Second busiest week of the year in terms of volumes | The Real Estate Wrap with Leanne Pilkington

November 22, 2021 |
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Welcome to this week’s Real Estate Wrap with Leanne Pilkington, CEO, and Director of Laing+Simmons.

Sydney hosted 1,369 auctions this week, overtaking the week prior as its second busiest of the year.

Volumes were up 8.7% compared to last week (1,259), while this time last year 805 auctions occurred.

The increase in volumes saw Sydney’s preliminary clearance rate continue to fall for the seventh consecutive week, recording a rate of 73.4% with 1,360 results recorded so far.

Last week, Sydney’s preliminary clearance rate was 75.1%, but revised down to 71.5% at final figures, while this time last year 71.6% of auctions were successful.

“Continuing the trend seen since mid-October, Sydney’s withdrawal rate increased this week, recording its highest withdrawal rate since late July (16.6%),” CoreLogic noted.

TRANSCRIPT:

Hey everyone, Leanne Pilkington here for the Real Estate Wrap week commencing November 22nd.

This week in Sydney, 1,369 properties went up for auction at a 73.4% preliminary clearance rate.

According to CoreLogic, second busiest week of the year in terms of volumes but also the seventh consecutive week of falling clearance rates which we always said once when the volumes come up the clearance rates will start to come down — 73.4% though is still a reasonably strong clearance rate.

Last week, 1,259 properties went to auction at a final clearance rate of 71.5% and same weekend last year we had 805 properties go to auction.

So, you can see there’s a significant difference in volumes there.

Across the country, 3,725 properties went up for auction with a preliminary clearance rate of 74.5%.

Now that is the busiest week we’ve had across the country since March but interestingly it is the fifth busiest week we’ve seen since CoreLogic have been recording these numbers in 2008.

So, that tells you something across the country.

Back to New South Wales, our highest preliminary clearance rate was in The Hills and Hawkesbury area 82.9%, lowest in the Southwest 61.8%.

Have an awesome week! See you soon. Bye!

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