Volume continues to surge | 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 was the second busiest auction week for Sydney so far this year, with 1,467 homes taken to auction across the city.
The volume was down from 1,546 auctions the previous week, although higher than this time last year when 867 auctions were held.
Of the 1,249 results collected so far, 67.3% have been successful.
This is the first time the city has seen the preliminary clearance rate slip below 70% since early September 2020.
Last week saw a higher preliminary clearance rate of 71.4%, which revised down to 67.2% at final figures, making it the lowest final clearance rate the city has seen all year.
“It’s likely that the final clearance rate will slip further this week as remaining results are collected,” CoreLogic said.
This time last year, 74.1% of reported auctions were successful.
Hey everyone, Leanne Pilkington coming to you live from Broken Hill of all places for the Real Estate Wrap week commencing the 6th of December.
Wow, a bit of the old Australian salute here trying to get rid of all those flies!
Anyway, this weekend 1,467 properties went up for auction 67.3% preliminary clearance rate which is the first time we’ve seen clearance rates fall below 70% since October last year so, quite a long time, right?
Last weekend, 1,546 properties. So, a fewer this week than last but not a lot final clearance rate 67.2% last week and last year 867 properties for a final clearance rate of 74.1%.
So, we are seeing higher numbers, and as you would expect lower clearance rates about a third of the properties again sold prior to auction that’s a trend that we have seen over previous weeks. The agents are trying to get the deals done with fewer numbers of buyers, so more and more are going prior to auction.
Across the country, 4,136 properties nationally 69.9% preliminary clearance rate. That’s the second busiest week since 2008 and of course, last week was our busiest week so yeah plenty of stock coming onto the market around the country.
The inner southwest was our highest clearance rate in New South Wales 75.3%, Outerwest, Blue Mountains lowest at 52.4%.
Enjoy your week and I will see you back at home next week. Bye!