Market Cooldown Continues | The Real Estate Wrap with Leanne Pilkington
Welcome to the Real Estate Wrap with Leanne Pilkington, CEO of Laing+Simmons and President of the Real Estate Institute of Australia.
This week, Leanne shares the latest on Sydney’s real estate market, highlighting shifts in auction outcomes and pricing trends. With buyers becoming more cautious and prices feeling the pressure, here are three main highlights:
- Auction Snapshot: Sydney saw 1,046 properties go under the hammer this weekend, with a 65.5% clearance rate, meaning about two-thirds found buyers. Last weekend’s final clearance rate hit a yearly low at 55.9%, showing that some buyers are holding back or being selective with prices.
- Price Changes: Sydney home values dipped slightly in October, marking the first monthly decrease since early 2023. Higher-end homes saw a 0.6% drop, but more affordable properties and units saw a slight 0.5% increase.
- Regional Trends: Auction results varied across Sydney. Parramatta led with a high clearance rate of 71.7%, while the Central Coast saw only about one-third of properties sell at auction, reflecting how price sensitivity is impacting some areas more than others.
For sellers, buyers are being cautious, so realistic pricing might be key to a quicker sale. Buyers could have more room to negotiate or find options in specific areas. And for investors, areas with steadier demand—such as lower-priced properties or certain regions—might offer better stability in the current market.
Stay informed with our weekly updates.
Transcript
Hey everyone Leanne Pilkington with the Real Estate Wrap week ending the 3rd of November. I’m actually up in Darwin where I’ve had the pleasure of meeting with the board of the Real Estate Institute of Northern Territory and attended their 50th Anniversary Awards for Excellence which was a fabulous, fabulous night. So this weekend 1,046 properties went up for auction at a 65.5% preliminary clearance rate. Last weekend: 981. Now our final clearance rate was 55.9% which is the lowest clearance rate we’ve seen this year, and it’s really reflecting what we’re hearing from agents and auctioneers. Our buyers are very, very price sensitive and not all owners are prepared to meet the market at the moment. October actually did see a decrease in house prices in Sydney although we have seen a 5% increase over the last 12 months. So, same weekend last year: 1,059 properties at a final clearance rate of 65.9%. Central Coast 19 with only a 33.3% clearance rate. Price sensitivity is definitely an issue on the Central Coast. Blue Mountains: 3 from 9. Newcastle: 41 with a 61.8% preliminary clearance rate and Illawarra: 20 at 50%. Across Sydney, our lowest clearance rate was Blacktown at 47.6%. Our highest at 71.7% was Parramatta; with Sutherland, North Sydney and Hornsby all seeing better than 70%. I hope you have an awesome week.
