Sydney’s busiest since the week ending 14th April | The Real Estate Wrap with Leanne Pilkington

May 27, 2024 |
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Welcome to this week’s Real Estate Wrap with Leanne Pilkington, CEO of Laing+Simmons and President of the Real Estate Institute of Australia.

Sydney is expecting 806 auctions this week, up from 725 last week and 698 this time last year.

This week is set to be Sydney’s busiest since the week ending 14th April (821).

TRANSCRIPT:

Hey, everyone. Leanne Pilkington with you live from the Gold Coast.

I’m up at the AREC Conference having a wonderful time. It’s been an incredible event, but I’m here for the Real Estate Wrap week commencing the 27th of May.

This weekend, 747 properties went up for auction across Sydney, 72.7% preliminary clearance rate.

Last weekend, 725 properties with a final clearance rate of 74.9%.

And the same weekend last year, 698 properties, 74.7% clearance rate.

Central Coast, 19 properties at only 53.3%.

The Blue Mountains, we sold 3 from 18 properties.

Newcastle, 41 properties at a 70.6% clearance rate.

And the Illawarra, 23 properties at 50% clearance rate.

Sutherland was our highest clearance rate across Sydney, with a preliminary rate of 86.7%, better than 80%, in the Inner West and in the City and Southwest was our lowest at 54.8%.

We are seeing, a lot of auctions coming out of Melbourne at the moment, really high volumes of property.

And a lot of that is driven by the investor market, which is not ideal for our rental crisis.

But anyway, let’s see what next week brings. Take care.

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