A sharp increase in auction volumes this week | The Real Estate Wrap with Leanne Pilkington

June 3, 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 set to see a sharp increase in auction volumes this week with 934 homes currently set for auction, up from 767 last week.

This will be the busiest auction week since the week prior to Easter (1,199). Over the same week last year, 751 auctions were held across the city.

TRANSCRIPT:

Hey, everyone. Leanne Pilkington with you for the Real Estate Wrap week ending the 3rd of June.

Can you believe it? June – End of the financial year! Crazy.

Anyway, this weekend, 894 properties went up to the auction with a preliminary clearance rate of 71.4%.

Last weekend was 725 properties with the final clearance rate at 67.3%.

Same weekend last year, 751 with a clearance rate of 74.2%.

Central Coast, 23 properties at 66.7% clearance rate.

Blue Mountain, 7 from 13 properties.

Newcastle, 24 properties at 77.8% clearance rate.

And the Illawarra, 21 properties at 66.7% preliminary clearance rate.

Our highest clearance rate in Sydney was Sutherland, at 81.3%, and it was the only market that we saw above 80% clearance rate.

Ryde was our lowest at 61.3% preliminary clearance rate.

We are not looking like getting a rate cut this side of Christmas.

Yet despite that, we are still seeing prices increasing.

Buyers are not as active as they were, but as you can see from those clearance rates, there’s still plenty of property selling and prices are continuing to rise.

Anyway, have a great week.

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