Capitalising on strength | 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, Sydney held 1,048 auctions this week, increasing from 806 over the previous week, and 946 this time last year.
Despite the severe weather, the preliminary clearance rate was 87.5% this week, similar to the previous week’s preliminary clearance rate of 87.4%, which was revised down to a final clearance rate of 84.3%. This time last year, 58.8 per cent of auctions were successful.
Sydney’s final auction clearance rate has held above 80 per cent for the past six weeks and this week is likely to be no different once final results are collected.
Across the capital cities, there were 2,731 homes taken to auction – that’s the busiest auction week since the first week of April last year!
Hey everyone, Leanne Pilkington here for the latest Real Estate Wrap, week commencing the 22nd of March.
Across the country, there were 2,731 auctions, and that’s the busiest week since April of last year. Preliminary clearance rate across the country is 82%, so still strong.
Here in Sydney, despite the horrible weather, we had 1,048 properties go to auction with a preliminary clearance rate of 87.5%. So we are on track for the seventh consecutive week of above 80% final clearance rates.
Last week, we had 806 properties, so a smaller number but an 84.3% final clearance rate.
Last year, 946 properties with a 58.8% clearance rate. So this time last year, COVID was starting to make itself felt across the market.
In Sydney in the last month, we’ve seen the prices increase by 3.5% in the month, and new listings across the market – so that’s not just auctions – new listings across the market are actually down by 7.3% compared to a year ago.
Our friends in Melbourne, 1,319 properties at a preliminary clearance rate of 78.9%. Last week, 1,102 properties with a final clearance rate of 77.6%. Last year, 1,343 so their numbers are around about the same as last year, but only a 58.4% clearance rate last year.
Next week, CoreLogic are telling us that they are tracking 3,800 properties. It is the biggest week since March 2018, so there are vendors everywhere across the country capitalising on the strength of the real estate market right now. So, can’t wait to see those results next week!