Steady despite the drop | The Real Estate Wrap with Leanne Pilkington

July 12, 2021 |
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Welcome to this week’s Real Estate Wrap with Leanne Pilkington, CEO and Director of Laing+Simmons and President of the REINSW.

Sydney saw 661 properties taken to auction. This was down 17% from the initially predicted count as the city remained in lockdown, seeing many auctions rescheduled to a later date.

Of the 567 results collected so far, 76.5% reportedly sold and 19% have been withdrawn.

Of the 434 sold results, 70.7% sold prior to the scheduled auction date.

Last week, 756 Sydney homes were auctioned with a final clearance rate of 70.5%.

Both the withdrawal rate and proportion of auctions ‘sold prior’ were well above average across Sydney as vendors altered their selling strategies amidst the extended lockdown.

TRANSCRIPT:

Hey everyone, Leanne Pilkington here for the latest Real Estate Wrap, week commencing July 12.

This weekend, 661 auctions in Sydney with a preliminary clearance rate of 76.5%.

Now that’s down 17% on the expected auction numbers with 19% of them being withdrawn from sale and 70.7% actually selling prior.

I can’t even imagine why can you? Shocking!

Anyway, lots of agents have been reporting great online results though which is awesome.

Moving the auctions online has not impacted clearance rates at all. And people are getting great results with
good old fashion Zoom, so they are not even using any of the specially developed technical auction platforms.

Good old zoom is working well because you can see all of the buyers and everyone can interact. So that is fabulous news.

Last week, 756 auctions with a final clearance rate of 70.5%.

Across the country, 2,121 properties went up for auction, 76.4% preliminary clearance rate.

So, it is still really strong clearance rate around the country.

The week before, 2,168 properties with a clearance rate of 72.1%.

Back in News South Wales, North Sydney and Hornsby had the highest preliminary clearance rates at 90.5%, the lowest was Parramatta with 62%

Have an awesome week, stay safe! Keep your fingers crossed and I’ll see you next week. Bye!

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