Sydney is set to be the busiest auction market this week | The Real Estate Wrap with Leanne Pilkington

Welcome to this week’s Real Estate Wrap with Leanne Pilkington, CEO of Laing+Simmons and President of the Real Estate Institute of Australia.

Sydney is set to be the busiest auction market this week. There are 429 homes currently scheduled to go under the hammer across the city, down -64.2% on last week (1,199) and -57.8% lower than this time last year (1,017). Easter 2023 saw 371 homes taken to auction across Sydney.

TRANSCRIPT:

Hey, everyone. Leanne Pilkington coming to you live from Bali.

I know, what a shame that someone’s got to do it, we are here on holidays for a couple of weeks.

I am still here for the Real Estate Wrap, week commencing the 1st of April.

This weekend, 413 properties went up for auction across Sydney.

Now, we did expect that over the easter weekend we’d see a lower number.

I don’t suppose they were that many given the holidays, but they were at a preliminary clearance rate of 77.8%.

Last weekend, by contrast, there was 1,190 properties that went up for auction with a final clearance rate of 70.4%.

The same weekend last year, 1,017 properties with a clearance rate of 66.1%.

Newcastle, we had 12 properties at 72.7% preliminary clearance rate.

Illawarra, 18 properties at 50% preliminary clearance rate.

Central Coast, 14 properties 50% preliminary clearance rate.

And the Mountains, we saw 2 from only 3 auctions sold up there.

Our lowest clearance rate was North Sydney and Hornsby at 65.1% and we had a massive 88.9% in the Inner West and better than 80% in the Eastern Suburbs, Inner West, Northern Beaches, Southwest and Sutherland.

So a lot of great auction results over the weekend.

I hope you’re enjoying your week as much as I am.