Sixth week of auction clearance rate below 60 per cent | The Real Estate Wrap with Leanne Pilkington

July 18, 2022 |
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Welcome to this week’s Real Estate Wrap with Leanne Pilkington, CEO of Laing+Simmons and Deputy President of the Real Estate Institute of Australia.

There were 639 homes auctioned across Sydney this week, which was a 5.6% increase on the week prior when 605 auctions occurred, but 16.9% lower than the 769 auctions held this time last year.

Of the 506 results collected so far, 56.9% returned a successful result, while 25.9% were withdrawn from the auction.

Last week the preliminary clearance rate was 57.5% and later revised down to 53.1% at final figures, with a withdrawal rate of 24.7% recorded.

While this week’s results are higher than the recent low recorded two weeks prior when Sydney saw a preliminary clearance rate of 52.5% and a final success rate of 49.9%, this week’s results are well below the 76.6% clearance rate recorded this time last year.

TRANSCRIPT:

Hey everyone, Leanne Pilkington here coming to you from Bali for this week’s Real Estate Wrap. And can I tell you, it is so good to be warm. Very happy to be out of Sydney this week. Real Estate Wrap week commencing 18th of July.

This weekend we had 639 properties go for auction with a preliminary clearance rate of 56.9%. Last week, 605 properties with a final clearance rate of 53.1%. Last year, 769 with a clearance rate of 76.6%.

Now one quarter of all of the auction properties this week were withdrawn from sale, slightly up on last week’s and it’s just an indication of vendors not being prepared to meet the market and the buyers still hoping that there’s going to be more falls in prices.

You know this, right? This weekend, the transaction numbers were up 5% on the transaction numbers from last weekend, but down a massive 17% on the same weekend last year, which is just a reflection of the instability in the market as a result of those interest rate changes.

Our lowest clearance rate this weekend was in Parramatta, 44.2%, the highest clearance rate was being in the Inner South West at 68.3%. Enjoy your week, I know I’m going to. Bye!

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