Demand is the difference-maker | The Real Estate Wrap with Leanne Pilkington
Welcome to this week’s edition of The Real Estate Wrap with Leanne Pilkington, Managing Director of Laing+Simmons and President of the REINSW.
Spring has delivered an increase in listings and therefore transactions, and the prices being recorded are impressive. But there’s still much for buyers and vendors to consider. There’s a good chance interest rates will go down again tomorrow, for example.
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Hi everyone, Leanne Pilkington here for this week’s Real Estate Wrap for the 30th of September, the very last day of the first month of Spring. Can you believe it?
As expected, auction numbers have been increasing. We had 939 properties go to auction last week. 77.6% preliminary clearance according to CoreLogic and that means that despite the increased numbers we are still seeing really strong clearance rates. For the same week last year, we only had 608 auctions for a 43% increase. So this year’s auction numbers were the highest that we’ve seen since last November.
Interesting stat that I saw during the week, we’ve had almost three times a number of bidders last month as against the number to bidders we saw in June. So market’s still strong from an auction perspective.
This weekend is the long weekend so we would expect to see lower auction numbers coming through but we’ll check that out and probably by next week we will also have seen a decrease to our interest rate. So we’ll see how that goes tomorrow. See you soon. Bye!