearance rate.

These insights are crucial for property buyers, sellers, and investors as we move into the spring selling season. Understanding how regional trends and seasonal events affect auction activity can help you make informed decisions. Whether you’re looking to buy, sell, or invest, the timing of your move could make all the difference in securing the best deal.

Transcript

Hey everyone, Leanne Pilkington coming to you from the Hunter Valley which is beautiful, the sun is shining which is a very nice change from the weekend, Real Estate Wrap week ending the 29th of September, so we had 1,196 properties go up for auction this weekend with a preliminary clearance rate of 66.1% last week, 1,009 properties so we have seen that predicted increase in auction numbers obviously next weekend’s the long weekend in Sydney so we expect auction numbers will be softer, so 1,009 last week at a final clearance rate of 61.6% same weekend last year 714, so significantly up on last year, at 64%, Central Coast 18 properties at only a 21.4% clearance rate, on the Central Coast, Blue Mountains 3 sold from 11, Newcastle 42 properties at 66.7%, Illawarra, 35 properties at 41.4% so there some lower sort of clearance rates happening there. Our highest clearance rate in Sydney was 80% in the outer Southwest and the lowest was 55.4% with the Southwest, have an awesome week and I’ll see you next week bye.

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