Third week of increasing auction volumes | The Real Estate Wrap with Leanne Pilkington

August 1, 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.

In Sydney, volume dropped 7.1% compared to last week, with 626 auctions held across the harbour city. The volume was also 6.7% lower than this time last year when 671 auctions occurred.

Of the 466 results collected so far, 55.6% were successful.

The initial success rate is lower than the previous week’s preliminary clearance rate of 56.6%, which was revised down to 50.8% at the final figures.

This time last year, 76.1% of homes taken to auction across the city were successful.

“Withdrawal rates remain high across the city, with 26.4% of the 466 results collected reported as withdrawn,” CoreLogic reflected.

“In comparison, of the 634 results collected in Melbourne so far, 11.7% were reported as withdrawn.”

TRANSCRIPT:

Hi everyone, Leanne Pilkington with you coming from Sanctuary Cove this morning where I am at the Elite Retreat. Weather is not so nice though sadly. I have the Real Estate Wrap for you for the week commencing the 1st of August, the very last month of winter, which is awesome. This weekend, 626 properties went up for auction with a preliminary clearance of 55.6%.

Last weekend, 674 properties, final clearance rate 50.8%, same weekend last year 671 properties with a 76.1% clearance rate. You can see there is a consistency around the actual numbers of property going to auction this time of the year. It’s not typically the busiest time, but of course we’ve got all of those other factors impacting both clearance rates and volumes at the moment.

We had 26.4% of properties actually withdrawn prior to auction this week. Across the country 1,909 properties with a preliminary clearance rate of 58.8%. Our highest clearance rate was in Sutherland Shire and that was 70%. Whereas our lowest clearance rate on the Central Coast was only 23.5%. So that really tells you the story of what’s going on across the state right now.

Different markets are being impacted quite differently. We’re hearing the news headlines today about the falls in property prices across Sydney. You’ve got to be really careful when you look at those headlines because what’s happening in Sutherland clearly is not what’s happening on the Central Coast. So any buyers and sellers out there make sure you research what’s going on in your market and stay away from those headlines.

Have a great week. See you next week!

 

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