Diverse market conditions | The Real Estate Wrap with Leanne Pilkington

July 27, 2020 |
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Welcome to this week’s Real Estate Wrap with Leanne Pilkington, Managing Director of Laing+Simmons and President of REINSW.

602 homes were taken to auction in Sydney this week, with a preliminary auction clearance rate of 68.3 per cent. Last week saw a final clearance rate of 61.4 per cent achieved across a lower 515 auctions. The Ryde area saw the highest clearance rate at over 80 per cent, and the lowest clearance rates were in Sutherland and the South West with 61 per cent. House prices were also down 0.8 per cent in June, which means there is a total of 1.2 per cent fall since April this year.

TRANSCRIPT:

Hi everyone, Leanne Pilkington here for the Real Estate Wrap for the week commencing 26th of July. The very, very last week of July, do you even believe it? I’m coming to you live from Laing+Simmons St George which is exciting for me today.

This week we had 602 properties go up for auction with a preliminary clearance rate of 68.3 per cent. To contrast, last week there were 515 auctions with a 61.4 per cent final clearance rate. To give you an idea, same weekend last year 394 auctions with a 75.7 per cent clearance rate.

This week we had one local area that had plus 80 per cent clearance rates and that was Ryde. Our lowest clearance rates we saw were in Sutherland and also in the South West with 61 per cent.

We have seen some small price drops in the last month. In June, prices were down 0.8 per cent and that’s a total of 1.2 per cent fall since April of this year. Interestingly, the lower sector of the market is actually up by 0.2 per cent. The upper end conversely has dropped by 1.3 per cent, so as always we are seeing different market conditions in different parts of the market.

So I’ll be back to you next week, hopefully from Port Douglas, so long as they don’t close the borders, to give you an update for the first weekend in August. Take care.

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