Easing back into normality | The Real Estate Wrap with Leanne Pilkington

May 11, 2020 |
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Welcome to this week’s video edition of The Real Estate Wrap with Leanne Pilkington, Managing Director of Laing+Simmons and President of the REINSW.

With restrictions lifted on auctions and open homes over the weekend, 209 properties went to auction in Sydney, with a preliminary clearance rate according to CoreLogic at 70.8 per cent – the highest result since mid-March. 21 per cent were withdrawn, while of the 102 sold results 45.1 per cent sold prior to auction. As the social distancing rules ease in the coming weeks and months, we expect that buyer confidence and volumes will gradually lift, too.

TRANSCRIPT:

Hey everyone, Leanne Pilkington here with the Real Estate Wrap for the week commencing May 11. I hope all of you mums out there had a wonderful, wonderful day yesterday for Mother’s Day and got to see at least some of your family.

As you know, the ban on open for inspections and public auctions were lifted in NSW for this weekend and we actually saw a clearance rate, or a prelim clearance rate from CoreLogic of 70.8 per cent over the 209 auctions. Obviously 209 auctions is not a lot. We wouldn’t have expected a big number anyway because to have your auction on Saturday, you would’ve had to start your campaign during the Easter break, so we wouldn’t have expected a huge number despite if we were outside of COVID times.

To give you an idea, last year we had 445 auctions for a 59 per cent clearance rate. Interestingly we had 21 per cent of auctions withdrawn prior to auction and of the properties that sold, 45 per cent of them actually sold before auction.

We are expecting improved confidence levels over coming weeks and months as the lifting on restrictions eases everybody’s concern about selling and buying during this time.

Anyway, we will check in with you again next week. Have a wonderful week! Bye.

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