Sydney’s busiest auction week since mid-April 2022 | The Real Estate Wrap with Leanne Pilkington

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

With 1,125 homes scheduled for auction, this week is set to overtake the week ending 29th May 2022 (1,109) as Sydney’s busiest auction week since mid-April 2022 (1,490).

This week’s scheduled volume of auctions are 6.2% above the numbers recorded last week (1,059) and are 45.2% higher than this time last year when 775 auctions were held.

TRANSCRIPT:

Hey everyone, Leanne Pilkington with you for the Real Estate Wrap, week commencing the 13th of November.

This weekend, 1,041 properties went up for auction across Sydney at a 70.4% preliminary clearance rate.

Last week, we had 1,059 (properties) at a 65.6% final clearance rate.

Same weekend last year, 775 (properties) with a 58.4% clearance rate.

With the last week’s interest rate increase, we do expect that we are going to start to see some more properties coming on the market, with people unable to continue hanging on, which is a good sign.

On the Central Coast, 23 properties at a 46.7% clearance rate.

Blue Mountains, 4 (properties) sold from 10.

Newcastle, 66.7% clearance rate from 33 properties.

And in the Illawarra, 80% of only 13 properties sold.

Our highest clearance rate in Sydney across the weekend was in Blacktown with 81.5%.

The lowest was in Sutherland at 57.6%.

Have an amazing week and I’ll see you next week. Bye.