From bust to boom | The Real Estate Wrap with Leanne Pilkington
Welcome to this week’s edition of The Real Estate Wrap with Leanne Pilkington, Managing Director of Laing+Simmons and President of the REINSW.
Across Sydney, auctions are drawing big crowds, plenty of registered bidders and intense competition when the action starts. Reserves are being smashed. It can’t continue at this pace all year but right now, homes offered under the hammer are delivering a windfall for vendors.
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Hi everyone, Leanne Pilkington here for the Real Estate Wrap for the week commencing February 17. Big weekend of auctions on Saturday.
578 properties went to auction with a prelim clearance rate of 80.3 per cent according to CoreLogic. Last weekend was 447 properties with a final clearance rate of 77.6 per cent. So very, very strong.
If we compare it to same weekend last year was 523 properties and a 54 per cent clearance rate. Massive difference and if you consider that anything over 60 per cent clearance is a rising market, you can see what’s going on right now in Sydney in particular.
The Housing Finance figures came out for December and we had a 4.4 per cent increase. 823 million dollars worth of housing finance and that is the biggest single increase for a month in three years. Why that’s important is that those numbers precede price increases by about three months.
So what that’s telling us is that it’s likely that prices in Sydney are going to continue to increase for at least the next few months.
Anyway we’ll see what next week brings. Don’t forget, click here for all of the information on this week’s Wrap.