Unexpected resilience | 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 REINSW.
There were 730 Sydney homes taken to auction this week, returning a preliminary auction clearance rate of 74 per cent. This was Sydney’s busiest weekend of auctions since April this year.
Next week marks the start of the Spring selling season, so it is important that everyone in Sydney adheres to the 20-person limit in place for on-site auctions (excluding staff members and excluding the occupiers). Our offices are implementing COVID-19 Safety Plans and ensuring social distancing and good hygiene practices are in place.
Hey everyone, Leanne Pilkington here for the Real Estate Wrap, week commencing the 31st of August, which is the last day of Winter! How exciting is that?
Obviously Spring is the ‘selling season’ in real estate and it’s going to be interesting to see if this unexpected resilience is going to continue in our market.
This weekend, we saw 730 properties go to auction with a preliminary clearance rate according to CoreLogic of 74 per cent.
Now that was up on last week’s prelim clearance rate of 71.9 per cent. That was revised down to 66.1, so we expect that the 74 will land a high 60s, maybe 70 per cent when it’s all said and done.
So last week, we saw 632 properties with a 66.1 per cent clearance rate. Same time last year, 590 properties with a clearance of 74.5 per cent.
We had 196 properties sell prior to auction, we had 77 withdrawn from sale prior to auction, and we had a median house price of $1.42million under the auction conditions.
In Melbourne, they only had 167 properties go to auction and only half of them sold. We are so hoping that the COVID numbers continue to fall quickly in Melbourne, so they can all get back out and about again.
We had above 80 per cent prelim clearance rates in Sutherland, Northern Beaches and the Inner West on the weekend. Our lowest clearance rate was in Parramatta at 59.5 per cent.
Very, very excited to see what next weekend brings. We are needing to be very mindful of following COVID guidelines. On-site auctions have a limit of 20 people. Remember that, 20 people, not counting the families and the real estate agents.
Stay safe everybody and I look forward to giving you an update next week. Bye!