Vendor confidence justified | The Real Estate Wrap with Leanne Pilkington
Welcome to this week’s Real Estate Wrap with Leanne Pilkington, Managing Director of Laing+Simmons and President of the REINSW.
It was wild and windy but spring has definitely sprung. Last week we saw the momentum continue to steadily build. You can see it on the streets. Sold stickers are increasingly dominating sign boards. There’d be more too: the supply tap has not been turned on fully yet.
Find out more in The Real Estate Wrap for this week by clicking here.
Hi everyone, Leanne Pilkington here for the Sydney market wrap for the week commencing September 9.
Another really strong weekend preliminary clearance rates from CoreLogic are at 83.1% but only over 522 auctions which is down from the 590 that we saw last week and just by way of example down even further from the 656 that we saw last year at the same time.
So as we’ve been saying for weeks now clearance rate is really really super strong which means that prices are also on the way up in fact 1.6% price increase last month in August and that was the biggest increase we’ve had in nearly 3 years.
So there’s a lot going on but yet in other parts of the economy GDP was down at levels that we haven’t seen since the GFC, building approvals are down, consumer spending is down, the real estate market is just going against all of those indicators anyway lots of more information click here and check it out.