Rebound ready | The Real Estate Wrap with Leanne Pilkington
Welcome to this week’s Real Estate Wrap with Leanne Pilkington, Managing Director of Laing+Simmons and REINSW President.
Last week provided more evidence that property has stabilised and a rebound appears on the cards. Prices have stabilised, vendors are holding firm and agents can encourage their customers to keep their nerve. A trip around Sydney’s upcoming suburban auctions shows an increasing number of properties selling prior. And vendors are no longer asking – or settling – for less.
Find out more in The Real Estate Wrap for this week by clicking here.
Hi everyone, Leanne Pilkington here for Sydney’s weekly Real Estate Wrap for the week commencing September 23.
Last weekend, we did see an increase in auction numbers, so we had a 76.6% preliminary clearance rate according to CoreLogic. Over 647 properties. The week previously was 76% clearance on 585 properties. So, as expected, Spring is seeing an increase in properties.
However, same weekend last year there was 851 properties that went to auction. So still down compared to the same time last year and it’s important to remember that last year was 20% down in numbers from the year before. So we are still, even though numbers are increasing, that’s still not great.
We have seen, as you would expect with clearance rates at this level, vendor discounting has reduced significantly so the vendors are actually getting the prices that they’re looking for. Who knows how long this is going to hold true? Though we are hopeful that the numbers are going to continue to increase throughout Spring, but we’ll see what next week brings. See you then!