The busiest auction week | The Real Estate Wrap with Leanne Pilkington
Welcome to this week’s Real Estate Wrap with Leanne Pilkington, Managing Director of Laing+Simmons and President of the REINSW.
According to CoreLogic, there were 3,791 homes taken to auction across the combined capital cities this week, the busiest auction week since the week prior to Easter 2018.
Sydney held 1,392 auctions this week, increasing from 1,025 over the previous week, and 1,279 this time last year.
The preliminary clearance rate is 89.1% this week, increasing on last week’s preliminary clearance rate of 87.5%, which was revised down to a final clearance rate of 85%.
Sydney’s final auction clearance rate continues to maintain strength, holding above 80% for the past seven weeks. This week is likely to be no different once final results are collected.
Hey everyone, Leanne Pilkington here for the Real Estate Wrap, week commencing March 29th.
CoreLogic tell us that it was the biggest weekend of auctions since March 2018. There were 3,791 auctions across the country, and despite having higher volumes, we saw an increase in the preliminary clearance rate, so it went up to 84.4%.
Here in Sydney this week, we had 1,392 auctions with a preliminary clearance of 89.1%. Last week, 1,025 with a preliminary clearance of 87.5%. So again, Sydney’s clearance rate went up off the back of higher numbers of auctions. Same time last year, 1,279 auctions.
Obviously demand’s been pulled forward a little bit because we have got Easter next weekend, so there won’t be so many auctions next weekend. But in Sydney, we’ve got eight weeks now of above 80% clearance rates, which is phenomenal.
And this week we saw almost a third of the properties actually sell prior to auction.
So clearance rates above 90% over the weekend, or preliminary clearance rates I should say, Central Coast, Baulkham Hills, Hawkesbury, Blacktown, City, Inner South, Northern Beaches, Ryde, Newcastle and Lake Macquarie. So, lots of vendors and buyers are making the most of the market.
Have a great week!