Another auction record has been smashed | The Real Estate Wrap with Leanne Pilkington
Welcome to this week’s Real Estate Wrap with Leanne Pilkington, CEO, and Director of Laing+Simmons.
This week, Sydney saw record breaking auction volumes this week, with 1,797 homes taken to auction across the city, overtaking the week ending 30 November, 2014 as the busiest week on record (1,631).
Last week, 1,466 auctions were held, while this time last year, 1,009 Sydney homes were taken to auction.
Of the 1,496 results collected so far, 63.6% were successful, down from last week’s preliminary auction clearance rate of 67.3%, which revised down to 63.8% at final figures – the lowest final clearance rate the city has seen all year.
“It is possible that the final clearance rate may fall below 60% for the first time since August 2020 as the remaining results are collected,” CoreLogic noted.
This time last year, 73.1% of reported auctions were successful.
Hey everyone Leanne Pilkington here for the Real Estate Wrap week commencing the 13th of December.
This weekend 1,797 properties went up for auction with a preliminary clearance rate of 63.6%.
Last week 1,466 properties at a final clearance rate of 63.8%.
Same weekend last year 1,099 properties at a final clearance rate of 73.1%
Now, this weekend was the busiest weekend on record. Last week, lowest clearance rate all year. And I think that this week potentially we might see that final clearance rate drop below 60% for the first time since August last year.
Now across the country, there were 4,970 properties that went to auction, again the busiest day on record and almost double the numbers that we saw same weekend last year. Preliminary clearance rate nationally 66.6%.
Now our auctioneers are continuing to comment on the fact that the numbers are high looks like they will continue to be high throughout Jan and Feb. Don’t forget though we are going into an election year and consumer confidence basically what happens in an election year is people just as soon as the election is called they stop making those buying and selling decisions. So, it’s going to be an interesting second quarter for us next year.
Stamp duty numbers are just out for November. Now, there were 27,182 transactions in New South Wales last month and again the highest number on record. We paid stamp duty to the tune of 1.259 billion with a “B” dollars but in October our stamp duty we had lower transaction numbers but we had stamp duty of 1.9 billion, absolutely phenomenal numbers. So, let’s see what the state government decides to do with that level of revenue. I’m not sure where they’re going with the property tax at the moment.
Anyway have a wonderful week and I will see you for our last wrap for the year on Monday of next week.