Auction clearance rate slips further | 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 REINSW.
There were 907 auctions held across Sydney this week, compared to 715 over the previous week and 1,119 this time last year.
The clearance rate slipped further week-on-week, with 62.3% of the 703 results collected so far reporting a successful result.
The previous week recorded a preliminary clearance rate of 64.5%, revising down to 59.5% at final figures.
“Sydney’s final clearance rate has held below 60% for the past two weeks and it’s likely to be the case again this week once the remaining results are collected,” CoreLogic stated.
Hey everyone Leanne Pilkington here for the latest Real Estate Wrap week commencing the 2nd of May.
This weekend, 907 properties went up for auction with a preliminary clearance rate of 62.3%.
Last week, 715, obviously impacted by the long weekend, final clearance rate of 59.5% and same weekend last year, 1,119 properties.
Now we’ve seen that below 60% final clearance rate for the last two weeks in a row, it is likely that we would see that again this week.
In Melbourne, their numbers doubled this weekend from just under 690 up to nearly 1,300 auctions with their clearance rate at 68.4%.
Nationally, 2,685 properties at 67.2% clearance which is stronger obviously than we’re seeing here in New South Wales but it’s still the lowest clearance rate we have seen this year.
The Eastern Suburbs, for the first time that I can remember in a while, lowest clearance rate in New South Wales at 51.4% preliminary clearance rate so it could slip below that 50% this weekend. And Parramatta and the Inner West both saw a 70% clearance rate.
Have an awesome week and I’ll see you next week!