Bouncing back | The Real Estate Wrap with Leanne Pilkington
Welcome to this week’s Real Estate Wrap with Leanne Pilkington, CEO and Director of Laing+Simmons and President of the REINSW.
According to CoreLogic, Sydney held 913 auctions this week with a preliminary auction clearance rate of 84.8%. This is up on last week’s 821 auctions, and higher than last year’s 735 auctions.
This week’s preliminary figure is higher than the 82.8% recorded last week, which revised down to 81.4% at final figures. One year ago, only 33.3% of homes sold across the city.
Hey everyone, Leanne Pilkington here for the Real Estate Wrap, week commencing April 19th.
Okay, so this weekend we had 913 properties go to auction with a preliminary clearance rate of 84.8%. Last week, 821 with a final clearance rate of 81.4%.
Compared to same weekend last year, 735 properties with only 33.3% of them selling. Damn COVID!
We’ve seen better than 90% clearance rates again on the Northern Beaches, the Hills and the Hawkesbury, and as we’ve heard on the media, Sydney prices are growing faster than anywhere in the country.
Across March, there was a 3.7% increase in March alone, a 6.7% increase across the quarter.
Last time we saw Sydney growing at that pace was mid-2015, and it was driven by investors and it slowed, the price growth slowed fairly quickly after limits were placed on investor lending.
So this market’s not being driven by investors, so that is not going to happen this time, but something will. We know that for sure. Have a great week!