Highest auction clearance rate since March | The Real Estate Wrap with Leanne Pilkington

September 27, 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.

There were 841 auctions held in Sydney this week, making this weekend the busiest auction week for the harbour city since late June.

Of the 747 results collected so far, 84.3% were successful, which is the highest preliminary clearance rate Sydney has seen since the week ending 18 April.

Last week, 786 auctions were held in Sydney and the preliminary auction clearance rate was a lower 82.3%, revising down to 80.5% at final figures,

In the same week last year, 812 auctions were held and 65.4% of reported auctions were successful.

TRANSCRIPT:

Hey everyone, Leanne Pilkington here for the Real Estate Wrap, very last week in September – the 27th of September.

This week, 841 properties went up for auction with a preliminary clearance rate of 84.3%. Now, that is the highest preliminary clearance rate we’ve seen since the 18th of April obviously, prior to the lockdowns that we’re in right now.

Last week 786 properties, 80.5% final clearance rate. Same weekend last year, 812 properties with a final clearance rate of 65.4%.

So the numbers coming out of CoreLogic this week are indicating that listing numbers are increasing. We would expect that, right?

It is spring, but we are still in an environment where there is more demand than supply. Although some of the auctioneers over the weekend are saying that whilst things are still selling very well, as those clearance rates sort of indicate, there was less competition or people were a little bit more reluctant to bid in the sort of sub 2 million, sub 1 million dollar price bracket.

So, it’s going to be very interesting to see the impact of the changes that the banks are starting to make. You know, both CBA and ANZ have come out and said that they are going to be a little bit tougher on some of the lending criteria so we’ll have to wait and see what impact that has on the market moving forward.

Our friends in Melbourne, this weekend 343 properties with a preliminary clearance rate of 77.2%. They have obviously just had restrictions starting to ease a little bit, meaning that they can have people come through the property at the very least. Last weekend 431 properties with a clearance rate of 56.4%. So, you can see our clearance rates in Melbourne are improving which is awesome news.

Now back to New South Wales, we had better than 90% preliminary clearance rate in Baulkham Hills, Hawkesbury, Blacktown and the Inner West.

We had 100% clearance rate in Illawarra and no it wasn’t only one property that sold, they had 21 properties that went up and 21 that sold.

Our lowest again is the South West but a preliminary clearance rate of 72% in the South West is not low by any stretch of the imagination so clearance rates are improving in that part of Sydney as well.

Have an awesome week.

I’ll see you next week, bye!

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