Second Busiest Auction Week in Spring| The Real Estate Wrap with Leanne Pilkington
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. Spring is in full bloom, and the auction market is heating up! With over 1,000 auctions held this past weekend, we’re seeing some fascinating trends and market movements that are important for anyone thinking of buying, selling, or investing in property.
Key Highlights:
- Third-highest auction volume this year – 1,044 properties were up for auction, with a preliminary clearance rate of 69%. This follows a long weekend dip where only 524 properties went under the hammer with a clearance rate of 57.6%.
- Region-specific performance – Newcastle performed well with a 71.4% clearance rate, while the Blue Mountains saw a lower rate at 33.3%. Ryde led the pack with the highest clearance rate at 86.2%.
- Consumer sentiment on the rise – Optimism about potential rate cuts is growing, with sentiment numbers being the strongest since May 2022. Although we’re unlikely to see a rate cut before Christmas, this positive outlook could impact buying activity.
The auction market is set to remain robust in the coming weeks, with consumer confidence building. These insights are key for property buyers, sellers, and investors to make informed decisions.
For property buyers, the increase in auction volume and clearance rates indicates heightened competition, particularly in areas like Ryde and Newcastle. Sellers can benefit from the continued strength of the market, particularly in high-performing regions. Investors should also keep an eye on consumer sentiment and potential rate cuts, which could further fuel demand. As the auction season peaks, staying informed will be crucial to navigating this dynamic landscape.
Stay informed with our weekly updates.
Transcript
Hey everyone Leanne Pilkington with you for the Real Estate Wrap week ending the 13th of October. This weekend 1,044 properties went up for auction with a preliminary clearance rate of 69% now that was our third highest number of auctions so far this year, not surprising for spring but still interesting stats, last weekend 524 properties obviously long weekend, so numbers are lower and as we expected the clearance rate did fall below 60% at 57.6%, same weekend last year 892 properties at a clearance rate of 66.8%. Central Coast 15 at 58.3%, the Blue Mountains 19 properties at only a 33 and third % clearance. Newcastle 38 at 71.4% which is much stronger and Illawarra 19 at 50%. Our highest clearance rate was in Ryde 86.2% too so things are going well in Ryde. Our lowest was 50% in Baulkham Hills, Hawkesbury and the outer Southeast, we have seen some consumer sentiment numbers come through this week they are the strongest since May 2022 with people feeling like the next rate cut is likely to be down not up so let’s hope that is the case probably won’t happen this side of Christmas but anyway let’s see what happens have a good week.
