Preliminary clearance rate falls to 67.3% | The Real Estate Wrap with Leanne Pilkington
Welcome to this week’s Real Estate Wrap with Leanne Pilkington, CEO of Laing+Simmons and President of the Real Estate Institute of Australia. This week, the auction market took a breather with the King’s Birthday long weekend leading to a notable dip in activity.
Here’s the update:
- 1,327 homes scheduled for auction in capital cities – a 44.2% decrease from last week.
- Sydney leads with 537 auctions, down 40.3% from the previous week.
- Auction activity is set to rebound next week with nearly 2,300 auctions on the calendar.
- Preliminary clearance rate dropped to 67.3%, the lowest of the year.
- Sydney’s clearance rate was 70.1%, marking a year-low.
Stay tuned as we monitor the market’s rebound next week.
Transcript:
Hi everyone Leanne Pilkington with you for the Real Estate Weekly Wrap the week ending the 10th of June.
This weekend 508 properties were up for auction obviously long weekend in Sydney this weekend so numbers we would expect them to be lower and they were, 70.1% preliminary clearance rate, last weekend 899 properties of the final clearance rate of 65.9%, same weekend last year 468, 72.2% final clearance rate, Central Coast 4 from 10, Newcastle 4 from 17, Illawarra 8 from 17, and the Blue Mountains 2 from 4, low numbers we’re seeing all over the place as I said long weekend that’s what you get.
Lowest clearance rate across Sydney was the Southwest with a 51.9% preliminary clearance rate and highest was Blacktown at 79.3% so we’re hearing that there’s not as many buyers around as they were.
We’re also hearing that it is very unlikely that the interest rates are going to go up, we don’t think there’ll be any movement based on what we’re seeing right now in interest rates probably this year sadly I like to think that they’ll be starting to go down, but most of the banks are saying that that’s not going to happen until 2025.
Anyway have an awesome short week and I’ll see you next week, bye!
