Auction numbers are going up | The Real Estate Wrap with Leanne Pilkington
Welcome to this week’s Real Estate Wrap with Leanne Pilkington, CEO, and Director of Laing+Simmons.
Sydney had its second busiest week of the year and its busiest week since late March, with 1,290 homes taken to auction this week.
Last week, 1,239 homes went under the hammer, while this time last year 840 auctions occurred.
The increase in volumes saw Sydney’s preliminary clearance rate continue to fall for the fifth consecutive week, with 75.1% of the 1,086 results recorded so far returning a successful result.
Last week, the preliminary clearance rate was 75.9%, and later revised to 74.1%, while a clearance rate of 71.3% was recorded this time last year.
Sydney reported its highest withdrawal rate since mid-August, with 13% of properties withdrawn.
Hey everyone, Leanne Pilkington here for the Real Estate Wrap week commencing the 15th of November.
This weekend, 1,290 properties went up for auction with a preliminary clearance rate of 75.1%.
Last week, 1,239 at a final clearance rate of 74.1% and same weekend last year 840 properties at a clearance rate of 71.3%.
So, you can see the auction numbers are going up. A lot of stock coming onto the market. It’s the busiest week we’ve had in terms of auction numbers since March but it’s also the fifth consecutive week that we’ve seen clearance rates fall so it’s certainly nothing to worry about.
The market is still strong at a 75% clearance rate, there’s no doubt about that, but what we are seeing is less people registering for the auctions. We’re seeing about a third of the properties sold prior to auction and the majority of those were one buyer situations.
So, there’s just not the heat in the market that we had a month or two ago, but still plenty of stock coming on the market and still a lot of people around wanting to buy.
We had the highest clearance rate 83.3% in the Outer West and the Blue Mountains. The lowest clearance rate was only 50% for the Outer South West and the whole country is still going strong.
We had 3,562 properties go up across the country which again is a really high number for what we’ve been seeing during the year and a preliminary clearance rate of 75.5%. So, the markets around the country are still going strong.
Have an awesome week everyone!