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A Strong Start to Spring | The Real Estate Wrap with Leanne Pilkington

September 9, 2024 |
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Welcome to this week’s Real Estate Wrap with Leanne Pilkington, CEO of Laing+Simmons and President of the Real Estate Institute of Australia.

As we enter the first month of spring, Sydney’s real estate market is showing resilience, even amidst a slight dip in auction volumes. Here’s an update of the auction results and what to expect in the coming weeks.

Highlights:

  • Slight Drop in Auctions: Sydney saw 774 properties go under the hammer, with a preliminary clearance rate of 73.2%, down from last weekend’s 874 properties and a final clearance rate of 65.3%.
  • Top Performing Suburbs: Blacktown led the way with an impressive 85% clearance rate, followed closely by Ryde, the Inner West, and the Inner Southwest. All achieving over 80%.
  • Spring Surge Ahead: Auction numbers are expected to climb by 20% next weekend, with a continued rise of another 10% the following weekend, signaling a busy spring season.

These early spring trends indicate strong buyer demand, particularly in Sydney’s top-performing suburbs. For property buyers, sellers, and investors, now is a great time to monitor market movements closely. With auction volumes set to rise, opportunities for both buying and selling are expected to increase, making this season a key period in the real estate calendar.

Stay informed and be ready to make your move!

Transcript

Hey everyone Leanne Pilkington with you for the real estate wrap, week ending the 8th of September. This weekend 774 properties went up for auction across Sydney with a preliminary clearance rate of 73.2% last weekend 874 properties with a final clearance rate of 65.3% and same weekend last year 898 properties 67% clearance rate. Central Coast we saw only one from six. Newcastle 20 properties out at a 61. 5% clearance rate. The Blue Mountains 6 from 9 and Illawarra 24 properties from 56 with a 56.3% preliminary clearance rate. Our highest clearance rate across Sydney was Blacktown at 85%, wow big effort and also above 80% we had Ryde, the Inner West and the inner Southwest. Our lowest clearance rate was Baulkham Hills and Hawkesbury at 55.6%. There’s about a 20% differential in auction numbers between Winter and Spring so we are expecting to see increased auction levels over coming weeks, about 20% actually next weekend between this weekend and next weekend and another 10% the following weekend, so let’s see how the first month of spring progresses, have a wonderful week.

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