Auction numbers are set to surge this week | The Real Estate Wrap with Leanne Pilkington

February 5, 2024 |
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Welcome to this week’s Real Estate Wrap with Leanne Pilkington, CEO of Laing+Simmons and President of the Real Estate Institute of Australia.

Sydney auction numbers are set to surge this week, with 591 homes currently scheduled for auction, up from the 151 auctions held in January. This time last year, Sydney auction activity was -28.3% lower, with 424 homes auctioned.

TRANSCRIPT:

Hey, everyone.

Leanne Pilkington with you for the Real Estate Wrap — First Real Estate Wrap of 2024, the week commencing the 5th of February.

Now we had a busy start to the auction season. 562 properties that went up was 32.5% increase on last year, which is pretty incredible.

76.3% preliminary clearance rate, which is the highest preliminary clearance rate we’ve seen since July of last year.

Blue Mountains, we saw ten (10) properties and half (5) of them sold.

Central Coast, we had six (6) sold from fourteen (14).

And up in Newcastle, 37 properties with a preliminary clearance rate of 76.8%.

So it’s the second busiest start to the auction year, that we’ve ever seen ever since records started. So, that’s interesting — 671 properties.

In 2023, there were 96,177 properties sold across the country and about a third of those sold was in Sydney.

Clearance rate across the country, 64.9%.

In Sydney, it was 66.9% (clearance rate).

I think we’re in for another really interesting real estate year.

Have a great week. I’ll see you next week.

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