860 homes to go under the hammer | 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.
Over 2,300 auctions are set to grace the combined capitals this week, marking a significant 76.8% increase from last week’s quieter period due to the King’s Birthday long weekend in most states.
In Sydney, 860 homes are scheduled to go under the hammer, up from 523 last week and 764 this time last year.
Looking ahead, early indications suggest nearly 2,100 homes will be auctioned next week across our vibrant capitals.
Transcript
Hey everyone, Leanne Pilkington with your the real estate wrap the week ending the 17th of June. This weekend 795 properties went up for auction preliminary clearance rate of 75% last week 523 remembering obviously it was long weekend that’s why numbers were down, final clearance rate of 65% and same weekend last year 764 properties out of final clearance rate of 70.8%, Central Coast 16 properties out of 57.1% preliminary clearance rate, the Blue Mountains we sold three from 11, Newcastle 23 properties at a 77.8% preliminary clearance rate, and Illawarra 14 at 84.6% so big weekend down in the Illawarra.
You would have seen the news today that the New South Wales State Government in their wisdom has decided that the tax-free threshold the land will be frozen at the 2024 level of $1.75 million and will no longer be indexed with increasing property prices and so what that means is bracket creep is going to happen in land tax, just as it has in stamp duty. A million dollars sounds like a lot of money for a block of land right now but in 15 years’ time, will it be? No, unfortunately it won’t be, but we will still be paying land tax at that rate. The impact is going to be more investors selling and an ongoing rental crisis. I cannot believe the government have made that decision at a time like this – it’s absolutely nuts. Anyway, hope you have a great week, I certainly will. I am going on leave in Europe for a month, can’t wait!
