Auction volumes up, clearance rate still slipping | The Real Estate Wrap with Leanne Pilkington

June 20, 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 REINSW.

There were 793 auctions held across Sydney this week, compared to 541 over the previous week and 1,157 this time last year.

Of the 624 results collected so far, 55.4% were successful.

This was the lowest preliminary clearance rate the city has seen since April 2020.

“Once the remaining results are collected, Sydney’s final clearance rate may slip into the 40% range, although it’s likely to just manage to hold above 50%,” CoreLogic said.

Last week, Sydney’s preliminary clearance rate was 58.1%, which revised down to 54.3% at final figures.

TRANSCRIPT:

Hey everyone, Leanne Pilkington here for the latest Real Estate Wrap week commencing the 20th of June.

This weekend, 793 properties went up for auction with a preliminary clearance rate of 55.4%, and we actually saw more properties selling prior to auction than we did on auction day.

Last week was obviously impacted by the long weekend, 541 properties with a final clearance rate of 54.3%.

Same weekend last year, 1,157, so we can see what is happening to auction numbers.

Across Australia, 2526 properties went up for auction which is up 83% on the long weekend of the previous week.

Our lowest clearance rate in Sydney this weekend was Blacktown at only 27.3%, highest was Sutherland at 71%.

So still quite a number of properties selling in the Sutherland shire over the weekend.

There’s no doubt that we’re seeing the impact of interest rate uncertainty on prices with a number of areas seeing their prices come back, and longer days on market, and of course fewer people bidding at auctions.

So we’re in for a bumpy road until we get some interest rate stability and that is not going to happen in the short term.

Have a great week! I’ll see you next week, bye.

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