Upward turn of volume increase | 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.
There were 668 auctions held in Sydney this week, compared to 607 over the previous week and 600 over the same week last year.
Of the 593 results collected so far, 83.8% were successful, making it the seventh consecutive week where the city has recorded a preliminary auction clearance rate above 80%.
Of the 497 sold results, 52.7% were sold prior to the scheduled auction date.
Last week, Sydney’s preliminary auction clearance rate was slightly higher (84%), revising down to 81.2% at final figures.
Hey everyone, Leanne Pilkington here for the Real Estate Wrap week commencing September 13.
This weekend in Sydney we had 668 properties go up for auction with a preliminary clearance rate of 83.8% and that is the 7th consecutive week in a row that we have had better than 80% preliminary clearance rates in Sydney. So yeah, market is very, very strong.
Last week, 607 properties with a final clearance of 81.2%. Same weekend last year 600 properties.
Our friends in Melbourne, 510 properties went to auction this weekend and just don’t forget they still can’t do inspections down there at all. Last year, same weekend last year only 13 properties. So thankfully, a little bit better than it was this time last year but still not great. Their preliminary clearance rate was 54.4% and 50% of those actually sold prior to the auction.
Back in Sydney, we had better than 90% preliminary clearance rate in Baulkham Hills, Hawkesbury, Inner West, North Sydney, Hornsby and also Newcastle and Lake Macquarie better than 90% preliminary clearance.
Our lowest was Parramatta, 55.6% preliminary clearance rate there in Parramatta.
Prices are up 17% nationally since the beginning of COVID which is just phenomenal and it is something that we are seeing pretty much across globally.
It’s not just here in Sydney, it’s across the country and it’s also something that we are seeing around the world.
Certainly, here we are finding that those very, very low levels of supply and of course our historic low interest rates are fueling that ongoing price growth.
So, who knows where it’s all going to end.
Have a great week!